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Economic Democracy: The Right to Critical Information about the Economy.

April 4, 2016

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t is a fundamental aspect of Economic Democracy, that there be ready availability of critical fundamental information about a nation’s economy and its distribution. It is simple, wealth, like military might, and for that matter religious ideology should not be permitted to manipulate the public well-being for its own purposes because its purposes are inconsistent with that of democracy. The founders of this nation recognized the danger to a free society posed by militarism and religious sectarianism and attempted to address it in the Constitution, Bill of Rights and other fundamental documents of this country that make up our social contract. Those protections are now under intense attack and must be resisted.

Also, it is time to further that work by establishing additional rights to protect the individual from what Teddy Roosevelt called the “Malefactors of Great Wealth”. Just as it allows the free exercise of religion and the implied ability to protect ourselves from militarily imposed tyranny from within and without, our fundamental declaration of rights must include the protection of the individual and the social contract from those individuals and institutions of great wealth and political power whose interests are not consistent with the liberty of the individual citizen. Abolishing our ability to take collective action through government as proposed by the Libertarians is as antithetical to Liberty as would be surrendering our right to a common defense against those who would otherwise impose their will on us.

With in mind, one of the statistics often relied upon by the media, government, and often economists to show the size of a nation’s economy,the Gross Domestic Product (GDP) of similar measures, troubles me. It is often used to compare national economies as well as to demonstrate an economy’s growth over a period of time. Among the many reason for its inadequacy, one seems to me especially appropriate. GDP is a gross number that includes the cumulative effects of population growth. Since in most advanced economies population growth has stagnated or is even declining, it would be better, I believe, for purposes of comparison and growth to show the GDP per person in an economy along with its relative distribution.

In this way, policymakers can concentrate on, or be forced by the public informed by these figures, to concentrate on distribution and individual economic growth.

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