Of Generations and Economic Life

Photo by Lindy Baker on Unsplash

Consider these items, taken from one of the social media platforms that specializes in brief, non-reflective commentary:

  • The older generation has to realize that life is never going back to the way it was, that it is changing. 
  • Life is more important than economics.

Perhaps you have seen similar comments.  They are currently in fashion.  As with most silly fashions, I am tempted to ignore them and count on change to fade the fashion into fashion’s forgetfulness.  They betray such depths of ignorance, however, that I find them too hard to pass by as nothing of interest to see.  In times of panic and hysteria, even social media mobs can foment danger.

Hence, I will try a more reflective social media platform to add a few comments of my own.  I readily confess that I may be part of that “older generation.”

Beginning then with the first item, the generational point, to call it superficial is to ascribe to it too much depth.  It is intellectually vacuous.  I would suggest that the last group of people whom you need to convince that life is change is older people.  Every day they face changes, some they like, some they do not, and few that offer a chance of “going back to the way it was.”  Each new morning brings something lost, a new pain, a departed friend, a concluded experience, or a disappointment.  There are also happy changes, a new acquaintance, something accomplished, a new delightful member of the family, a wonderful discovery, a pleasant work-saving invention, inspiration, valuable experience.  Older generations cope with it all as well as any other.

That is to say, that this is not exclusive to older people.  It is, in fact, the stuff of life for all, from youngest to oldest.  We all must face change.  It is just that older people have experienced more years of life, filled with change.  I stress that there are many changes in which we rejoice, ways to which we would hate to return.  I am happy I made it through my teen years and would never wish to go back.  I am quite certain that my father had no desire to return to the two wars he had to fight.  I am grateful each day for the evolving prosperity that our society has experienced for so many decades, that so much poverty and illness have been overcome.  My grandfather died of an incurable disease that today is easily cured—he missed the discovery of the cure by just a few years.  I never had to fear it.  I still pray for a change that might have saved my mother from the illness that slowly took her to the world of spirits.  Do let us talk about change, but let it not begin with the absurd notion that one generation welcomes it and another does not.

Now to reflect a bit on the second item, that supposes a difference between life and economics.  The writer is apparently unfamiliar with economics, formed entirely from life.  It is a life science, individually and in groups.  It is an effort to understand what living people do with their lives and why, and how to find ways for living people to get more from their lives.  For hundreds of years, the evolving discoveries we call “economics” have guided people and nations to raise billions of people from poverty and fuel human interaction allowing people across the world to cooperate in expanding prosperity.  It was the living reality of economics that first destroyed the old monarchies and in recent years wrecked such anti-economic despotisms as the old Soviet Union.  The lessons learned from economics have been the transforming engine that displays the day and night difference in human welfare and freedom—life and death—between South and North Korea.

Lessons from economics, properly understood and efficiently applied, are what will allow our economy, currently in sharp decline from government policies, to revive as quickly as possible from the Great Cessation.  People want to live their lives and express their humanity by being at work, developing their talents, providing for their families, going to school, traveling, discovering, inventing, engaging in cultural activities, uplifting others, building, planting, healing, and hundreds of millions of other things—add your list to these economic activities.  Economics teaches us how to do these things in ever increasing and satisfying ways, as more people are experiencing today than ever before.  This is life.  Economics is important, because life is important.

A concluding thought, one which I would enjoy discussing with someone of whatever generation.  There are some things that do not change, and there is danger of the highest order in pretending that they do.

About Wayne Abernathy
I am a disciple of Jesus Christ. I am the husband of one wife, the father of 5 children, and grandfather of 14 (and counting). In my career I have served on the staff of the U.S. Senate for some 20 years, including as staff director of the Senate Banking Committee. For just over 2 years I was the Assistant Secretary of the Treasury for Financial Institutions. Just recently, I retired from the American Bankers Association, where for 15 years I was an Executive Vice President, for financial institutions policy and regulatory affairs. I am most comfortable at home, where I like to read and write.

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