During my degree, our economics lecturer challenged us to name the best economic system.
Follow the leader – but which one? PICTURE: Jehyun Sung/Unsplash.
I was surprised when he said, on paper, the communist system was the best! Equality. Fairness. Unselfishness.
There was one flaw. Communism only works when its leader is perfect; above self-interest and with perfect knowledge. Since such leaders don’t exist – the USSR, etc, proved this – we have to rely on the next best; capitalism.
Capitalism isn’t based on a perfect leader but a selfish mob. It needs competition, greed, inequality and self-interest to work. Since this is what we find in humans, it works reasonably well. An equilibrium of everyone’s self-interest.
Of course, over time the rich get richer and those with little economic value are left out. Oh, well.
I wonder if there will ever be a place where we will live under a perfect leader?
Paul Clark’s musings can be heard on radio across Australia and at atthetop.org.au.
