It seems that the Nobelm Prize winner in chemistry has written extensively on economics, in particular debt before Michael Hudson.
Frederick Soddy's Debt Economics
Another post in Illogical Economics with some links.
Michael Hudson:"Frederick Soddy pointed this out in the 1920s, describing financial claims as “virtual wealth,” on the opposite side of the balance sheet from tangible capital formation. Adam Smith had argued that money is not real wealth. Bank loans, stocks and bonds are financial claims on wealth.
Frederick Soddy's Debt Economics
Another post in Illogical Economics with some links.
Michael Hudson:"Frederick Soddy pointed this out in the 1920s, describing financial claims as “virtual wealth,” on the opposite side of the balance sheet from tangible capital formation. Adam Smith had argued that money is not real wealth. Bank loans, stocks and bonds are financial claims on wealth.
The essence of balance-sheet accounting is that assets on the left side equal liabilities on the right-hand side, plus net worth (assets free of debt). It would be double-counting to add an economy’s physical means of production (the asset side of the balance sheet) together with the debt and property claims on these assets (on the liabilities side). Yet most public discourse focuses more on asset prices than on the even faster growth of debt.
Soddy was awarded a Nobel Prize in 1921, showing that good economists sometimes do win – except that he won for his contribution to chemistry, not economics. In an analogy to Ptolemaic astronomy, today’s academic gatekeepers depict an economic system shaped by consumer choice rather than revolving around finance." from https://www.prosper.org.au/2010/05/the-counter-enlightenment/
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