Read more →
For a point of reference in the economy for a long time understood «the Wealth of Nations» by Adam Smith. In modern science, this point was transformed into GDP — Gross Domestic Product.
On the other hand, the benchmark in monetarism (Milton Friedman) and the Austrian School of Economics (Ludwig Heinrich Edler von Mises, Friedrich August von Hayek) is freedom. Economic and political freedom.
The third fashionable point at present is the concept of “The Happy Planet Index”.
Thus, there is no single point of reference.
Nevertheless, this point is easy enough to detect if you understand the basic principles of building a modern post-industrial democratic society. If you understand what is common in these models. Where is their common starting point.
The modern economic system, as well as the modern democratic system, were not created for themselves. They are made for people. And that means not a person for the state, but a state for a person. Laws are not to limit human freedoms, but to ensure respect for the rights and freedoms of each person, laws to increase the happiness and wealth of a person. Not GDP, but the wealth of each individual.
States are made up of people. No people — no state. Poor people are a poor state.
Wealth, happiness, human freedom — is the area of respect for his rights.
Thus, a common unifying point in economic and political reasoning and theories is in the field of human rights.