Stay Informed!

By Bill Schweke on 09/09/2011 @ 03:15 PM

Tags: Economic Development, Ideas in Development

The latest projections by the US Congressional Budget Office brought more bad news about the economy: low rates of employment creation and high rates of joblessness through 2014. Then, and only then, will we see a bit of a visible turn-around.

The future could be even bleaker if the Eurozone is dragged down by its weakest members. Or, a double-dip recession could occur, if deficit cutters at the federal level slash too much, too soon.

Throw into the mix the philosophical and policy divisions between the Republicans and Democrats and it all seems pretty hopeless – not necessarily an apocalypse, but a continuation of slow growth and stagnant living standards for those already struggling financially.

Given this picture, what can we do? In the long run, it’s pretty clear – put in place a concerted, agreed-upon plan to cut the budget deficit over the next decade-plus. Follow Keynes’s advice and make the status of economists akin to dentists – dull, professional, practical and non-dogmatic.

Not a likely scenario for now. Although, let’s guess that 70% of the economics profession would agree on their respective policy diagnoses and prescription. Many still would not agree. Moreover, economics has become more pluralist, as varied schools of thought have emerged since the sixties – some leaning toward conservative and some lefty.

Then there is the fact that many debates start out with a clear focus on a topic, such as free trade, and then turn into a veiled controversy about underlying value premises or a heated clash about related factual issues.

Furthermore, efforts underway to increase economics literacy among the populace are largely funded by the business community, giving its work a definite right-wing tilt.

Depressing, huh?

But, this doesn’t mean nothing can be done. If we want a more deliberative democracy, we can encourage the following:
• More civility in debate
• A stronger focus on identifying and discussing common interests, rather than the varied (and often hardened) positions
• Creating a “better” and more solvable problem by reframing the issues and problem statement
• Searching for more inclusive solutions
• Keeping an open mind

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