Without the economy, there is no doubt that we as a human race would not be alive today. Anyone who thinks about it in any depth must inevitably come to that conclusion. For everyone must understand quite easily what of the fruits of modern civilization can be provided for by his own strength and ability, and come to the conclusion that without being able to buy from anyone, we would have little or nothing, even of the things we now take for granted.
If the economy were not functioning, each person would be playing in his own little sandbox so to speak, offering nothing to others and expecting nothing from others. And that would be a catastrophe for humanity. And that would be a catastrophe for humanity. For the majority will probably not survive at all, and the minority will become mere wild animals, struggling daily to survive in the midst of scarce nature.
So it is good that the economy exists. Because thanks to the economy we have money, and thanks to money we can buy what we need. Some people have a lot of money, some have less, but we all have at least some and can spend it.
And what is our economy? Is it perfect or rather dysfunctional, is everything as it should be or is it full of flaws?
Whatever. Certainly our economy is not a miracle, but it is not (yet) tragic either. On the one hand, there are no people dying of hunger, but on the other, as is well known, there are millions of people suffering from conditions that would be considered poverty. There are the well-off, including pensioners, the disabled, and the unemployed, but there is also a huge national debt that cannot be easily repaid. They can afford to provide benefits and other assistance to refugees from Ukraine, but they cannot afford to do otherwise. For the time being, people\’s incomes will increase, but then their value will decrease due to inflation.
In short, we have a mixed economy. We may be the envy of many parts of the world, but we cannot be proud of it.
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