[quote=“Brianjones, post:46, topic:157785, full:true”]
This sure looks like you are blaming mysterious ‘government elites’ for all the problems. Which government elite? Where?
Why the last 200 years?[/quote]
I use elites to mean those government officials who think they can manage people’s money better than they can, who have a contempt for common people, which is the same as contempt for the economy, because we are the economy. When government tries to manipulate the economy, it’s another way of manipulating and controlling people, which is authoritarian.
The USA is over 200 years, and by and large mostly capitalist during that time.
Also, after Adam Smith Wealth of Nations, free markets were more active in the 1800s, which produced the Industrial Revolution, which was a break from the old aristocratic fiefdom economy. But even before this, there were pockets in Europe were free markets were practiced, such as on the coast of Germany and Netherlands, but mostly mercantilism was practiced in the whole of Europe, especially in the 1700s, which Adam Smith preached against.
[quote]We experienced exponential growth in what exactly?
Population?
Resource utilization?
CO2 emissions?[/quote]
The context of my quote was of course the economy, but specifically in the amount of capital available per head. Indeed, countries with a freer market and great prosperity will see population growth, which naturally produces more CO2 emissions. Resources are utilized to a greater degree, but where there is capital in abundance, there will be no lack, or else that capital will be actively used to find or develop other sources, such as shale, for example. We actively are developing solar and wind and other forms of energy, precisely because our country has the wealth and capital to squander on these as of yet unprofitable sources of energy. If we were poor on capital like Cuba for lack of free markets, we wouldn’t touch those with a ten-foot pole.
[quote]Certainly I’m living in a smaller house than my parents and grandparents. Just because these houses are worth a million quid each doesn’t mean we are necessarily better off. I get to breath more polluted air and eat farm raised fish instead of fresh. We do live longer but better? Some of us yes, some now.
Economic growth by a set of numbers in a balance sheet doesn’t really capture any of that.[/quote]
You’re going on anecdotal experience here, not to mention that in the last 10 years, we’ve been living in a bubble that hasn’t been popped yet, which means capital has been squandered, and hasn’t been actively developing wealth and a market that is responsive to the needs of society. Yes, we are poorer than 10 or 20 years ago, which explains your demise, and not only USA, but most of the world has been following our lead with low interest rates to stave off the inevitable recession, which is the correction for trying to live in this bubble so long. Until we’ve endured the recession and the market has been put back to normal, we may not see growing wealth again. We’re put on hold for now.
Nevertheless, we are still living prosperous on the buildup of capital going back for 200 years or more, take a look at what our IPhones can do these days, the Internet, gosh, I don’t need to list them all, you surely know, compared to 10 years ago…we’ve reached a form of wealth that they didn’t know back then. All this required capital accumulated over the ages to develop. Surely this kind of wealth has affected even you for the better?