Ptolemaic Economics in the Age of Einstein

By Steve Keen

This post was first published on Steve Keen's DebtWatch blog.

Jetlag has me up and at the keyboard at 5.54am here in London, 43 minutes before sunrise, which today is at 6.37am.

Only it’s not “sunrise”, is it? As we all know, it’s really “Earth Axial Rotate” at the point in its 24 hour axial rotation when the Sun—around which the Earth rotates once each year—becomes visible from London.

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We still call it “sunrise” because it’s a lot less awkward—and a lot more romantic—than saying “Earth Axial Rotate Earth-Sun Radial Alignment”, which is what it really is. We all know that it’s not really the Sun “rising” at all: that implies that the Earth is fixed while the Sun rotates around it, whereas ever since Copernicus we have known that,...


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