I read this the other day.
The economy is a tool. It is a tool for all of us who participate in it to improve our provision with material things by mixing our labour with that of countless other people in an extensive division-of-labour economy and with the accumulated capital stock in that economy. We get wealthier by combining our efforts with others in precisely the way that produces exactly the goods we want at the prices we are willing to pay for them, and we earn the income to afford these goods by participating in their production. If that sounds complex, it does because it is.
For further information from, in my view, a very solid economist, visit DETLEV SCHLICHTER on his Blog “Paper Money Collapse”. His analysis of the present mess is one of the foremost I have come across. If only he were advising the young man who is our Chancellor of the Exchequer… George “the Youngster” Osborne.
Returning to his comment outlined in the block quote above, the simple fact is that whilst the procedure may be complex, unless and until the political class start to recognise this as a truth, or a fact of life, and lay the ground work to implement such a method, we will never see a return to proper economic growth.