Comments on: The law of competition (Berry) http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/ A web site by Joshua Sowin that addresses culture, books, technology, ecology, religion, and other topics. Fri, 21 Nov 2008 06:08:54 +0000 http://wordpress.org/?v=2.2.2 By: TJ http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-55021 TJ Fri, 23 Nov 2007 11:39:01 +0000 http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-55021 Josh, Thanks for the response. We so often like to speak in terms of efficiency and--what really concerns us--our increasing level of prosperity that we lose sight of other lenses like fairness, justice, etc. In many countries, including our current home in India, mere economical efficiency would still result in incredible injustice. Thanks again for the thoughts. TJ Josh,

Thanks for the response. We so often like to speak in terms of efficiency and–what really concerns us–our increasing level of prosperity that we lose sight of other lenses like fairness, justice, etc. In many countries, including our current home in India, mere economical efficiency would still result in incredible injustice. Thanks again for the thoughts.
TJ

]]> By: macht http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54805 macht Wed, 21 Nov 2007 23:21:07 +0000 http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54805 I would suggest that the "ultimate standard" of economics should be good stewardship. Our resources are scarce not because of inefficiency, but because of overconsumption. Good stewardship of resources can ultimately address overconsumption, while efficiency cannot. I also think it is unlikely that capitalism itself can keep up "our level of prosperity" given our scarce resources. Those resources aren't infinite and, again, what is needed is stewardship, not prosperity or efficiency. I would suggest that the “ultimate standard” of economics should be good stewardship. Our resources are scarce not because of inefficiency, but because of overconsumption. Good stewardship of resources can ultimately address overconsumption, while efficiency cannot.

I also think it is unlikely that capitalism itself can keep up “our level of prosperity” given our scarce resources. Those resources aren’t infinite and, again, what is needed is stewardship, not prosperity or efficiency.

]]> By: Josh Sowin http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54772 Josh Sowin Wed, 21 Nov 2007 16:46:56 +0000 http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54772 Great question TJ. Efficiency might not be the ultimate standard, but I think it's a good one. Non-efficient economies tend to promote corruption through bribes and such. Economics is, at root, "the study of the use of scarce resources which have alternative uses" (Sowell, <em>Basic Economics</em>, p. 2). So it seems that whatever system we have in place for that, it would use and distribute our scarce resources most efficiently. I think it should also promote fairness, internalize external costs as much as possible (like pollution), and contribute to the progress of humanity. Josh Great question TJ. Efficiency might not be the ultimate standard, but I think it’s a good one. Non-efficient economies tend to promote corruption through bribes and such. Economics is, at root, “the study of the use of scarce resources which have alternative uses” (Sowell, Basic Economics, p. 2). So it seems that whatever system we have in place for that, it would use and distribute our scarce resources most efficiently. I think it should also promote fairness, internalize external costs as much as possible (like pollution), and contribute to the progress of humanity.

Josh

]]> By: TJ http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54725 TJ Wed, 21 Nov 2007 09:20:05 +0000 http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54725 "I’m not aware of any other economic system that is comparably efficient." Perhaps I missed the overall theme of your query (and the context of the quote), but why is efficiency considered the ultimate standard of a good economy? Which begs the larger question of what makes a good economy good/better/best? “I’m not aware of any other economic system that is comparably efficient.” Perhaps I missed the overall theme of your query (and the context of the quote), but why is efficiency considered the ultimate standard of a good economy? Which begs the larger question of what makes a good economy good/better/best?

]]> By: Josh Sowin http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54635 Josh Sowin Tue, 20 Nov 2007 18:56:28 +0000 http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54635 And how efficient would that kind of system be? Would it be able to keep our level of prosperity (or higher)? And how efficient would that kind of system be? Would it be able to keep our level of prosperity (or higher)?

]]> By: Josh Sowin http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54634 Josh Sowin Tue, 20 Nov 2007 18:54:26 +0000 http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54634 Thanks for the link. Has that ever been tried historically? I can't imagine an economy based on "grace and unconditional love" would work too well in a less than perfect society. I don't think that kind of system would work very well in nature, either. Thanks for the link. Has that ever been tried historically? I can’t imagine an economy based on “grace and unconditional love” would work too well in a less than perfect society. I don’t think that kind of system would work very well in nature, either.

]]> By: macht http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54632 macht Tue, 20 Nov 2007 18:50:00 +0000 http://www.fireandknowledge.org/archives/2007/11/20/the-law-of-competition-berry/#comment-54632 The alternative to free market capitalism is the kingdom of God - a biblical economy. The Church needs to have its own economy based not on competition, but on grace and unconditional love. See, for example, <a href="http://poserorprophet.livejournal.com/" rel="nofollow">this blog</a>'s series on "The Church and Capitalism" as to what this might mean. The alternative to free market capitalism is the kingdom of God - a biblical economy. The Church needs to have its own economy based not on competition, but on grace and unconditional love. See, for example, this blog’s series on “The Church and Capitalism” as to what this might mean.

]]>