Edmund Phelps kapitalismi moraalsest mõõtest

The contribution of the Austrian economist Friedrich von Hayek was to take adventurous, risk-taking entrepreneurs and situate them in the context of a modern kind of economy, where information and expertise begin with the people on the spot and flow upward. No state agency, he argued, could possibly gather the information and knowledge required to manage an organism as complex as a modern economy.

Even more important, Hayek added, is that not even experts know the outcome of ideas that haven’t yet been tried. Capitalism permits innovators to discover these outcomes through the risk-taking of individuals. Moreover, centralized organizations, whether government agencies or corporate monopolies, will never sanction innovations that upset entrenched constituencies.

By acknowledging humankind’s inherent restlessness and directing it toward the social goal of wealth creation, economics identifies the moral problem of reconciling restless human nature with the requirements of society. Economics is not, and should not pretend to be, indifferent to social institutions. On the contrary, the innovation that characterizes well-functioning capitalist economies is possible only when the right kinds of institutions are in place. These must be not only the institutions that protect political freedom but also financial institutions (and the regulatory institutions) required to enable entrepreneurs to acquire capital. Limited-liabilities companies are needed to manage risk, and they require, in turn, a legal and regulatory framework.

Nii kirjutab Edmund Phelps pikemas ja lugemist väärivas essees Economic Justice and the Spirit of Innovation. Ma pole juba ammu lugenud esseed, kus rõhuasetus on just õige ja kus ma oleks valdava enamuse autori seisukohtadega sedavõrd nõus. Kuigi jah, Phelps on enda essees piisavalt üldsõnaline, et sealt võib välja lugeda nii mõndagi, mida seal tegelikult pole.

Categorised as: ...

Lisa kommentaar

Sinu e-postiaadressi ei avaldata. Nõutavad väljad on tähistatud *-ga