1684. Economics protects the economy from society

Economics is a system and it is embedded in the larger system of society it is supposed to support. But strikingly economics tries to protect itself from society. It wants, most of the theory proposes, to isolate itself from government interference, and prides itself on being like physics, immune to social engineering.

The result is that economists and the corporations, government agencies and the wealthy who benefit work to perfect the economy at the expense of society.

In traditional societies of kinds, in europe and asia, there was always recognition that the king should act to benefit the whole. Lots of shortcomings in the actual process, but the idea, such as the mandate of heaven, was clear. There is no modern equivalent that says the economy should work for the common good.

It is so unconscious! We get statements like “The financial crisis devastated the financial community.” OK< , but what about the rest of us?

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