- Personal Finance
And now a word about our economy
History of American economy
Back in the day, the original 13 American colonies all had their own currencies. With every monetary transaction, there had to be an agreement as to how much one currency was worth relative to another.
Time moved on
The colonies became the United States. Under the Constitution, Article 1, Section 8, Congress is authorized to create and regulate money. The following citing confirms this: http://caselaw.lp.findlaw.com/data/constitution/article01/
In other words, are we following the Constitution’s authority for our economy? Readers are invited to answer.
Material standard of living and the economy
Today we are expected to buy, buy, buy to keep the economy moving. There is a fundamental flaw with doing so. There are nowhere near enough natural resources left for all of us to endlessly keep consuming.
My family and I have a modest material standard of living by American standards. I went to a website that calculates planetary resources needed to provide the material standard of living that would be needed if all the people alive today had my family’s standard of living. The result was stunning. Six planet Earths would be needed for that. In other words, we cannot continue to “grow” our economy based on consumption. Period.
Time to redefine
We need to redefine what we mean by a good economy. Once again, there is not enough to continue consuming as we are. But I admit it. I’m not against people having nice things. And for myself, I would like the latest and fanciest TV and home entertainment theatre experience. But that won’t be feeding my family.
How to redefine
All of the above begs the question: How should we redefine what a good economy is? Should that include food for everyone? How can we fairly distribute limited resources? Based on the people I have spoken with, not everyone wants everything they can possibly get. So an absolutely even distribution of everything would not be needed or work.
I am looking forward to hearing your ideas in the comments section below.
Also check out this great hub on entrepreneurs vs. innerpreneurs!
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