Letters: What we need is not 'recovery', but ideas for a new world
Published 11/04/2014 | 02:30
* I refer to an article by Brendan Keenan (April 10), regarding the type of recovery we need. Nobody in good health should want 'recovery' unless they erroneously think they are ill. That appears to be where the economic establishment of the world is at the moment: deluded, mistaking the greatest economic success ever for failure.
Economic activity at its most basic is providing the goods and services required by the human race. All through history there has been failure: inability to provide enough, leaving shortfall between what could be produced and what was needed. This gap in supply and demand always meant we needed to produce more, thereby facilitating the need and opportunity for continual economic growth.
As the production process depended substantially on human labour, employment was always guaranteed. At the end of the 20th century, everything changed. The introduction of computerisation enhanced life and was especially successful in commercial matters. Suddenly we could produce practically everything, in abundance, and transport it anywhere in the world at minimal cost.