The Economy

I argue that the phrase "the economy" is a meaningless abstraction. Very few would agree with me, and most would dismiss my assertion as semantics or mere quibbling about words. However, I firmly believe it is neither. The term "economy" is as old as the ancient Greek term oikonomos, from which it derives. In the original it meant "household management" (oikos - house, household -- nomos - law, rule, management) The concept legitimately may be enlarged to encompass what we now know as "economics" - the acquisition of raw materials, combined with design, labor and management, for the production and distribution of goods and services. The dynamics of economics extend well beyond the limits of a single household. Even in the New Testament (Romans 16:23) Erastus was called the "city treasurer" (oikonomos). However, there is a limit to the scope of the concept. The term "economics" meaningfully applies to an integral system. There are geographic limits beyond which systematic integrity cannot be maintained. There are limits of scale beyond which systematic integrity cannot be maintained. It simply is not possible to integrate an entire Continent into a single economic system. It long has been known in theory that this was not possible. The Soviet Union demonstrated in practice that this is not possible. Therefore, I cannot imagine what the phrase "the economy" is supposed to refer to. Clearly, Soviet-style Leftists, such as those in charge in Washington, intend by the phrase some fantasy of a Continent-wide system of economics. The best counter to Leftism is to challenge the very idea of "the economy," to declare that a Continent-wide system of economics is not possible and that it is evil even to attempt to construct one. But this is not the challenge brought by the Right. By their own use of the phrase "the economy," the Right demonstrates their own devotion to the same goal as the Left. They both seek a Continent-wide system of economics, and only disagree on how this best is done. The Left / Right debate is focused upon whose policies are good for "the economy" or bad for "the economy." I guess it falls to the naïve such as me to blurt out: There is no such thing as "the economy." So long as the debate is focused upon this abstraction, and all sides are devoted to this fantasy, the real world is left to crumble. Nothing good can come about in reality by any efforts that are motivated by and devoted to fantasy.