Beyond Apologies Book – Institute of Wellbeing

Beyond Apologies challenges many existing notions about economics, shows that there is a better way to address each issue, and suggests practical ways to change the system that holds us back. The book is full of anecdotes from the author’s own experience and observation, stories collated from extensive online research, and detailed discussions about important topics such as the problems with GDP, the absurdity of the notion that businesses are more efficient than governments, and the idea that it is good to be greedy. The book presents a strong case for targeting wellbeing for everyone rather than increased financial wealth which mainly benefits the elites. It is meant to help enable those working for a better world to counter false economic claims and put forward a strong case for genuine progress, for a world emphasizing cooperation, diversity, environmental and public health, and income equality.For reading the full version of Beyond Apologies Book, visit Issuu

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Debra Efroymson

Executive Director
Institute of Wellbeing Bangladesh

Myth 1 | The world's poor just needs a few more dollars per day

Poverty is often defined as having only $1 or $2 dollars per day. But that definition ignores what people can buy with that money and how much access they have to free basic services including education and health care. …

Myth 2 | GNP-GDP Tell Us How Well We Are Doing

Growth in GDP is considered good; zero growth or decline is considered a major problem. But in fact, GDP tells little about how wealthy a nation and its people really are, and tells us even less about wellbeing …

Myth 3 | Economic Growth is Necessary to End Poverty

We are constantly told about the need for economic growth in order to generate enough wealth to end poverty. But since growth is measured by GDP, and GDP is a flawed measure, econo mic growth does not necessarily contribute to wellbeing …

Myth 4 | The BWI Seek Primarily to Alleviate Poverty

The World Bank, International Monetary Fund (IMF) and World Trade Organization (WTO), jointly known as the Bretton Woods Institutions (BWI) exert enormous influence on economies. They push policies such as privatization of basic government services and drastic reductions in government employees ...

Myth 5 | Aid Alone, or as Currently Practiced, Significantly Reduces Poverty

Aid is meant to be a way of redistributing resources from the wealthier to the poorer nations. In fact, due to repayment on loans, nearly $23 million moves daily from poor to rich countries …

Myth 6 | Microcredit & Income Generation are Miracle Cures

Microcredit programs are now being used throughout the world and are seen by some as a miraculous cure to poverty. But there are many problems with microcredit programs…

Myth 7 | Extreme Inequality is Inevitable

It is not possible to achieve absolute equality. Nor is it necessary to tolerate current levels of inequality. The GDP of the 41 Heavily Indebted Poor Countries (in which 567 million people live) is less than the combined wealth of the world’s seven wealthiest people …

Myth 8 | Mainstream Economists Want Governments to Play

Mainstream economists claim that they want government to stay out of the economy. In fact, what they want is for government to support the private sector while cutting back on all programs that help the poor, protect workers, or preserve the environment …

Myth 9 | Whatever Governments Do, the Private Sector Can Do Better

In many countries, governments are privatizing basic services and industries. When governments provide services, there is a better chance that everyone will have access to them, even if they cannot pay… …

Myth 10 | When Corporations Prosper, Everyone Prospers

Many corporations prevent workers from forming unions, including through violent means. They lobby against regulations meant to protect worker safety or to avoid environmental pollution and disasters …

Myth 11 | Countries Should First Get Rich

It is easy for the rich and powerful to disregard the natural environment when they feel safely ensconced in the artificial one that they have created with their wealth. The poor cannot escape so easily …

Myth 12 | The Mass Media Provides Unbiased Economic Reporting

The purpose of mass media is not to inform, educate, or entertain us, but rather to make money. Media makes money by pulling in an audience for advertisers. But advertising is about more than selling specific products… …

Myth 13 | Greed is Good

Some, perhaps most, people are lousy at managing their money. How harshly do mainstream economists wish to punish them for that inability, and how generously do they wish to reward those who are good at it? …

Conclusion

The study of economics is the study of people; it is thus one of the most fascinating topics imaginable. It offers vast potential for helping those who have consistently failed to benefit from the changes brought about by modernization, industrialization, and globalization …

Part II: Achieving an economics of wellbeing

How can we move from vision to reality? How can we change our focus from ever- increasing consumption towards greater wellbeing? The first step is to learn about the myths that hold people back, and how to counter them …