Glad to see the conversation going on. I agree with you both, happiness does not come from money. Free markets tend to be better in the long run, but they may also be more volatile. Who knows though. maybe a true free market would be less volatile because there is nothing to hold it back.
The important thing about this article is that I wanted some people to really start thinking about the economy and how it affects them. I think it is an important thing for people to understand, at least in the most generic of senses and a lot of people don’t understand the economy all that well. They are then susceptible to fear, which just makes things worse.
Glad you guys enjoyed the article and the discussion. I look forward to more like it.

Cheers,
Jeremy

Haven’t finished Shock Doctrine yet .. it’s not exactly a light read and I need to keep stopping for fresh air. But it kind of warns of the human cost of the volatility of free markets.

In my view, it’s dangerous to measure the success of a country (and it’s economy) only by how much wealth is created and also needs to include human measures (happiness, freedom, safety, justice etc..). So free markets will theoretically create more wealth … but not necessarily the greatest success in its broadest sense. Saudi Arabia, for example, is surely a ‘wealthy’ country but not necessarily the most successful in human terms. Sweden, Norway, Finland as other examples all have strong government intervention and social policies but are highly competitive and successful (as measured by the reported happiness levels of their populations). Curious about your reactions. Ian

Ian Peatey’s last blog post..Feeding the wolves

Just adding on from your two’s exchanges.

I tend to think that purely free markets create greater amounts of wealth over the long term than controlled economies. So over a hundred year cycle, starting from point A, the free markets will arrive at B and controlled at C (keep up with me) with the total wealth at B being far greater than C. However, over that 100 year cycle, the ups and downs (volatility) will be far greater in the free market model.

But, that is not to say that the quality of life is better within a free market. (Volatility of course in itself does not lend itself well to a quality life). Wealth most certainly does not equate to happiness. Although we all would rather still be rich! (maybe not all but most)

Though my concern is with the unemployment rate (I’m still a worker bee) sometimes I feel I really dont want to know. I do try to keep in touch, but I dont stay attuned on a daily basis.

Its kind of a damned if you do, damned if you dont type of situation.

Carla

Carla’s last blog post..Barack Obama speaks about our addiction (to oil) on ‘60 Minutes’

Thanks for visiting. You know, if you happen to be in an area of the economy where the news doesn’t affect you than I envy you. But I think it is worth knowing what is going on in the world around you.

Cheers,
Jeremy

When it comes to the economy and unemployment levels, I try to keep my nose out of the news and reports but it’s hard to escape it sometimes.

Carla’s last blog post..Barack Obama speaks about our addiction (to oil) on ‘60 Minutes’

Cheers,
Jeremy