The wisdom of peak hour traffic

Sitting in peak hour traffic on the Monash Freeway this morning I noticed something that had been obvious all along, and yet no less impressive.

All the trucks and vans and utes and cars streaming towards the city reminded me of blood platelets in an artery. Each one signifying a business with customers, capital, people, innovation, and productive energy. Far from being frustrated in traffic I found myself marvelling at the lifeblood of a nation flowing all around me.

And I reflected on the wealth generated by all those 'platelets' being channeled by mutual respect for the rules of the road and the institutions which govern fair play. This is the economic engine which makes Australia one of the wealthiest, healthiest, and happiest nations on the planet.

Economic success, according to Australian economics professor, Justin Wolfers, is contingent on the strength of our 'inclusive' institutions which foster growth and productivity - our legal institutions, universities, financial services, geosciences, open competition, research and development. These institutions help us to grow the economic pie. On the other hand, 'extractive' institutions are the means by which elites appropriate more pie for themselves - bribes, seizing assets, smothering innovation, exploiting labour, silencing dissent.

Sitting in the traffic this morning I could see how much we have benefited from protecting and strengthening our inclusive institutions. We are all shareholders in this great democratic enterprise.

And I ceased to complain about peak hour traffic!