Public opinion was delusional and misinformed long before Walter Lippmann
exposed that sad reality. Expert opinion has not been much better.
A list of today’s widely held delusions/opinions could help to turn our own opinions away from the ubiquitous bs that creeps into our thinking. We should try to never forget the most basic things.
The first thing to never forget is that the goal of the economy should not be to create jobs, rather it should be to create goods and services.
The obsolete method to increase wealth is to work more. The weak link in the chain of production was a labor shortage before machines multiplied labor-productivity. Now, if we work as much as possible we will be wasting the resources that have become the weak link.
The denial of the limits to growth is delusional. The simplest math, that most people could understand, shows that it’s only a matter of time before overpopulation and excess resource consumption make us remember today’s economic decline seem like the good old days.
The idea that wealth is “created” by one part of a complex system is a joke, but jobs are seen as creating wealth and the owners have taken a clue from the workers so that they claim to create the jobs that create
the wealth. If we must have a singular source of wealth it should be nature. With machines to do our work and harvest the free wealth of nature the idea that human labor or human investment creates wealth will
be exposed as another delusion… as no-class propaganda.
Our focus on the money economy has led us to neglect the physical economy. If we wish to become functional we must make the paper economy serve the physical economy, but money rules and decides.
Since the physical economy has hit the limits to growth, we could find solutions in reform of the money economy, but that would involve ending the need for full-employment and thus the need for unsustainable levels resource consumption.
Socialists missed the boat when they rejected all of capitalism. Capitalism has been bad, but the unearned income it includes would allow an end to hyper-active consumption to create jobs. We don’t need private
ownership of production or “free” markets, but if we wish to end wage-slavery and stop the plunder of the planet we had best embrace unearned income, calling it capitalism or not.
Taking a clue from Marx, owners of the world have united. Workers have been divided by petty hatred and impoverished as owners scheme to eliminate labor costs with computer operated machines. Should we expect to have full-employment after our keepers have won the battle to make it unnecessary?
The old prosperity was wasteful plunder, and we are fools if we hope to return to that.