Whats the purpose of an economy? When I asked that question of one economist recently he said it was a stupid question and I may as well ask Whats the purpose of a tree? Well, No. A Tree isnt a human invention . A hammer on the other hand IS a human invention . So if I ask Whats the purpose of a hammer? Then I can tell you that its a tool , used for jobs such as breaking things and driving in nails. Our economy is a human invention so not only can I question its purpose, I can also point out that we can reinvent it any time we like. We in fact did that 30 years ago in 1984 when we adopted the neo-liberal belief that a market driven economy is better than a state controlled one. I used the word belief instead of theory in my last sentence because theory suggests that economics is a science in which absolutes can be determined by conducting experiments. Certainly when you pick up an economics book there is usually lots of maths in it and its clear economists can do some very clever if / then modelling . But will economist eventually come up with a series of immutable laws like those of gravity and motion? I doubt it. When I was making MIND THE GAP I came to the view that how we should run our economy isnt a scientific question - its a moral question Do you think that an economy should deliver the greatest good to the greatest number of people over the longest time? I asked. If your answer to that question is yes, then the economic theory we have been living under for the last 30 years - with the high cost of food, housing, electricity and transport - clearly isnt delivering that outcome. If however your answer is No and you prefer a definition that asserts as Margaret Thatcher once put it.. the right to be unequal then the current economy is probably working just fine for you. Your call. My call is in my documentary MIND THE GAP which you can watch for free here bryanbruce.co.nz/feature/inequality/mind-gap-full-documentary .
Posted on: Thu, 02 Oct 2014 19:59:52 +0000
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