Recently, in a light-hearted mood, I posted this cartoon by Tom Tomorrow. But the more I think about it, the more I realize this captures or political and economic situation in a most profound way.

Picture our politicians in the driver’s seat. Following the advice of the best and brightest of the country’s economists, the issue is not where we’re going. The sole objective is to keep a steady foot on the pedal, so the rate of acceleration is neither too fast or too slow. As economist James Hamilton exults, it’s “a fun day to be a macroeconomist” when the Fed is frantically pulling the levers, trying to maintain a “real economy” where “growth” is always positive.
Within the economists’ fantasy world, there are no physical constraints of fuel or of the mechanical systems of car, and where we’re headed doesn’t matter. Everything works out due to the wondrous “free market” that ensures this is always the Panglossian best of all possible worlds. As Kurt Kobb points out, this cornucopian delusion is he result of magical thinking.
Brad DeLong in a recent post described economics as the most and perhaps sole scientific discipline:
“Economics is the hyper-positivist of social science disciplines: believing that everything of interest can be reduced to law-like theoretical and empirical propositions modeled after classical mechanics; that what cannot be reliably, repeatedly, quantitatively, and empirically demonstrated does not really exist as knowledge; that the only good social science is a deductive, analytical, model-based, general, experimental science.”
DeLong has thus described economics as a discipline where the most important questions are not asked because the answers are not amenable to their “scientific” method.
The ironic consequence of this stance is that economists’ reliance on the “magic” of “free markets” is really nothing more than blind faith. Growth is our God, and Free Markets his prophet. Adam Smith’s “invisible hand” has become the hand of God.
As Nietzsche pointed out more than a century ago, God is a concept we use to fool ourselves and others, merely a tool to exert power over others. It’s a projection of ourselves, of our values. Our gods are but mirrors revealing our innermost psyches. Our god of growth reveals infinite our greed and extraordinary hubris.
Yet we pretend that economics does not embody a moral stance. How can today’s economists forget that Adam Smith was first and foremost a moral philosopher? It’s only within the context of a socially established moral system that a free market can operate, so as best to achieve desired ends.
We have turned our backs on our responsibilities as moral beings.
As Yogi Berra said, “if you don’t know where you’re going, you’ll end up somewhere else.” We’re finding out that “somewhere else” is over the cliff of climate change which threatens not only humanity, but the stability and integrity of all of Earth’s ecosystems and their inhabitants.
And what will the folks who now berate us for being “anti-growth” say if those of us who question the dogma of growth prove prescient? I can hear them now:
“This is all your fault. You wanted us to fail.”