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The first task, however, is to identify the necessary characteristics of the econ-
omy. We can think of no more appropriate place to start than to summarize
the main points in our broad critique of current economics, which made up
Section II of this topic. As that critique proceeded, the phrase economic stability
was never mentioned. If this broader agenda of stability is now invoked, the
results of the critique might take on more meaning, in that economics, so long
left unchecked, is forced to serve positive human purposes. It is time to force
this powerful body of thought to yield the world we want. As someone wisely
said, Economics makes an excellent servant, a poor master, and a miserable religion.
Consequently, a return trip to the major conclusions of Chapters 3 through
8 promises to pay excellent dividends in providing practical guidelines
for any economic assessment. Elaboration is not necessary, because it has
already been ample.
• Economics must be recognized as a social science , which incorporates
a full range of human emotions and does not treat people as maxi-
mizing machines.
• Consumption must be viewed as necessary for comfortable survival,
and not as an end in itself. Consumption beyond that should prop-
erly qualify as wasteful desire .
• Production must first adequately meet livelihood requirements and
secondarily satisfy unnecessary wants. Profit should not simply fol-
low an ability to pay.
• External, unintended effects of economic activity must be fully
accounted for, incorporating the best scientific information avail-
able. Excessive uncertainty or effects on innocent parties must be
grounds for stopping projects or activities.
• Equity and fairness must dominate efficiency in the name of pure
profitability. Consideration of distributional effects must rank higher
than strict financial feasibility.
• The macroeconomic picture clearly reveals a resource-stressed
planet. The world's abundant human labor must be used to its maxi-
mum, and capital, which represents the environment and its limited
resources, must be used sparingly.
• Overall, the growth ethic is a cultural phenomenon that is impossible
to sustain and must be removed from mainstream economic thought.
These guidelines represent only a partial list, albeit an important core,
of the changes necessary if economic stability , the third pillar, is to serve as
a compatible working partner with the other two pillars, ecological integ-
rity and social equity . Bringing about these changes will be a tall order and
implies nothing less than a revolution in economic thought. Obviously, an
integral part of such a revolution is political, given the necessarily serious
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