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But why would we need a boom? Economically, that is. We need people to find valuable employment, which could be made easier by resource constraints (forcing a return to processes using more manpower in order to save on resources), and for people to have a decent standard of living, which in the West is purely a distributional issue: we produce more than we need, many times over.

Politically, it may be different. It is true that the only recent episode of major drop in inequality came on the back of a boom (although one has to be cautious with regards to the direction of causality there - probably both ways), or rather the bounce from an awful nadir.

But the point of the Keynesian program is not a boom -I do believe we need to reduce total consumption in the West- but for everyone to be employed and to address unsustainability. If we have a system that can only function with strong growth it is bound to struggle mightily (for example, when population starts dropping fast worldwide).

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Wed Nov 5th, 2014 at 05:54:19 AM EST
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