Homeland economics is something you do not have, yet
Security or money? Your money or your life? Timely questions. Too large public sector that restricts and too much guidance for business is bad for the economy but so is war and even more climate disasters. And hey your kid will be the next.
Geopolitical tensions and climate change raise a real economic question of the value of societal security. When institutions like parliaments, public institutions and courts were normally passive let the markets roll societal stability and security was lost. How come democratic systems are not producing nimble solutions for security. It seems institutions for that are inadequate at least in Europe. In the US, household names like FBI, CIA and NSA look after security before military. Elsewhere autocratic countries have solved the security problem by force and corruption. Well security as a concept is there another story.
Maybe there is an institutional asymmetry when Europe is compared to other continents or autocracies. Security institutions on country level are fragmented and most importantly totally missing on continent level in Europe.
Free market business tradition wants to follow the money and do trade. Regulations and societal institutions like courts are needed to keep the activity in check and prevent overreactions. We got all that covered in economies during peace time but security was left out of the equation. And autocracies exploited that weakness. Like sheep richness seeking businesses followed the money and here we are. Now we are missing security and even economic security. Well the planet is establishing some climate changes as corrective actions on scale as an answer to exploitation of nature for economic well-being as we used to understand it.
Some mechanism or some institution needs to look after economic and other security more than it is done now, on EU level. No the answer is not an educated dictator nor larger public sector. Moreover, the trick is not to complain to get more free markets but to establish a mechanisms or instrument that leads all of us to maintain security. On the other hand, that something should not distort normal operation of the society and economy. Naturally, power to enforce security makes that institution prone to abuse the power.
Actually, the security perspective is something that is maybe missing from for example Montesquieu separation of powers: the political authority of the state is divided into legislative, executive and judicial powers. Execution should have covered security but it clearly did not accomplish that. You can call it homeland economics if you will.
What that security mechanism could be? Like where is the ECB for security? Or should it be on individual level like greed, or like survival instinct?
