Please read this important article by Mark Diesendorf, published 9 July 2026 in Pearls and Irritations:
https://johnmenadue.com/post/2026/07/eight-economic-myths-that-are-helping-destroy-our-future/
Some quotes from the article:
Australia and the world are facing existential and other major human-induced threats: climate change; destruction of our life support system, the natural environment; social breakdown due to increasing gaps in wealth, income and political power; a severe shortage of housing; inflation; and a high risk of nuclear war. The principal sources of these threats are state capture by private vested interests
Mark Diesendorf
The methods of state capture include political donations, revolving door jobs, and uncontrolled lobbying. The latter’s practitioners and supporters have been very successful in creating a ‘culture’ that fosters the interests of the rich and powerful and downgrades the importance of the environment, social justice and democratic decision-making. It does this by disseminating … myths
Mark Diesendorf
The myths (quote from Mark Diesendorf):
- “Economics can treat the natural environment as an infinite resource and infinite waste dump.
- Endless economic growth on a finite planet is feasible and desirable.
- Wealth trickles down from the rich to the poor – hence government subsidies to the rich are justified.
- Monetary sovereign governments must balance the national budget.
- GDP is a measure of wellbeing.
- The value to society of anything is given by its market price.
- All major social and political decisions should be left to the market.
- The only alternative to capitalism is a communist dictatorship.”
I call these notions ‘myths’ because they do not stand up to observation or to scientific or other rational examination.
Mark Diesendorf
For further explanation of the 8 economic myths and Mark’s ideas for solving these issues, please read the full article here:
https://johnmenadue.com/post/2026/07/eight-economic-myths-that-are-helping-destroy-our-future/
Unfortunately capture happens not only to states, but to all kinds of organisations that need money to operate: unions, community groups, NGOs, charities, political parties, social groups…pretty much anything and anyone can be captured by economic interests. We also need to be careful about taking jobs that don’t align with our values. In Buddhism this is called Right Livelihood.
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