In the modern economy, a slightly bizarre fact, production is now more necessary for the employment it provides than for the goods and services it supplies.

Two Core Abilities for Thriving in the New Economy 1. The ability to quickly master hard things. 2. The ability to produce at an elite level, in terms of both quality and speed.

The industrial economy is based on systematic theft from land bases, and the conversion of these living communities into dead products. That’s what an industrial economy is. The economy does not create value for the real world: It destroys the real world.

Food exemplifies the difficulty of withdrawing from the modern economy, because you can’t live without it and because not many people produce all of their own. And if its uncommon for a modern person to be food self-reliant, it is almost unheard of for a community to supply all of its own food.

If we shift our focus from relentless productivity, we may collectively rethink our societal metrics for success. A society obsessed with shareholder value, GDP, and corporate wealth creation will value and reward those who drive those metrics upward: bankers, venture capitalists, day traders. A society obsessed with quality of life, care, and societal health values and rewards a very different set of people. Before and during the pandemic, our most “essential” workers struggled to receive equitable pay and adequate protections, precisely because their work wasn’t valued. But what if it was? And what if one of the key steps to getting there was for nonessential workers (like us!) to change the way we see ourselves?

Political Economy means that everybody except politicians must be economical.

Economics is more than just a way to see patterns or to unravel puzzling anomalies. Its fundamental concern is with the material standard of living of society as a whole and how that is affected by particular decisions made by individuals and institutions. One of the ways of doing this is to look at economic policies and economic systems in terms of the incentives they create, rather than simply the goals they pursue. This means that consequences matter more than intentions — and not just the immediate consequences, but also the longer run repercussions of decisions, policies, and institutions.

While the changes that are necessary are actually simple, they're painful, and require courage and sacrifice. Living standards will decline in real terms. Citizens will have to save more and consume less. Working lives with lengthen. For many, retirement will be revert to being a luxury. Taxes and charges for government services will rise to match the cost of providing them. There has to be greater emphasis on the real economy - the creation and sale of goods and services. Financial institutions need to return to their actual role of supporting economic activity.

Make no mistake, our economic system can do no other than destroy everything it encounters. That’s what happens when you convert living beings to cash. That conversion, from living trees to lumber, schools of cod to fish sticks, and onward to numbers on a ledger, is the central process of our economic system. Psychologically, it is the central process of our enculturation; we are most handsomely rewarded in direct relation to the manner in which we can help increase the Gross National Product.

Many despise economy, confounding it with stinginess and narrowness. But economy is consistent with the broadest liberality. Indeed, without economy, there can be no true liberality. We are to save, that we may give.

Wage flexibility may not cure an ailing economy, but simply make the rich richer and the poor poorer; you get an economy driven not by wages, but by assets and if those assets stay in the same hands, there is no dynamism and social mobility.

In the market economy the consumers are supreme. Consumers determine, by their
buying or abstention from buying, what should be produced, by whom and how, of
what quality and in what quantity. The entrepreneurs, capitalists, and landowners who
fail to satisfy in the best possible and cheapest way the most urgent of the not yet
satisfied wishes of the consumers are forced to go out of business and forfeit their
preferred position. In business offices and in laboratories the keenest minds are busy
fructifying the most complex achievements of scientific research for the production of
ever better implements and gadgets for people who have no inkling of the scientific
theories that make the fabrication of such things possible. The bigger an enterprise is,
the more it is forced to adjust its production activities to the changing whims and
fancies of the masses, its masters. The fundamental principle of capitalism is mass
production to supply the masses. It is the patronage of the masses that makes
enterprises grow into bigness. The common man is supreme in the market economy.
He is the customer “who is always right.

Housework, handicrafts, subsistence agriculture, radical technology, learning exchanges, and the like are degraded into activities for the idle, the unproductive, the very poor, or the very rich. A society that fosters intense dependence on commodities thus turns its unemployed into either its poor or its dependents.

Our political economy and our high-energy industry run on large, general principles, on ideas — not by day-to-day guess work, expedients and improvisations. Ideas have to go into exchange to become or remain operative; and the medium of such exchange is the printed word.