The New Reality

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The New Reality

The design of a system that reconciles the various claimants on income and devises a workable - and equitable - alternative to the market will be greatly exciting.

The battles will be wonderful, the distress of the comfortable extreme.

It will be good for political economists; even those who are most contented with their computers, their models of competitive market behaviour and their loving wives may be stirred to thought We know also from the experience of the last hundred years, and especially of the last half century, that the system lends itself to an infinite amount of improvisation and patching up.

That we again emphasize.

And there can also be great and visible progress in political economy.

It will be or can be a lovely time for the profession.

Interested in Economic Responsibility

Is Economics Obsolete?

Only if it draws an arbitrary line around itself which excludes what is important. If economics is so defined that it depends for its validity on the impersonal operation of the market, then it is obsolete. But it need not be so circumscribed, and with this an increasing number, mostly of younger economists, would agree. A generation back, a reference to neo-classical economics with its commitment to the market was descriptive.

Now, for many, it is pejorative.

And, for the defenders of the faith, the proof of obsolescence lies not in the arguments of their opponents but in the results... see: Is Economics Obsolete?

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