For more than two hundred years, mainstream thinking has regarded the market as the primary source of material “progress.” And indeed, to a large extent that’s been true. But yesterday is not forever. Today the market is approaching a point of diminishing returns – systemic diminishing returns. It is yielding less well-being per unit of output by practically any measure, and more problems instead: obesity instead of good health, congestion instead of mobility , time deficits instead of leisure, depression and stress instead of a sense of well-being, social fracture rather than cohesion, environmental degradation rather than improvement.
In place of wealth, the economic machinery increasingly turns out what John Ruskin, the 19th Century essayist on art and economics, called “illth,” which is accumulation that fosters ill results rather than towards weal, or well-being.This is not just a matter of distribution, which is the traditional concern of the Left. Inequitable distribution is a major problem, to be sure, and becoming more so. But to redistribute illth is not necessarily to do anyone a great favor.