Businesses often use the concept of a false economy to describe actions that save money in the short term but lead to higher costs in the long term. Such as when you buy cheap products that break easily or hire unqualified employees.

The same concept can be applied to the economy as a whole. All of the economic systems we have today are false economies!

Because they cannot properly manage resources in an efficient, equitable, and sustainable manner. For example, the current economic system is based on the idea of infinite growth. However, this is not possible because the Earth’s resources are finite. As a result, the current economic system is leading to environmental degradation and climate change.

The current economic system is also inequitable. A small number of people control a large majority of the wealth. While many others live in poverty. This inequality is not only unjust, but it also leads to economic inefficiency. When people are poor, they are less likely to be able to contribute to the economy.

A true economy would be one that is capable of managing resources in a way that is efficient, equitable, and sustainable. This would require a fundamental shift in the way we think about the economy. We need to move away from the current economic theories and basic concepts. From the year 2018, we have been studying this and now we have considerable progress in this work.