First Steps in Perverting Sustainability. Keynes—A Good Omen?

The chapter conveys that the world of money has an intrinsic potential of perverting the fundamentals for the sustainable development of the real economy. It is argued that this thing happens when the standard of value is marginalized, and money is being used to facilitate exchanges. Marx, Menger, Mises, Hayek, Keynes and others clashed on the subject. Mises is the pioneer of the unsustainable idea of money that flows without measuring anything. The reverence towards this thought of his followers, Mises and Hayek, is equally guilty for the logical inadequacies that plague the explanation of business cycles. Keynes follows the same idea but grounds his thoughts in Wicksell’s natural rate of interest, thus becoming more credible. Overall, it is a fight that disadvantages sustainability. What is more, it confirms the false hopes pinned on great names.