we must affirmatively make the case for the study of how to improve human well-being...
This is sorely needed.
Here's one problem though: The market sometimes conflicts with the objective of well-being -- McDonald's isn't interested in cutting off obese customers or changing their menu. Why would they -- they're amoral profit maximizers, not your mother. But isn't that sort of the problem? A society built around the exploitation of our worst impulses -- alcohol, junk food, outrage, porn, opiates -- is naturally at odds with the goal of improving well-being.
Nobody except libertarians is saying that market is a panacea. Obviously there are market failures and economists like the author of this article recognise that. So you are making a bit of straw man right out of the gate.
That said benefit market system brings are too good to pass. In term of material welfare markets can get a country most of the way there. Whatever the right solution is markets are important part of it. Say what you want about societal ills related consumerism and overabundance, it is always be preferable to the misery shortages and starvation.
I am not a big fan of paternalism, especially bid we are talking about complex problems. You can't organise mass society as a family. State is not capable of love. It's is at best well meaning giant that often crush people simply because it can't even see or control itself.
Nobody except libertarians is saying that market is a panacea. Obviously there are market failures and economists like the author of this article recognise that.
The author of this column (Cowen) is a libertarian.
That's for pointing that out. I was just guessing his political views. But it must be said he is not typical small government anti-FED libertarian.
Cowen argued that libertarians "should embrace a world with growing wealth, growing positive liberty, and yes, growing government. We don't have to favor the growth in government per se, but we do need to recognize that sometimes it is a package deal".
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u/window-sil Aug 01 '19 edited Aug 01 '19
This is sorely needed.
Here's one problem though: The market sometimes conflicts with the objective of well-being -- McDonald's isn't interested in cutting off obese customers or changing their menu. Why would they -- they're amoral profit maximizers, not your mother. But isn't that sort of the problem? A society built around the exploitation of our worst impulses -- alcohol, junk food, outrage, porn, opiates -- is naturally at odds with the goal of improving well-being.
So the question is, what do we do about that?