Man, Money, and Goods

By John S. Qambs; William Snyder | Go to book overview

to drop psychology entirely out of standard theory leave economics without unifying integument. The only psychology left in the most modern versions of economic theory is that men have sufficient capacity of choice to buy only a few among the myriad things offered to them in the market, and that they seek, in any transaction, to maximize gains or minimize losses. This may be all right as far as it goes, but it is certainly not far.

If we understood individual men better we could probably understand economic life better. Many of the things which diminish our economic life—as monopoly, imperfect competition, depressions—are probably as deeply rooted in the nature of man as are those things that increase our economic life—propensity to exchange, division of labor, instinct of workmanship. The "new" economics has smashed the old ikon of Adam Smith, Ricardo, and Say. It does not yet seem to be searching for a new one, and certainly not where it can probably best be found: in the nature of man.

Thus we find that even the more recent developments of standard economic theory do not escape criticism. The best thing about the newer trends is that they have issued a strong challenge to the theory that came before. Out of this may come a genuine revolution in economic thought—not too late, let us hope, to save us from some of the disasters that threaten Christendom.

Here we end our formal study of standard economic theory. Its principles will arise again, however, in Part Four, where we shall discuss certain special topics like banking and foreign trade. For a while, our attention will be centered on the economic world of the dissenters. Let us now, through their eyes, watch man as he goes after worldly goods.

-120-

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Man, Money, and Goods
Table of contents

Table of contents

  • Title Page *
  • Preface *
  • Contents *
  • Part One - Introductory *
  • 1 - Definitions First *
  • 2 - Rich World, Poor World *
  • Part Two - Standard Economic Theory *
  • 3 - Introduction to Standard Economic Theory *
  • 4 - Values and Prices *
  • 5 - The Price of Labor, Land, and Capital *
  • 6 - Recent Trends in Standard Theory *
  • 7 - Evaluation of Standard Theory *
  • Part Three - Dissenting Economic Theory 120
  • 8 - Introduction to Dissident Theory *
  • 9 - What Marx Meant *
  • 10 - Thorstein Veblen *
  • 11 - Evaluation of Dissident Theory *
  • Part Four - Special Problems 174
  • 12 - Boom and Bust *
  • 13 - Money *
  • 14 - The Banker's Job *
  • 15 - As Sure as Taxes *
  • 16 - American Dollars and World Goods *
  • Part Five - Conclusion *
  • 17 - What Next? *
  • Bibliography *
  • Index *
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