The Godly Word in Economics
The world’s public policy is based on the concept of Utilitarianism (U) propounded by Bentham & Mill. The cardinal premise of U is “ the greatest happiness of the greatest number ”.
The Idea of Utilitarianism can be achieved through three 3 actions
- Absolute free play of market forces
- Free individual choices to operate in that market
- The state must ensure the above two through legislations
The All Weather God
History & experience shows that absolute & uncontrolled market forces tends to favour more who are already entrenched socially, economically, politically etc in society.
Theoretically It seems that the absolute free play of market forces is creating free individual economic choices. But in reality it is weighed heavily against the lesser mortals.
The Utilitarianism dictum somehow seems overturned. It is now “greatest happiness of the smallest number”.
The Thought Leadership Must Intervene
That is why Thought Leadership matters. It must think of fresh ideas to design new systems of Welfarism.
Economics without Sociology is a mishap of gargantuan proportion. Thought Leadership must start revising from here.
The Post Pandemic World
The Post Pandemic World expects Thought Leadership to introduce New workable Utilitarianism that favours the weakest & the disadvantaged.
The Old Model seems a relic now.
Leadership of Ideas beckons us all.