How much wealth destruction are we willing to put up with?
An issue that clearly has been on the table starting with the Obama Administration back in 2009 and with NYC Mayor de Blasio as recently as early this year.
Would we allow major social and political institutions to collapse or be severely harmed due to the economic cycle needing “creative destruction” to reach maximized efficiency?
Is maximum economic efficiency really the end-all be-all of human civilized existence?
Is there a point at which the needs of the economic system are superseded by the needs of the natural world? The individual human being? The majority of human beings?
Is economics an attempt by humans to create a tool to manage and benefit human society, or is economics an external system that we must satisfy regardless of the impact on human beings that are real and alive right now?
I think that any rational individual or group, when answering those questions, would be unable to answer that major question so flippantly.
There will always be differences on where the appropriate balance between economic and non-economic needs is found, but I have no doubt that the correct answer is not found at either extreme.
What do you say?
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