David Graeber recently wrote an article in which he appears to make two claims arising from a recent quarterly report by the Bank of England that we believe are wrong. The first is that the report “throws the theoretical basis for austerity out the window”. The second is that money functioning as an IOU is an incredible and interesting recent discovery.
How much is your life worth? Your health? Both in Australia and globally, healthcare costs are rising in real terms and as a proportion of GDP. The discussion around this in the media and policy centres on this fact, and solutions are proposed to change how much we spend; less effort is expended on analysing how we spend it. We propose that health economics is flawed both in its implementation and its theory.