The other Archbish on economics

The blind pursuit of profit has to end, with our wealth and economic power used in the service of a greater social purpose

Hmm, given that our wealth and economic power is indeed already used in the service of a greater social purpose this would seem a little redundant.

That greater social purpose being the maximisation of utility. And given that utility is different for different people, that the myriad individual human beings desire myriad different things, the best way we have to maximising said utility is with the maximum of freedom and liberty we can handle without popping from the pure pleasure of it.

That companies, producers of all sorts, do indeed (or possibly should) concentrate upon profit maximisation is a subset of this utility maximisation. Profits are maximised in the long term by tickling those utiles of the consumer.

Which leads us to an interesting conclusion. We best serve that greater social purpose by ensuring the maximum of freedom and liberty.

10 comments on “The other Archbish on economics

  1. “We best serve that greater social purpose by ensuring the maximum of freedom and liberty.”

    Somehow I don’t think that’s what he meant.

  2. Brilliant post. Sadly the Archbishop would rather a Mafia-like group of men with monopoly control over the area of land called the “Great Britain” steal from those who wish to maximise their utility.

  3. Of course profits from tele-evangelist fundraising, or the Catholic Church’s investment funds, or the Mormon tithe are all used “in the service of a greater social purpose.”

  4. “Utility” isn’t a bad word. But it’s a pedantic, faux-scientific disguise for a much better and more widely-understood one: happiness.
    And, though what Tim is saying is true enough, it also has been said before in the same combination, for similar purpose, and with a wee bit better ‘ring’ to it: “…life, liberty, and the pursuit of happiness.”

  5. Ah gene, we should all learn about liberty from a chap who owned slaves, incliuding his concubine and their children.

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