This set of pages contains some slightly unorthodox views on economics that I have developed from a One in a Billion point of view (i.e. how conscious lifestyle change by large numbers of individual consumers can influence the economy). Although I am reasonably confident in the logic behind these views, they are built only on my current level of understanding. Any feedback that can help to move these views closer to the truth will be greatly appreciated.
The first two pages in this series set the scene by discussing how the science of economics has failed us and the three major reasons for this failure. Following this brief introduction, the story goes as follows: Modern economists have completely missed the boat by encouraging the population to try the impossible: borrow and spend their way to prosperity. As a result, we have built an economy where one bad event can set off a domino effect that can bring the entire system tumbling down. This looming catastrophe is a direct result of hundreds of millions of consumers who have zero financial resilience. We have to address this significant problem by encouraging the accumulation of wealth and reductions in the cost of living. Governments would do well to do a complete policy U-turn and actually start incentivising consumers to build up their financial resilience, but unfortunately they are doing the exact opposite by encouraging people to spend everything they have and borrow even more besides.