Provocation 64. Economics as a map.
If the economy is mapped onto economics we see the economy through the lens of economics, and we see markets, corporations, banks, resources, production and customers, credit and balance of payments, (and a few more). Seeing the world through economics gives us a picture of an economy that is mostly ok, maybe needing a bit of legislation to change some of the percentages. Then all would be good.
If however we map economics onto the economy we realize we have put Rhode Island on the whole of the americas. Most is not mapped. The qualities of life, the distribution of power, the fate of humanity..
Einstein (the intellectual’s Yogi Berra) wrote.
It is not enough that you should understand about Applied Science in order that your work may increase man’s blessings. Concern for the man himself and his fate must always form the chief interest of all technical endeavors.
What in our research is extending the map to cover more of the territory?
Seen from economics the economy is the car, not the driver. The driver is for sociology, psychology, philosophy..
But if the car is killing us, and the driver is not considered, the killing will continue. The car is doing fine.
Is new economic thinking in danger of designing a self driving economy?
The economy is doing well, but the people are dong badly.