This book develops a new theory of the modern economy. Conventional economic theory is (still) based on an essentially static notion of equilibrium. In contrast, this book offers an analysis of the economic process based on a truly dynamic approach. It understands modern economic activity as manifesting itself in a growth spiral. There are two main drivers of the dynamics of this spiral: steady money creation in the banking system, on the one hand; and the continuous inflow of energy and raw materials through the exploitation of natural resources, on the other. Both driving forces are generally neglected by the conventional theory. Understanding their role is absolutely essential for preventing our economy from being more and more exposed to financial and ecological crises. This book offers important insights about the functioning of the modern economy and addresses the specialist as well as the interested lay reader.
This book develops a new theory of the modern economy. Conventional economic theory is (still) based on an essentially static notion of equilibrium. In contrast, this book offers an analysis of the economic process based on a truly dynamic approach. It understands modern economic activity as manifesting itself in a growth spiral. There are two main drivers of the dynamics of this spiral: steady money creation in the banking system, on the one hand; and the continuous inflow of energy and raw materials through the exploitation of natural resources, on the other. Both driving forces are generally neglected by the conventional theory. Understanding their role is absolutely essential for preventing our economy from being more and more exposed to financial and ecological crises. This book offers important insights about the functioning of the modern economy and addresses the specialist as well as the interested lay reader.
This book first appeared in Germany in 2004. In response to the great amount of interest in the book expressed by colleagues from all over the world, we subsequently decided to produce this English version. We have also taken this opportunity to update the information on the Department of Psychiatry since 1994 to include further developments up to the present day (see Chapter 15). One can look at a hospital from all kinds of different perspectives. For psychiatrists with the daily medical task of dealing with the life histories of their patients, it is understandable that they are interested in the development of their hospital from a historical perspective. To do this for the University Department of Psychiatry of Munich an introduction can be made by reminding the reader of a date: just over 100 years ago, on November 7, 1904, the newly constructed »Royal Psychiatric Hospital of the University of Munich« was inaugurated with a ceremonial act and handed over to the public. Emil Kraepelin gave a ceremonial speech on the occasion.
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