Nobel-Prize-winning economist Sir Angus Deaton is deeply concerned about the darkening of American society and the increasing “deaths of despair,” factors that are driving populism and isolationism.
Angus Deaton, 2015, from Wikipedia, Bengt Nyman, CC BY-SA 4.0.
Locke abandoned the Doctrine of Economic Justice and replaced it with an analysis of the conditions that yield the justice of property rights. To which Marx, the Socialists, (and their predecessors) retorted: let us rather analyze the injustices of property rights. These are the contours within which the legal, social, economic, and political discourse has been carried out during the last few centuries. We might get out of this chasm, through an analysis in three parts. In Part I, we outline three fundamental mistakes in Marx’s analysis; in Part II, we analyze the existence and conditions of economic rights as generators of just property rights; in Part III, we complete the Theory of Economic Justice by adding the plank of Participative Justice to the two traditional planks of Distributive Justice and Commutative Justice.
In a previous post we saw how Concordian economics offers a paradigm through which we can, not only talk of the importance of the Principle of Subsidiarity, but even automatically implement the important recommendations advocated by this principle.
Here we will see how Concordian economics automatically implements the content of two more principles that are an important outgrowth of Subsidiarity: Solidarity and Sustainability.
Over the years, I have written in many venues about the extreme importance of four economic rights and responsibilities and their transformation into four Concordian economic policies. My writings on this topic have consistently received the most readers, all over the world.
To my unending surprise, spurred by our immediate needs I have recently discovered
another major—major—ability of Concordian economics. Here it is: With the tools offered by
Concordian economics, we can stop inflation cold.
Let us see how.