Tuesday, February 21, 2012
Cullen Roche — "What Is The True Goal Of A Modern Society?"
Cullen Roche ventures into social and political philosophy with the question, What is the true goal of a modern society? This is a worthwhile discussion to have.
Read it at Pragmatic Capitalism
What Is The True Goal Of A Modern Society?
(Crossposted at Modern Monetary Realism)
by Cullen Roche
This is a pregnant question in that it underlies stating public purpose in terms of values, norms and criteria, which is the basis of policy formulation. Economic policy is a subset of national policy, determined on the basis of the interpretation of founding documents, culture and tradition, desired direction, and a vision for the future.
Different countries will answer this question in different ways, and different faction within the countries also. Different answers to this question determine the political platforms of the various parties in a liberal democracy.
Economics, especially macroeconomics, sets forth policy options for meeting objectives determined by national policy. Different approaches to macroeconomics determine different sets of policy options. For example, New Classicalism sets maximizing growth consistent price stability as its highest priority, whereas Post Keynesianism sets full employment along with price stability as its highest priority, along with achieving distributed prosperity consistent with available resources and sustainability.