When Economy got lost in Economics
posted on Tuesday, July 28, 2009 02:43 PM
I have sat in an observer role for the past seven years or so, indeed with some dismay, as the economic patrons of our world endorsed systems of mediocrity repeatedly and wastage with excuses became the standard operation for not only business but macro economy as well.
I observed that maybe, maximum, two approaches were used to manage economic policy, which basically spoke to toggling the interest rate at the Central Banks and messing around with imports. Meantime politics and the games built into it kept citizens distracted and too confused to even query what was going wrong!
I've watched countries which were exploited for their resources to help build the capitalist patrons financial might, be offered 'loans', which of course they were held accountable to repay... or else, irrespective of if those 'debts' and the seemingly infinite interest attachments would wreck the growth ability of the same countries...
I've looked on and observed a System that would endorse the sacrifice of home life by families, especially mothers, so that the productive can feel like they have a survival chance.
It hasn't been pretty. It hasn't been inspirational or encouraging.
And thank God it is crumbling...
Really simply: all of those ideas about Economy being tied to prudence, thrift and Home, they need to come back and fast.
It is useless to tie all economic indicators to proportional GDP when so many people are left out of the distribution of wealth. And let's face it: accrued payments due are a risk at the least and a hope at the most in terms of valuations in a country's wellbeing...
Can we get real? Can we get down to basics?
Until national performance factors include how the people are: are they satisfied, are they peaceful, are they hopeful... how can anyone rightly say a country's 'standard of living' is better or worse, or whatever?
Too many times the human factors are neglected in Economic development. And I ask, development of whom? Development of what? And perhaps best yet, development FOR whom?
There's only so many roads and highways that can be built before awareness sets in that one's satisfaction does not derive from driving a car across a highway... There is a place for this, but it is such a low ranking activity in human development, perhaps someone ought to step back and/or up and grace us with some social services which attend to us respectfully and contributively.
Just my thoughts; on a global valuation problem.
Looking forward to your comments.