A reply to Ideas and Rules for the World in the Aftermath of the Storm. by Noni Mausa
There are two domains of risk, which I will nickname "air" and "earth", and they need to be handled differently.
One of them, air, cannot be reliably governed. Air is fluid, compressible, expandable, and subject to unpredictable currents.
It resembles the vast world ocean of investment, banking and money markets which, being abstractions, are inherently vulnerable to inflation, bubbles, instant losses and gains in apparent value, misrepresentation, and so on. This ocean can be sort of governed (and must be) and is useful in ways not related to dollar values.
The other domain, earth, deals with real things necessary to life. It is the opposite of air -- solid, incompressible, limited in size, immovable in time*, and stubbornly resistant to fluid movement.
The two domains must interact; they enrich each other. But coupling them leads to injustice and unacceptable risk, with the risk necessarily descending to those whose chief residence is in the second domain.** Also, the second domain is the substrate upon which the first depends.
Therefore, for the most healthy and just outcomes, the two domains must have flexible interactions, not a solid link. The inertial-less movement of the air domain must not be allowed to drive the earth domain.
What does this mean in practice, you may well ask? Simply, that the more tied to earth a demographic or a sector is, the more solidly supported it must be, regardless of "efficiency" or issues of profit.
Raising children, feeding and nurturing a family, health care, farming and land management, education, information services (libraries, news services, internet), and all the other vital concerns of society must not be relegated to second class status, but supported unwaveringly and first.
They are the roots from which monetary and other abstract wealth grows. Hedge funds, investment companies and money markets are the gaudy orchid blooms of society (and in many cases, the mistletoe) but the flowers simply don't exist without the boring and mostly invisible roots.