If You're Curious About These Questions...
You should listen to this audiobook
- Have you ever wondered why some of the most profitable industries in our economy might actually be extracting wealth rather than creating it?
- Did you know that the way we currently measure economic 'value' often overlooks the very institutions that drive the most radical innovation?
- What if the secret to fixing our broken financial system lies in finally distinguishing between those who produce wealth and those who simply capture it?
Listen to The Value of Everything — Free Audiobook
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Key Takeaways from The Value of Everything
- Understand why our modern conception of economic value is a recent invention, and how banks were historically viewed as redistributing wealth rather than creating it.
- Discover what Adam Smith truly meant by a 'free market' and why classical economists believed landlords simply extracted value that was created by workers.
- Learn how David Ricardo’s concept of economic rent still explains modern value extraction, including the skyrocketing prices of patented pharmaceutical drugs.
- Find out how neoclassical economics shifted the focus from the worker to the consumer, making value synonymous with price and erasing the concept of unproductive labor.
- Uncover the bizarre flaws in GDP calculations, including why accountants pretend homeowners rent from themselves and how public services are unfairly penalized.
The Value of Everything — Full Chapter Overview
Chapter 1: Recommendation
Chapter 2: To early economists, workers created value, while landlords merely extracted it all.
Chapter 3: In neoclassical economics, value hinges on consumers, rather than on workers.
Chapter 4: Despite broad acceptance, GDP remains deeply flawed as a measure of value.
Chapter 5: Financial sector growth isn’t as beneficial for the broader overall economy as many people imagine.
Chapter 6: In recent decades, financialization has dominated the entire economy, not only the financial sector itself.
Chapter 7: Governments have enabled booming innovation economy to extract value.
Chapter 8: We must stop assuming the private sector is always better than public.
Chapter 9: We must focus more on value, and less on price instead.
The Value of Everything Summary & Overview
The Value of Everything (2018) presents an argument for redefining value in the economy so that we can better understand who really creates value, and who extracts it.
Who Should Listen to The Value of Everything?
- Economists eager for new ideas
- Fans of politics in search of change
- Lovers of radical ideas and ambitious visions
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