New Delhi, March 16 -- What is an economy for? Since Adam Smith, economists have given a straightforward answer to this question: the economy increases our consumption possibilities. A well-functioning economy is one that offers a widening array of ever-more affordable goods and services, from food and consumer items to housing and transportation. A poorly-functioning economy is one of scarcity, where the goods and services consumers seek are either unavailable or too expensive.

This consumer-based view has traditionally been closely associated with academic economists and technocrats. But today, it pervades current thinking in progressive circles.

In the US, the Democratic Party's opposition to President Donald Trump has coalesced arou...