Mohamed Hassan from Pixabay
The poor who lack jobs often suffer from substance abuse, violence, and unstable families. As the suffering persists for many of these outsiders to our system, scholars and politicians on both the left and right ask how to reform or overturn our current economic system so that all can flourish.
The Great Fact of economic history is that after at least 40,000 years of mostly “poor, nasty, brutish, and short” lives, humans in the last 250 years have started to live substantially longer and better lives. The economic system that has achieved the Great Fact has been called “entrepreneurial capitalism” or “creative destruction.” But these labels are misleading because they put too much emphasis on capital and destruction. A better label is “innovative dynamism” in which entrepreneurs engage in leapfrog competition to bring us innovative new goods and processes. The innovative new goods help us to achieve a wide variety of life plans, especially life plans that include the pursuit of challenging, engaging, and rewarding projects. The innovative new processes improve the quality, variety, availability, and especially lower the prices of both new and old goods.
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Arthur Diamond is the author of Openness to Creative Destruction: Sustaining Innovative Dynamism (Oxford University Press, 2019).
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At £22.99 I will not be buying but I am going to try to find it in a library. H.
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