March 24: Political Purpose and the Economy

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Politics is in large part about the distribution of the resources of the world, a nation, and a region among the competing interests within these domains. This is the core question of economics: satisfying infinite demand with finite resources. This turns on how resources and rewards distributed win an economy in the broad through the relative role of the market. It also turns on beliefs about the size and nature of the role of the state within the economy. Should the market be king? Is there such a thing as market failure? What is the role of public goods in the market? What taxes are necessary to pay for those public goods? What is the responsibility of the state for those who cannot compete in the market including the role and magnitude of social safety nets? And how are these policy beliefs anchored in the foundational values discussed in the previous week? Suggested Reading: you are also invited to analyze and critique two long-from essays I wrote, first as Leader for the Opposition entitled "Brutopia" the second as Prime Minister entitled "The Global Financial Crisis" which outline my conclusions on these questions.