Economics, if it is to be economic, must answer this question. How can humanity escape the bondage of poverty, injustice, and war? That is radically different than what is normally thought of as Economics. Economics, as it is academically studied, not surprisingly, fatalistically concentrates on operating in an environment fraught with the problems that have always plagued humanity, instead of improving them.
The problem with that ideology is that continuing to fail humanity, is a lousy goal. It is no goal. Economics as it is studied, is nothing more than a strategy to compete in an manner that is harmful to humanity, and the environment that it shares.
Just because poverty, injustice, and war have always existed, doesn’t mean we can’t eliminate them. We can do it with black box economics. Black box economics assumes that whatever is in the black box causes “WIP” (war, injustice, and poverty). We will reengineer what happens in the box to eliminate WIP from the planet.
Perhaps economics was supposed to have a process that eliminated WIP, but it was created wrong. It was designed to serve small units such as families, towns, states, and countries. That didn’t work because economics is only effective as a universal concept. It regulates the whole body of humanity, not just an arm, a leg, or a little finger. The same way that you need to feed and protect your entire body, the entirety of humanity needs to be fed and protected.
There is something in the black box that is causing trouble. People come in different kinds, babies, old people, sick people, and many other people. All people are vulnerable for one reason, or another. People are unable to care for themselves. They all need clothes, food, tools, protection, and shelter. Virtually no one has the time, material, or the skill to make all of the things they need. Other people do that for them.
People work for the benefit of others. Others work for them. The introduction of money allows people to work for people on the far side of the planet. People from distant locations can make what we need. Many people get paid for their work, with money. But, many work for little, or no money, and no respect.
The purpose of economics is environmental, to make a better place for human residency now and into the future. Economics doesn’t regulate behavior. It improves it by making it effective, and satisfying. If bad behavior is rewarding, it will continue. The black box must contain a filter that WIP cannot pass through.
Ideally, what goes into the box, is consequential behavior. It is processed inside the box. Only benefit emerges on the other side, environmental benefit with WIP removed. What is inside the box that must remove WIP? Two things are applied there, money and respect. If they are not applied to all behavior WIP gushes out as economic failure.
To understand the historically malfunctioning box, it is instructive to consider the reason that it is black. Historically, WIP has been produced in secrecy. The box was purposely painted black to make an opaque environment to hide the cause of destructive behavior. The purpose of the secrecy is debatable, but the deleterious results are clear. Secrecy is the reason it is difficult to understand what keeps going wrong. In the past, people have been extremely vulnerable to unnecessary secret economic attack.
The black box needs to disappear. It must be transparent so we can observe how it works, and what causes failure. Economic effort will be slathered with respect, and money after, and only after, WIP is removed. Economics is the golden rule, and the golden rule is economics. Neither nature, nor God rewards, people, for being stupid or lazy. People produce both dignity, and the human habitat that fosters it, economically.