#428 - Political Extremism

In 'Social Limits to Growth', Fred Hirsch argues that the causes of the impasse in economic growth are essentially social rather than physical. He connects various factors such as alienation at work, deteriorating cities, inflation, and unemployment to the concept of social scarcity. Hirsch explains how material affluence leads to new forms of scarcity, particularly in the 'positional economy' where goods and services are valued for their relative status rather than absolute utility. The book is divided into parts that explore the neglected realm of social scarcity, the commercialization bias, and the depleting moral legacy of economic growth, concluding with policy inferences.

Published in 1957, 'Atlas Shrugged' is Ayn Rand's magnum opus and her longest novel. The story is set in a dystopian United States where increasingly burdensome laws and regulations strangle innovation and productivity. The plot follows Dagny Taggart, a railroad executive, and Hank Rearden, a steel magnate, as they struggle against 'looters' who exploit their work. A mysterious figure named John Galt leads a strike of productive individuals, persuading them to abandon their companies and disappear. The novel culminates with Galt's three-hour radio speech explaining his philosophy of Objectivism, which emphasizes rational self-interest, individual rights, and the importance of the human mind. The book explores themes of capitalism, property rights, and the failures of governmental coercion, presenting a provocative vision of a society in collapse and the potential for a new capitalist society based on Galt's principles.