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Life After Growth: How the global economy really works - and why 200 years of growth are over by Tim Morgan

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Chapter 2: How the Economy Really Works

THIS BOOK INTRODUCES A WHOLLY new way of looking at the economy. I hope that when you have read it and have become familiar with its various concepts you will find that you understand a lot of issues which, up to now, may have seemed baffling. This chapter provides a brief outline of the basic components of this approach, components which are explained in much more detail later.

Above all, we need to understand that economics is not, as is so widely supposed, the study of money. Money is the language in which economics is discussed, but we should never mistake the language for the substance.

The substance of the economy is physical, or at least tangible – it is about meeting the daily requirements ...

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