So be it

Ending Poverty“… the aim of economic policy is not narrowly economic. The aim of policy is to assure that the economic prerequisites for sustaining the civil and civilized standards of an open liberal society exist.

“If amplified uncertainty, extremes of income distribution, and social inequality attenuate the economic underpinnings of democracy, then the market behavior that creates these conditions should be constrained.

“If it is necessary to give up a bit of market efficiency, or a bit of aggregate income, in order to contain democracy-threatening uncertainty, then so be it. In particular, there is need to supplement private incomes with socially provided incomes so that civility and civic responsibility are promoted.” — Hyman Minsky, Uncertainty and The Institutional Structure Of Capitalist Economies, June 1996

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