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Yes, economists should put production front and center. What is being produced by economy? How effectively and how robustly? What is not just the production out
by js8 7y ago
Yes, economists should put production front and center. What is being produced by economy? How effectively and how robustly? What is not just the production output, but also capacity? What are the risks to the supply chains? What commodities are more important than others from the risk perspective?
For example, see Steve Keen talking a bit about this: https://www.youtube.com/watch?v=HE-44ngyYoA https://www.youtube.com/watch?v=HE-44ngyYoA
- airstrike 7y agoNot an economist, but I think the challenge with that is the assumption that we can rationalize those decisions ex-ante whereas the beauty of capitalism (!) is it's emergent ability to rationalize capital allocation and production organically, which we can only observe ex-post. Which is not to say we can't nudge it here and there...