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How important is the economy?

I am an IB student in Sweden and I thought to myself the other day how important is the economy? I mean would the world be able to function without the economy system we have today which is all about producing in large quantities. How would the world be affected if all the banks were shut down, the markets were also closed what would be the result.

Topics: economy
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  • Avi Dey

    • +1
    Apr 14 2013: Thank you for this thoughtful topic. First, I think your hypothetical is a real possibility that needs serious thinking beyond what is known today. I have been looking at this topic from a slightly different perspective than yours perhaps. I am a long time student of econmics and I do understand the 1929-1932 Depression in USA quite well.

    What sparked my interest in this topic is a rather homespun prophecy I saw recently on a rather popular Utube presentation by "Patriotic Nurse" who is located I undersrtand at Appalachia. Her prophecy is that United States is due for a second Civil War, perhaps in a decade to two decades, ie, inevitable in fact.

    Ok so, it's easy to dismiss Patriotic Nurse as frivolous. But I didn't. I can clearly see her prophecy is not way out of line if another "Wall Street Meltdown" came, when the hands of the government to take action as was done recently was tied due to inablity to borrow money, even less abel now than in the depresssion years when America had relatively far less debt.

    But I disagree with Patriotic Nurse on one key point. I think the "inevitablity" of her prophey can be substantially reduced as the severety of the first American Civil War (1861-1865) could have been reduced substantially if not completely.

    I am glad to see that my counter-points to Patriotic Nures is doing well in in the Squidoo.com internet platform where I just published my counter-points .

    The title of my Squidoo lense is as follows:

    "Dance For America Now At Hometown USA__Avoid Civil War Come Again 3rd Decade 21st Century".

    But I do respect Patriotic Nurse's homespun wisdom and considerable thoughtful presentation. Point _ Counter Point. I hope there will be thoughtfl consideration to both viewpoints for deeper wisdom and to avoid the scenerio that you have described which is very much what Patriotic Nurse has used as the main planck of her prophecy for another disastrous Civil War in America.

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