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Much of economic theory as taught over the past 30 years has been archeology in reverse gear: the tools and treasures of the great economists – Adam Smith, Ricardo, John Maynard Keynes, François Perroux – have been buried.

But such tools are essential for dealing with the threatening collapse of the world economy. Building further on these fundamentals, this book as no other to date, develops the methodology for getting us out of the present mess.

Krehm clearly demonstrates that the prevailing economic theory of Marginal Utility, [view our Economics Tutorial] is hopelessly outdated; does not take into account public sector systems or the environment- and worse!

Marginal Utility theory "confuses scarcity with wealth," according to Krehm. "It validates the speculative increase of demand on the stock market as the most prolific multiplier of 'value'. That makes it obligatory to rethink economic theory from the bottom up."

-Which is just what William Krehm proceeds to do in this remarkable book.

Building on Keynesian economics, fleshing out systems theory, he introduces a wide array of innovative concepts- such as the Tinbergen Test, scalars, vectors, dimension analysis (to name a few)- some of which are familiar to economists, but have been studiously avoided, due to the fact that Market Utility Theory (the legitimating 'theory' for Deregulation and Globalization) is the Dominant Revenue Economics [see Economics Tutorial] of the day.

"In an age when science and engineering have progressed to where man is contemplating a landing on Mars, what passes for economic theory is simply not acceptable... [At] the heart of our problem," says Krehm, "we have need of a serious economic theory. What passes for one is little more than a decoy."

Krehm identifies the unworkability of the decoy; and offers us the building blocks- should we care to deploy them- necessary to construct a just economics for a just society, a better world.

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