Can Anyone Read “The Economy” Correctly?

On July 5, 2009 U.S. Vice President Joe Biden said: “We misread how bad the economy was…”. Well that’s exactly what the previous administration did also.

Isn’t it about time we stepped back and took a fresh and comprehensive look at just what it is that is being “read”? Reading the markets, the unemployment numbers, the leading economic indicators, the availability of capital, the GDP, etc., etc. has gotten us where we’re at, which most everyone finds unacceptable. Maybe, just maybe, asking different types of questions will allow us to see opportunities that will lead us to some better results.

For example:

Since we have invented so many labor saving devices, do we really need full employment?
Are we reading the experience of well being of human beings?
Is “the economy” serving the people or are the people serving “the economy”?
Are we reading how many human beings are well nourished?
Are we reading how many human beings are adequately sheltered?
Are we reading how many human beings have full access to the best health care?
Are we reading how many human beings have all the education they desire?
Is communication technology available equally to all human beings?
Is transportation available to all human beings when they desire it?
Are human beings getting all the recreation they desire?
What is the definition of “economics”?
What is the definition of “finance”?
What are the underlying assumptions of the financial system?
Are the foundational principles of finance in sync with the foundational principles of economics?
Is there an economy, independent of human beings?
Since we get resources from most everywhere in the world, and provide goods and services to as many people as possible around the world, doesn’t the well being of people everywhere affect us?
Is there a more efficient way to provide for the well being of human beings?
Is it possible to design an economic management system in which there are not both winners and losers?

William Daniels
503-314-6902
wdinpdx@yahoo.com
BillionsofBillionaires.blogspot.com
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Views expressed on this page are those of the authors and not necessarily those of Campaign for America's Future or Institute for America's Future