GDP: The Only Number That Matters
vox.com
vox.com
This is a consumer economy oriented perspective we have held for 40+ years. It has not been working for people, inequality has only grown over this time. It centers around meritocracy, where those who have done well deserve their winnings, and likewise those who suffer do so of their own design. This is mistaken because chances are not equal, repercussions are not equal, and rewards have become concentrated. Those at the top have had outsized returns from a period of deregulation, financialization, and neoliberal economic policy. For those left behind, they have felt that the credentialed elite look down on them when we say "if you want to compete in the new economy, go to college" - yet less than half of western nations have a degree. Telling people that to live a decent life, you need a degree, was a mistake, but also carried an implicit insult. It should be no surprise that we see the rise of populism and autocrats.
An alternative idea is the producer oriented economy. In this perspective, we focus on people having dignified work, being able to comfortably support a family, and most importantly being recognized for their contributions to society's common good and the shared endeavors.
Deeper thoughts by Michael Sandel