Economics Standard of Plenty
This is my statement of belief that something more is possible in the economic transactions amongst us. I believe that it is possible to create a an Economic Standard of Plenty and put it in practice amongst those of us who voluntarily live by it.
This Standard would be based upon the principles detailed below:
Some People are Capable of Actions that Are Based Upon Love and Respect
Some people are capable of putting love and respect first in their priorities. They can love and respect themselves and love and respect others too.
Love has many definitions. The type of love I am talking about can be identified by the following behavior: When someone is faced with a choice between their own self interest and the interest of the other person, they are willing to sacrifice their own self interest to benefit the other when the situation merits it.
In contrast, modern day economics, also referred to as neoclassical economics, is built around the premise of self-interest. Francis Edgeworth stated it well in the 1880's, "The first principle of Economics is that every agent is actuated only by self-interest." Neoclassical economics is based upon the belief that all people, when faced by a choice between their own self interest and another's interest, will choose to benefit themselves instead of the other person.
Although I can see merits in neoclassical economics, and I participate in a world where this is practiced on a daily basis, I do not believe this is the only economic model that is possible. I believe that there are other economic models we can learn and practice amongst ourselves. I believe that it would be insightful for us to explore the options.
It is Possible to Make the World A Better Place One Person At A Time
An Economic Standard of Plenty would emphasise and reward personal service and creativity. A system based upon this standard would reward participants for their own labor and what they actually create themselves. Expansion of any business beyond the local level would add peer participants who have the time to serve at the local level in their own communities. Peer to peer connections would be made over broader geographical areas in ways that do not create excessive middle management.
In contrast, modern day businesses emphasize top down management. The power ends up in the hands of a few who are at the top and make most of the decisions. There are many tiers of management between the top and the bottom. Each of these layers of management takes a portion of the profits, leaving little power or money for the creators and for those who serve the public directly.
I believe that we now have tools in our modern era, that make it possible for us to explore other ways of doing things.
The People Are The Goal.
I believe that people are the goal, not just profits. Any standard created should allow the profits from economic activity to benefit those who helped create those profits and should do it in a way that doesn't harm the environments we operate within.
This is in contrast to the common idea that the profit is the goal and the people are dispensible.
Frequently Asked Questions
This standard sounds idealistic? How can you expect people to behave other than selfishly?
People can and do act selfishly. But, that is not the only way they behave.
The purpose of a standard is to state an ideal that we believe is possible. By establishing a standard and stating we want to achieve it:
- We set a goal for ourselves to reach for.
- We have a something to measure our behavior against to see how we are doing in achieving our goals.
- It allows us to recognize where we are today and measure our progress as we improve.
- It does not assume we are perfect or will always measure up to the standard we wish to uphold. It only assumes we have a desire to achieve the standard, to the best of our capacity.
