The economy is the set of systems that have developed to decide how to allocate the set of scarce goods that we have been able to capture.
The really important parts in this statement are, what are goods? in a modern economy this probably includes the electrons we have capture to power our electronics... what does capture mean? when we look at the way things like land or clean air can play a role in economic transactions show that sometimes you can partially but not fully capture the same resource. And what does Allocate mean? this is where services really enter the economy, we pay a hockey player to entertain people, he does not specifically participate in the capture of goods, but we as a society have valued his entertainment in a way that we are willing to allocate resources to him in exchange for continuing to entertain us, and this type of transaction can extend beyond entertainment into compassion or reciprocity.
The important take away is every economic decision is around developing more resources or allocating the resources that exist.
Generally the bad feelings people have seem to be surrounding a feeling that resources are not being allocated in a way they deem equitable, nobody believes that Jeff Bezos creates 200,000 x the value to the economy as the typical person, most people believe that some basic level of participation in the benefits of society (having food, housing, transportation, communication, and entertainment) should come from a basic level of effort, and many don't feel that happening for themselves. Many see how slow and expensive it has become to get anything done, and feel we have over allocated our resources to excessive diligence that doesn't bring economic value (even if it can be recorded as economic activity). Theses are the feelings we are contending with, even for people who aren't resident know it alls that have taken the time to listen to economic and philosophy experts give them a way to articulate those feelings.
edit; I'll also add, it's not a feeling I empathize with much, but many believe that 'others' are able to participate in the basic benefits without a basic level of effort, and are not pleased with that either. It is another wedge where the economy gets a bad reputation.
Last edited by #-3; 05-06-2024 at 08:08 AM.
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