Rethinking Value in Economics

This chapter examines the distinctions between value creation and value extraction in the context of economic theory, especially following the 2009 financial crisis. By analyzing historical perspectives and the evolution of economic thought, it highlights the need to rethink productivity measurements and their implications on society. The discussion also critiques the financial sector's impact on the real economy and calls for a reevaluation of price-setting mechanisms that often misalign with true value.