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I don't know whether we can find an economic system that gives better results. I'm willing to assume for now that we cannot. But what I am sure we can improve i
by pdabbadabba 13y ago
I don't know whether we can find an economic system that gives better results. I'm willing to assume for now that we cannot. But what I am sure we can improve is the incentive system upon which our current economic model operates -- for me it is struggle enough to ensure that the "greedy" system we have seeks to maximize actual human flourishing, and not something else.
I do not dispute that the system of incentives in place now has worked and continues to work miracles. But the poorly-handled corner cases have become pressing. The problem is that there are important goods that we have not figured out how to treat economically. Human happiness has value, even when the human in question has no means to pay for it. The long-term health and beauty of our planet has value, but we lack the concepts to list it as a gain or loss on a balance sheet. The same is true for human health, peace, friendship, solitude, ... the list goes on.
Our current approach is to consider how much a person would pay for any of these things -- and this is a fine start. But this approach ensures that we overlook ways to create value for the poor. And it overlooks the fact that economic culture may create blind spots: goods that we value but that we will not pay for economically in proportion to their value.