The GDP fever in many emerging markets has resulted in asset bubble, huge waste and inefficiencies and massive destruction of our environment. Even mark-to-market
Accounting will have to change from an instant price for everything into valuation in its proper time perspective. Mark-to-funding, which Avinash Persaud is an attempt in that direction. Unfortunately, we do not have as yet a system of values that readily replace the current market system. Because social science has become too complex, we lack a modern Adam Smith or Keynes to give us the philosophical basis to comprehend the new world.