The government must act as the biased supporter of the general public in spite of private interests’ and their demands. In order for the government to support itself within the context of the society that it finds itself, it must rise above and check the marginal interests of the private elite in order to ensure environmental, social, and economic growth.
Eventually, in practice, the rich will simply take everything from the rest of the society, such that they are no longer doing a service onto society with their investments and their decisions. They will become debauched, cruel, and unempathetic with the general public, just as is happening right now in our social world. Our environment is ruined and being made worse; our society is being left behind while the richest make the most amount of wealth, our economy remains fundamentally mismanaged and misunderstood by policy makers, policy analysts, economists, and academics throughout the world. There is such a thing as diminishing marginal returns on wealth for the individual and it can be determined through study of the economy and the costs associated with living the high life that does not include the investments that the rich may or may not make in the society and in the development of the world around them.
The current method of practicing and studying economics is akin to a willfully blind person stumbling around in a room. All that it is, is a conception of how the world MIGHT work, without actually looking at how the world DOES work in empirical reality. There are no value judgments that are relevant, no principles, biases, or opinions that matter, other than what will ensure the survival of the society as a whole and the survival and well being of the human species that encompasses the world. Greed gets conflated as self-interest, and no one in government has the effective ability or the balls to challenge the private elites’ impunity, primarily because, money does buy influence and access into politics, even if it does not consistently win them elections in the short term. The system IS there. It CAN be understood. And, furthermore, it CAN work FOR the general public, not just for the people with overly inflated senses of ego and greed to match.
Milton Friedman be damned! Von Mises, Hayek, and all those other abstract theorists who could not and would not look first at the empirical reality that is around them be ignored and never again taken seriously in the world of policy and economics. This ignorance and willful blindness will destroy us and the rich who benefit from such stupidity, short term profiteering, and carelessness.
It is time that we embraced the empirical truths of the world. There are diminishing marginal returns on wealth that is produced for private individuals, especially when you factor in how the wealth is produced. Private ownership my ensure that people sustain the world better. Yet no one in public office seems to think that they have effective ownership of the world that is around them. Otherwise, they’d take much better care of the society, such that the people are able to effectively reproduce and carry on society. Their petty seats wouldn’t matter so much as the grand scheme of society, life, and the universe as a whole.
Think about it.