How Much is Enough - Review

I just finished an excellent book that blends economics with philosophy in an attempt to make a case for the 'Good Life' over the pursuit of money for its own sake. The authors (Robert and Edward Skidelsky) argue that economics and social policy should be geared not towards pursuit of growth (increasing GDP) for its own sake, but toward enabling all people in a given society to achieve their needs (or basic goods). They make an assumption that in many countries, the conditions of scarcity that underlie classical economics are no longer true at least in the long term, pointing out that we have incredible wealth that, since the early 1970's in particular, is becoming increasingly skewed in its distribution between the very wealthy and the rest of society.

The book is scathing in its condemnation of modern liberal social and political thought that claims a sort of neutral justice for all, but takes no moral stand. The authors believe that as a species we are innately competitive and acquisitive and that current policies that encourage an unrestrained free market economy are harmful in the long run, leading only to endless growth. They spend the first few chapters laying out a convincing argument that we have lost sight of the basis for a good life, exploring the ideas of great thinkers from Aristotle to Keynes and beyond and showing how recent attempts to define a framework for living based on sustainability and theories of happiness fall short of the mark.

Later in the book, the authors describe what they see as the requirements for a good life. The 7 basic goods are: health, friendship (this includes family ties), respect, security, personality (or autonomy),  harmony with nature, and leisure. Leisure is defined not just as time to relax, but as time to pursue things that interest and engage us without the pressure to make them pay. They give the example of an artist creating a sculpture or a gardener in their garden.

In the last chapter, the authors discuss the disappearance of moral and ethical traditions and look at possible ways to regain these. They go on to look at social policies that can help redistribute wealth to allow all people to have access to the basic goods. They propose a consumption tax (in place of an income tax), a basic income, and limits on advertising (intended to curb our innate competitive and acquisitive desires).

I hope that this book comes to the notice of a few of our politicians and policy makers.