How the present global economies are not scientific and welfare in nature..

Thirupalu Jun 01, 2021 01:03 AM

The present global economies are unable to ensure the subjects, employment, free education, free health, food, etc, though it is possible to ensure. The age old tradition of eating of small fish by the big fish is continuing. Hence these economies are not scientific and welfare economies. That is why these economies tremble even to a small gust of wind like the COVID-19 episode.

An advanced economy should have at least the following features. The state should ensure the following to the subjects, have them in its hands and no private party is to be allowed in these fields.

  • Free Compulsory Education to the people of all ages.
  • Free health to all,  
  • Employment to all,
  • Compulsory Individual Pension to all,
  • Food processing, packing, management, logisyics, storage and selling should be in the hands of state.
  • Insurance sector in the hands of state.

If any economy has not, at least the above features, we cannot say that it is an advanced and welfare economy.

One can question how the state can bear this much expenditure. It is possible to design business models and see that all these facilities are provided and the state can gain profits in doing so or at least will be at no profits and no losses. Mere scientific management of human resources can do wonders in this respect.

In my opinion, the economy of no country in the world has these features. In these economies, the prices of goods/services are decided by demand and supply. Demand and supply are driven by the Dynamics Of Matter (set of rules which govern the universe) which may not happen in the favour of humans since they have no human eyes and are completely objective.

But in advanced economies, the state should decide the prices of these and control and regulation of them should dance at the fingertips of the state. The following is the reason. Let us take an example of a poor family.

Let us suppose, a member/members of the family has/have fallen ill. Suppose, they need a particular commodity as a matter of nutrition or medicine, if the prices of commodities are decided by demand and supply that family may not afford to purchase that thing because of the high prices. Reason is that the commodity may not have demand or due to other reasons the production may not be sufficient and the prices may be skyrocketing. In such situations, the state has the responsibility to see that, that family can afford to it. So the state should decide the prices and ensure their implementation, so that the needy can afford to purchase the goods/services they need.

Complex Structured Economies 

Economies should not have complex structures to the extent that one cannot make out where its tail and head are and hence the economic recessions are not being forecasted. The existing world economies are so complex that to know the after effect of any new economic policy, a long research is to be carried out. After a long research also, it is hard to say clearly whether the results of the research are scientifically correct or not, as we do in scientific research.

This is evident in the case of the selection of Nobel Prize recipients for the year 2013 in economics. The two recipients had completely opposite views regarding share markets of the world. The Nobel Prize academy could not decide who was wrong and who was right. But both the views were convincing. It was just due to the great complexity of economies.

Simple and transparent economies can be designed by the help of advanced information and computer technology. Simple and transparent economies can be easily understood, analyzed and the dynamics of them can be put under the strong control of humans.

Our achievements in information and computer technology are sufficient to design the same. Economies should have conductivity and insulation both to the permitted extent among them so that if any economy collapses it may not affect the other economies greatly and support one another. It is not there in the present economies.

It is possible to make the entire population productive from the children of above eight years of age to the elders till the state of bedridden before death and achieve the world GDP in double digits.

This way there are many more demerits in the economies which are proving incompatible to the present human intelligence, challenges and joyful human life. These are all due to the uncontrolled and unregulated business activities of capitalists.

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