Economic positions, in brief, on capitalism, corporations, inequity, and government role.
My desire is that economics serves society. That means that society’s goals come first. Economic theories should be clipped (regulated pragmatically) when their pure operation leads to gross failure to meet society’s goals—equal opportunity and equal pay for equal work yet with incentive for individual initiative.
With the variation of skills and abilities across humankind to provide for the needs of everyone, it should not be surprising that different levels of income and wealth are earned; however, these differences have gotten out-of-hand.
- Inequity reflecting success is not wrong. Inequity arising from rigging the market is wrong.
- Tremendous wealth may still be earned by founding new enterprises. That is through stock ownership.
- Corporate executives, managers of organizations, are to be limited to pay packages approved by stock holders. These are mandatory, not merely advisory results.
- Capitalism is effective for markets that don’t involve public goods. Since free markets require many entities supplying the good or service, public goods don’t operate with advantage in a free market.
- Capitalism will be regulated when asymmetry of information leaves the marketplace open to manipulation. This area is vast.
Image of properties of proprietary capitalism from wikicommons, public domain