I don't think that these terms are particularly difficult to understand.
Sustainable productivity means exactly that- internal contradictions of
a philosophy ( such as between flexibility and organisation in the
modern Japanese economy) do not mean that an economic system will suffer
ever increasing periods of stagnation. See UK in the 1970s.
Equest is partly right in his assumption about the meaning of political
sustainability but the focal point is not a political party but an
economic paradigm.
> 2) Equity
>
> Obviously, this list is not exhaustive but any list of aims should
be as
> short as possible for the sake of clarity.
I don't see that a thing
>becomes better because your list of objectives is short.
No, but it certainly becomes worse if it is too verbose.
>
>
>
> As I understand the 'third-way' and in terms of my own beliefs
about
> what the 'third-way' should mean, we should take the values of the
left
> and embed them within the political and socio-economic environment
in
> which we have to operate in.
>
>
> This therefore ceases to a "third way" and merely becomes a
remodelling
>of the Leftist view. What are the values of the left, are they merely
the
>continued expansion of central control and redistribution of income to
the
>lower classes? Is there no interest in the new paradigm which awaits
us in
>the 21st Century, see Charles Handy et al. What do you do about the
>polarization of wealth, the increasing relationship between IQ and
income in
>the advanced economies, the destruction of existing structures, the
>weakening of the power of individual States and the competition between
>States based on competitive fitness?
See below for my comments on the present socio-economic context and the
political possibilities about ameliorated them of which democratisation
and europeanisation are a big part.
>
>
> When analysed against the above list both classical and keynesian
> economic models fail IN THE PRESENT SOCIAL ENVIRONMENT OF BRITAIN/
> EUROPE/ THE GLOBE in the 1990s.
>
> Keynesian economics as epitomised in the Keynesian welfare state
> (1944-1976) matched the above aims ideologically. However, it was
> seriously deficient in terms of sustainability which affected its
> ability to provide equity in the long-term.
Why? Reasons?
No need for me to go where hundreds of people already have done already.
See Marquand, 'The Unprincipled Society' for his criticism of the
Keynesian welfare state. Also see, Le Grand, Shonfield, Gamble, .....
>
> Classical economics has no theory of distribution and, therefore,
must
> be challenged on the basis of equity. Also, it proved to lack
> sustainability- politically unfeasible for more than a decade, and
there
> is no necessary reason for it to prove to be sustainable in terms
of
> productivity and the environment ( in fact, it is very unlikely
that it
> will prove to be so.)
>
> Therefore, the 'third-way' cannot be some sort of messy compromise
> between two failed means of organising ( or not as the case may be)
our
> political economy. Personally, I believe that a strategy which
attempts
> to improve competitiveness through investment in human and
> infrastructure investment should be the main focus of the
sustainability
> element of the 'third-way.' International cooperation and the
further
> strengthening of our democratic structures will provide the
foundation
> for a more rational debate on income and opportunity
re-distribution.
>
What does this mean?
It means that by re-energising and re-legitimising public discourse we
can reconnect expenditure with the fulfilment of citizenship and the
cost ( taxation) of that citizenship.
> Just as a quick post-script, I think the idea for a grand empirical
> project was interesting but I think that any project which is the
beyond
> the practical and intellectual limits of the entire economics
profession
> is a little beyond the possibilities of this debate.
Do you really
>believe this statement?
I don't see any point in writing things I don't believe.
Anthony Painter
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