The Economy

 

Aim for a regulated market economy.

On the whole, markets tend to be a more efficient way of generating wealth than centralised owners as they tend to provide more in the way of competition and are less prone to inefficiency.  However, markets are also prone to aiming for "minimum service for maximum profit" whenever they can get away with it, and focusing too much on short-term profits at the expense of the greater good, particularly in the long term.

We should maintain a welfare state with certain basic provisions having some state-run services, e.g. health, education.  I also argue that for public transport, either nationalised services should be set up or the private companies should be more tightly regulated.  Other services should be largely run by markets but governments should intervene whenever the markets are becoming too self-seeking at the expense of the greater good, by providing "carrot and stick" based incentivising.

 

Assign value to factors according to how strongly they contribute to overall well-being- money is not the be-all and end-all.

It is very common to think "money, work and the economy matters, but pleasurable things are disposable and shouldn't come into it, and social factors are unimportant".  In reality, the whole point of assigning high priority to the economy is that economic growth can be used effectively to improve well-being.  Social factors and pleasurable things can also be large contributors to well-being, so it smacks of double standards when they are unjustly neglected.

Often, putting too much emphasis on money tends to be self-perpetuating, with desire to generate more money simply breeding more desire to make even more money, and very little of the money actually goes towards engineering social improvements. Sometimes measures to increase generation of money can have negative social effects, which should be taken into account in an objective cost-benefit analysis.

 

Aim for equality of opportunity rather than equality of attainment.

Poverty is a major issue and it is well worth doing everything we can to help the less well-off to have access to the same opportunities as the well-off, so that they are not significantly disadvantaged by their backgrounds.  That way, we may address inequality to some extent, while not offsetting the net welfare of society as a whole.   However, trying to make sure everyone gets the same share usually leads to everyone being brought down to a common denominator, and the net welfare of society as a whole declines.