The most interesting contribution of the afternoon did, however, come from Prof Victoria Chick. Her question was a very simple one. “What is the economy for?” she asked.
I suggested an answer to that yesterday on this blog. But that is but a start: this is the hardest question of all, especially if, as I think and said at the meeting, we are at an inflexion point where the economy is between eras in its development. That means this is a question that has t be answered,
To maximise the utility of the populace. According, of course, to the populace’s estimation of their own utility.
It’s not actually a difficult question at all.