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I = S - M

The modern way of thinking about economics has been I = M - S Where I is the I as in me, M is what is 'mine' and S is what ...

11/22/09

We must start with the individual. Not as consumer or producer, but as a complex whole. We are not people who act as producers for a while and then change hats and become consumers. We are human beings. What we do affects us to our very core. It changes us. In fact we are what we do.

Economics has traditionally broken the person up into his and her roles. We must start afresh putting the person at the center of our analysis. The whole person.

What matters is not what I consume but what I do. How do I live my life? What do I do all day. When I go to work do I do something fulfilling or do I simply move papers around for someone else? Working for institutions whether they are corporations, universities, or the government often feels like that. I work for a large corporation. I am 'compensated' for my work. Is that because my work is not really that meaningful to me? If it is not meaningful to me can it be meaningful to society? Can millions of meaningless actions taken by millions of workers in institutions end up creating meaning for society as a whole? I don't see how it could.

We must carefully build our new economics bit by bit first focusing on the individual, then the family, society, and the world.

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