Economics Can’t Solve The Biggest Issues on Its Own
Most of us at times get caught up in heated debates about economic policies and their broader social context. We need to do this for sure. But., it’s key to keep in mind that economics is just a decision making model at the individual level and a coordination system at a macro level.
Good policies and institutions can have a tremendous impact, but at the most fundamental level, we usually need a reminder that our society will reflect the values of citizens that get engaged.
Economic theory won’t answer the what’s right and wrong questions. It can however make our society stable, fair and efficient based on democratically directed objectives.
This is an important reminder, so we can as much as possible see economic analysis for what it is within heated political contexts.