The 2008 Presidential Campaign and The Economy:

Presidential candidates, political commentators, and the public at large are talking about the economy.  The average person today is struggling.  It seems that in every sphere of our daily lives our income can not keep pace with our expenses.  The steadily rising cost of fuel, healthcare/insurance, education, combined with a war, the mortgage crisis, and unemployment are issues that need immediate attention.

How did the economy get this way?

Answers to the question of how the economy got in such a mess typically don't seem to make sense.  The answers, framed, for example, as explanations of  economic theory, market trends, trade agreements, and interest rates can cause our eyes to glaze over.  The "experts" may sound impressive, or vague and confusing, but when the discussion ends we may not feel any more informed.

Evaluating the Proposals to Improve The Economy:

In order to evaluate various proposals for improving the economy we need to have a basic understanding of the history of economic theory and its impact upon the economy in the United States of America and beyond.

One of the things we learn is that economic theory is nothing more than beliefs about how resources are distributed and who makes the rules.  The "spin" on a particular economic theory may or may not have any real value for the way humanity actually operates or should operate.

Once we understand this then we are able to engage in dialogue about our vision for a more equitable economic system.  If this is the change we want to see in the world, then we must evaluate economic proposals from that mindset.

Barack Obama is the only presidential candidate who is actively seeking such a dialogue and the only candidate who has the experience and vision to unite us around a fundamental shift in mindset for ethical economics.

A Fundamental Shift: Economics with Heart and Soul

Dr. Kamran Mofid, PhD (ECON):

If we want a better economic system we have to look deeply at who we are and how we live.

As an economist with a wide range of experience, I do appreciate the significance of politics, trade, banking, insurance and commerce -- and of globalization.  I understand the importance of wealth-creation -- but wealth must be created for a noble reason. I want to have a dialogue with the business and economic community.  I want to listen to them and be listened to.

Today's business leaders are in a unique position to influence what happens in society for years to come.  With this power comes monumental responsibility.  They can choose to ignore this responsibility, and thereby exacerbate problems such as economic inequality, environmental degradation and social injustice, but this will compromise their ability to do business in the long run.  The world of good business needs a peaceful and just world in which to operate and prosper.

The Roots of Economics -- And Why It Has Gone So Wrong

After providing a long list of definitions for "economics,"  Dr. Mofid concluded that across all the defintions, economics was perceived as a science concerned with scarcity, competition, production, consumption and the satisfying of unlimited desires.  There was no reference to abundance, cooperation, sustainability, justice, compassion, humanity, morality or spirituality.

In order to arrive at this peaceful and prosperous destination we need to change the basis of neo-classical economics to take account of the common good.  Many of the issues which people grapple, or which their governments advocate, have economics at their core.

The creation of a stable society in today's globalized world should not be ignored in favor of purely economic considerations of current costs and maximizing profits.  There are other fundamental values which must not be put aside.

        --Promoting the Common Good:  Bringing Economics and Theology Together Again by Marcus  Braybrooke and Kamran Mofid, a dialogue between a theologian and an economist.  Published by Shepherad-Waywyn Ltd., 2005.  http://www.globalisationforthecommongood.info

Chapter 4, "The Roots of Economics -- And Why it has Gone So Wrong," provides definitions of "economics" and traces the roots of economic theory from Aristotle to the present, including commentary from economists who have received the Nobel Prize.

Listen to Dr. Kamran Mofid: http://www.abc.net.au/rn/latenightlive/stories/2008/2182355.htm

 (Real Player or Windows Media Player, the interview with Dr. Mofid is segment 16:25-32:00 )

Senator Obama and the 2008 Presidential Campaign were mentioned in the above interview.

                                                     WE ARE OUR SISTERS' AND BROTHERS' KEEPERS

Thank you, Dr. Mofid for allowing your work to appear on this site.