## All Current Economic Prognostics Ignore Externalities
It’s all well and good to talk economics and discuss parameters which relate to economic systems (mostly economic rationalism — which comes with a baggage of flawed assumptions) but our resources are not infinite, our environmental footprint is not getting smaller and, if that isn’t enough to stop economic daydreaming, there’s a planet in crisis mode with no promise of a livable future for our kind.
In my view, economists ought to take a deep breath and have a think about broader issues before *extrapolating* arbitrary parameters to forecast and *explain* the next economic cycle. Mendation ought best to be applied to the details of the root causes of our economic inequities and propose solutions to mend the widening rift between the haves and have-nots. Economic system ought to advance the wellbeing of all, without leaving anyone behind, with minimal impact on our environment, that is the true goal of human society.
I’m posting this link only to highlight how far economists can get down in the weeds (not to single out the author because I value their considered input in any discussion) and loose sight of the prime purpose of economic systems in a social democracy — to nurture and ensure social equity, which is: *the fair distribution of resources, opportunities, and privileges within a society, ensuring that all individuals have access to the same rights and benefits regardless of their background*. (Source: UNESCO)
Note: there is still a possibility that I am the one who needs to take a breath and look at the bigger picture, possibly a different ‘big picture’. Happy to be enlightened.
https://johnquigginblog.substack.com/p/the-singularity-has-been-postponed-e77
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