Consul wrote: ↑February 25th, 2024, 11:34 am
Lagayscienza wrote: ↑February 24th, 2024, 11:44 pm…In my terms, Bernie Sanders could reasonably described as "left-ish"…
Sanders is more than just leftish. He is definitely a leftist. However, although he calls himself a democratic socialist, it is more accurate to call him a social democrat.
"Social democracy is an ideological stance that supports a broad balance between market capitalism, on the one hand, and state intervention on the other. Being based on a compromise between the market and the state, social democracy lacks a systematic underlying theory and is, arguably, inherently vague. It is nevertheless associated with the following views: (1) capitalism is the only reliable means of generating wealth, but it is a morally defective means of distributing wealth because of its tendency towards poverty and inequality; (2) the defects of the capitalist system can be rectified through economic and social intervention, the state being the custodian of the public interest; (3) social change can and should be brought about peacefully and constitutionally."
(Heywood, Andrew. Political Ideologies. 7th ed. London: Palgrave, 2021. p. 95)
I don't think social democracy lacks an underlying theory. Nor do I believe it is inherently vague. It admits (at least the social democracy I believe in admits) that capitalism is the best way to generate wealth but that, as Heywood mentions, it needs regulation to prevent social unrest. It also needs regulation because, on its own, unregulated laissez-faire capitalism is highly destructive of the environment, of culture and of civilisation. For these reasons, there is no nation on earth where capitalism has gone unfretted.
In terms of economic theories of value, the subjective preference theory, beloved of the right ( whose cheer squad, the MAGA crowd, wouldn't know an economic theory if one stood up in the McDonald's large fries), explains a lot but not all. The cost of production theory of Ricardo
et al also has explanatory power. There is no single magic answer in economics any more than there black and white answers in any other field. It's what works. And what works in economics will depend on many factors, not least of which is how human beings feel about how wealth is created, the costs of its creation, and the manner of its distribution. I believe in a market economy but not in a robber baron economy that trashes the joint.