Economic ideology isn’t fit for purpose
Sir — Michael Noonan is a decent and honourable man who believes he and his government did a good job following the economic collapse of 2008. Probably the vast majority of Irish people believe likewise. He did save the country from financial meltdown, though an enormous price was paid.
It is commonly understood that the period since is spectacular “recovery”. But I disagree. I believe our experience since 2008 is much better described as “remission” — a period when the patient feels and looks much better due to a large dosage of soothing medication which temporarily keeps the worst aspects of malady at bay, but does nothing to cure the core disease.
So it is with global economics and Covid-19 has stripped away the pretence of healthy economic progress and shown the frailty and inadequacy of a system that is simply not fit for purpose.
Though no one will admit it, Covid-19 is proving a welcome escape for politicians and economists who were failing bitterly to sustain the “growth” principle in a world that, thanks to technology, no longer needs relentless growth.
It’s surely obvious that our only hope is to change the ideology. The solution must include moving from “growth” economics with priorities of constantly increasing output, to “sufficiency” economics with priorities of distributing wealth to all as equitably and securely as possible.
It is of little consequence what government we have, or if we have any at all. If economic ideology does not change from growth to sufficiency, much more traumatic times, than the present, are inevitable. Sufficiency economics would also alleviate almost overnight most of the problems with climate change and pollution.
I know that all this is not what people — politicians and economists especially — want to hear. Most want to think we are on the right path and eternal prosperity is just around the corner. Often I appear to be in a minority of one.
The tragedy is that longlasting prosperity is within our grasp — if we would just turn the corner between growth and sufficiency. For me, the truth is we must change economic ideology to accommodate technological achievement. Padraic Neary,
Tubbercurry, Co Sligo