Economics Without Price

["John Gelles" <jjgelles@xxxxxxxx>]

There is a very good book entitled "Physics Without Math".

One entitled "Economics Without Price" would describe
the physical rules for production and distribution that may
evolve in time. It might even be a whole library explaining
how to survive on desert islands (as big as Australia) --
where computerized trade in real items skipped all mention
of money -- a detailed barter system might be an alternate
way to describe it.

With no price data to record or predict, the mechanisms
referred to in the book (or library) would all be reliable
if not final in form.  Improvement would be expected for
most procedures and ideas.

Of course, just as physics without math would be useless
without physics with math, economics without price would
be only part of a whole library that included economics
using money and price.

Money and price in today's economy constrain our ability
to end poverty and pollution. Yet there can be no great
economic progress or theory without real success in
reaching these (and other worthwhile goals).

When a society is able to design its money and pricing
systems under law obedient to political principles such
as those contained in the US Declaration and Constitution
(especioally its Preamble), then, an only then, can all of
science and technology be harnessed for appropriate
economic growth.

At that point, much uncertainty will remain, but it will be
contained by pragmatic attention to facts as they unfold
and to goals as people may fairly seek them.

To seek to find in price data sets rules that ought to
constrain political principles and values is to let
the tail wag the dog. Financial engineering is meant
to supplemental physical engineering, not the other
way around.  We will soon have the option to off
load nearly all tasks on to robots. As we approach
that capability, the blessings of liberty so much
admired at the end of the eighteenth century must
be defined to include universal wealth well within
our reach.

President Clinton's individual development account
and my own individual estate account are markers
on the path to a future hinted at above.

John Gelles
         email    1944@xxxxxxxx
             url    http://1944.org
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