An Economist's Guide to Making our Economy Great Again
An Interview with Paul Mackay
This article contradicted everything I previously thought
about economists. When I picture the traditional economist, I think of someone
that has vast knowledge about the business world and whose sole goal is to make
money. Paul Mackay is not this kind of economist; he believes that economics is
not about competition but fulfilling human needs in a sustainable way. Competition
does not lead itself to sustainable results. Only cooperation can improve our
economy in the long run. Paul questions whether society has really changed its
behavior along with this cooperative mentality after the “Green Revolution” that
has taken place over the past few decades. I have to agree that its hard for
people to make difficult and necessary changes when they see themselves a just
a small piece of a huge problem.
Paul Mackay then begins to elaborate on this lack of
accountability and connect it to a lack of financial accountability in this
modern economy. He says that virtual value is a new and destructive feature of
our monetary system because we lose sight of the real value behind money. He
goes on to argue that we need to be more conscious of our investing behavior,
sticking to more realistic growth in the markets, and gaining a better
understanding of the value of the dollar. I agree with a lot of Paul Mackay’s
points. There is a lot more ethical banking being practiced today, with a
strong push for accountability and responsibility behind every financial
transaction. However, this is something we need to continue to work on as a
society to maintain a stable economy and prevent catastrophes such the 2008 housing crash.
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| Courtesy of Panadawhale.com |
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