Fort McMurray Blaze Shows What “the Economy” Is Really About

Fort McMurray, built around Canada’s oil sands industry, is engulfed by wildfires, prompting evacuation of the almost 90,000 residents. Thousands of homes were destroyed with damages already estimated at near $1 billion. The tragedy, suggests economist Todd Hirsch, offers a reminder on social priorities. “The first part of the word ‘economics’ is derived from the ancient Greek word oikos, which refers to the household or family estate,” he writes. Home “is at the root of all our policy debates and theoretical constructs as economists” and “Without a home to go to, surviving this world is nearly impossible – a fact with which our homeless are cruelly well acquainted.” Even as the developed world remains dependent on fossil fuels, researchers have given ample warnings about how climate change threatens homes around the globe. Hirsch urges political leaders not to neglect putting protection of homes, along with food, water supplies and other matters of environmental security, high on policy agendas. – YaleGlobal