Economy and employment


The “economy and employment" are the goods and services that a person can command for his/her use. Our house, our factory, and the work of our gardener and our factory workers are examples of economy. The “economy and employment that gives a person access to wealth. From an economist’s viewpoint, money is not wealth. Money gives access to wealth.

 If war goes on increased national debt means that either future generations will have to pay or foreigners who own the debt will have more influence on economy and  employment.
he difficulty we have today is the “Socialism and Capitalism” of economic and social systems. Where once we knew as much (actually, much more) about socialism as we know about capitalism.

The trick is recognizing that the critique is a riddle making use of Churchill’s famous statement about democracy, capitalism is the worst possible system except for all the others. In reality there are two extremes: total control of economic matters and total “hands off” of economic matters. In reality, every system is a compromise.  

What I also understand is that “capitalism” is not an economic system so much as recognition of a fundamental reality: it is the accumulation of “capital” which allows investment, which allows creation.

On the other side I argue with Adam Smith who said, “civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor.” Smith would have railed against giant corporations if he were alive today.