I did find the call for a return to Political Economy to be an excellent suggestion and I agree the abandonment of this has caused many issues to be missed or misinterpreted.
The passage:
"A general principle that can be suggested here is that the closer that a good or service is to being a natural monopoly the greater the requirement for centralised socialisation as a public service, and the close the good or service is to being in accord to perfect competition (including monopolistic competition), the greater the requirement for decentralised private ownership in a variety of forms (including cooperatives etc). Likewise the smaller the number of input and output variables the greater the possibility of accurate planning, whereas the greater number of such variables suggests efficacy of a price mechanism to deal with issues of relative scarcity and opportunity cost. The aforementioned public income should be spend entirely on matters of transparent public goods for the general benefit; the mitigation of negative externalities (e.g., pollution), the enhancement of positive externalities (e.g., networks, education)."
Is an excellent suggestion, which I note does fit with what I've found in restudying economics.
I'm an econ geek. It was economics that got me into politics and at first libertarianism.
I'm increasingly Georgian and that combination of institutions described above is a good summary of my current thinking.
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Date: 2009-03-15 07:08 pm (UTC)The passage:
"A general principle that can be suggested here is that the closer that a good or service is to being a natural monopoly the greater the requirement for centralised socialisation as a public service, and the close the good or service is to being in accord to perfect competition (including monopolistic competition), the greater the requirement for decentralised private ownership in a variety of forms (including cooperatives etc). Likewise the smaller the number of input and output variables the greater the possibility of accurate planning, whereas the greater number of such variables suggests efficacy of a price mechanism to deal with issues of relative scarcity and opportunity cost. The aforementioned public income should be spend entirely on matters of transparent public goods for the general benefit; the mitigation of negative externalities (e.g., pollution), the enhancement of positive externalities (e.g., networks, education)."
Is an excellent suggestion, which I note does fit with what I've found in restudying economics.
I'm an econ geek. It was economics that got me into politics and at first libertarianism.
I'm increasingly Georgian and that combination of institutions described above is a good summary of my current thinking.