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Economics
Some tips for
the uninitiated
Market forces
Yes, it its true.
If there is over-supply, prices fall. If there is a shortage, prices rise.
This does not mean that markets are always right, or best, and that governments
have no role.
Economic growth
In per capita terms
economic growth is mainly due to technical progress. Long may it continue.
Budget deficits
Deficits are sometimes
necessary. If used to provide infrastructure investment, good. If used
to prevent recession, good. However we need to constrain them in the long
term.
Price on carbon
Our kids are worth
it. Needed to save the planet. Climate deniers should be held accountable
for the future damage their ideological intransigence will cause.
Market fundamentalism
This is a better
term to use to describe laissez faire advocates, who tend towards
right wing zealotry. Terms such as 'economic rationalist' and 'neo-liberal'
give undeserved condemnation to rationalism and liberalism.
Inequality
The 'fair go' has
gone and the self-interest of right wing oligarchs has become the dominant
paradigm. This leaves most people worse off. Economists have forgotten
about the law of the declining marginal utility of income. More equal societies
are better, happier.
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