Economic illusions Choices Between Prosperity and Social Justice

Economic illusions Choices Between Prosperity and Social Justice

Prof. Dr. Moustafa El-Abdallah Al Kafry

In his book The Economic Illusion, Robert Kuttner refuted the traditional view that the most equal distribution of income and services can only be achieved at the expense of prosperous and growing capitalism. [1]

By carefully examining the issues in which economic growth and social justice appear to be mutually relevant-issues such as social security, protectionism, income harm, and welfare-he convincingly argues that equality and economic prosperity are not incompatible.

1 – Kuttner advocates economic policies that would reduce the importance of private markets:

As a means of reconciling equality and efficiency – that is, prosperity – Kuttner advocates economic policies that would reduce the importance of private markets, in order to further protect trade, and for an adapted version of the technical approaches of countries such as Sweden, Germany, Austria and Japan.

Kuttner concludes his arguments by pointing out that injustice is not necessarily an economic issue and that practical social alternatives are possible.[2]

The more difficult the economic situation, the more vital the discussions and disagreements on economic issues, and if the situation becomes very difficult, any crisis, almost everyone talks about economic policy. This is understandable. The danger appears in the appearance of healers, who apply recommendations to the principle of economic quackery, or people who are tired of the ongoing discussions and their negligible effectiveness.

2 – The desire for an economic miracle increases as the phenomenon of crisis expands:

The first advise to use their “miracle” anti-crisis treatments, and the desire for an economic miracle increases as the phenomenon of crisis expands.  No wonder, then, that the demand for economic miracles is great in the Arab countries. Other’s demand…   Economists, by blaming everything, more than their economic influence.  They demand that economists be kept away from economic policy, because it should be the domain of common sense for peasants.  I’m not sure about the peasants, but it’s undeniable that common sense is at stake here. It is not always enough for everyone, including some economists.

The problem, then, is not the lack of common sense as a property inherent in economists; it’s a point of view, but what to do and how to do it must be decided by those who are right. This does not mean removing differences on economic issues, but only drawing the right conclusions from them. This is not easy for many plausible concepts, especially in the midst of political disagreements, which move directly into the economic sphere, sometimes criticized from the left, sometimes from the right, and often against common sense.

[1] – Robert L. Kutner is an American journalist and writer whose work advances a liberal/progressive viewpoint. Kutner is the co-founder and current co-editor of The American Prospect, which was established in 1990 as an “official journal of liberal ideas.”

[2] – Robert Kuttner, The Economic Illusion: Wrong Choices Between Prosperity and Social Justice,

 https://www.goodreads.com/book/show/1138038.Economic_Illusion

Link to download the search in PDF format:    Economic illusions

Economic illusions Choices Between Prosperity and Social Justice

Prof. Dr. Moustafa El-Abdallah Al Kafry

Contents

1 – Kuttner advocates economic policies that would reduce the importance of private markets: 2

2 – The desire for an economic miracle increases as the phenomenon of crisis expands: 3

3 – Many governments are responding to inflation by borrowing or printing more money: 3

4 – The demand has hit the wall of supply: 4

5 – Systemic transformation from a bureaucratic blueprint economy to a capitalist-type: 5

6 – Strategy to shut down fossil fuel development in the United States and Europe: 6

7 – When supply is restricted, the price (and profits) rises and does not fall: 6