Manichism In Economics
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Manichism In Economics
The Manichaean character of economics. Charles Kindleberger. Abstract: Economics
is said to have adopted a certain degree of dualism. None of its tenets have
been absolute in terms of social effectiveness. To survive in an economic
system, rules must be enforced to ensure the peace. There are times when
pluralism is good for a society as a way recognizing social differences.
However, there are times, such as war, when the rule of a central authority is
preferred. Laws in economics are hardly permanent since such regulations are
enacted and enforced only when the need arises. Full Text: COPYRIGHT 1999 M.E.
Sharpe, Inc. Are there any absolute answers in economics? This international
trade economist and economic historian has his doubts. The answer to most
questions is "It depends." Manichaeus, as we all know from the Oxford
dictionary; was a Persian philosopher of the third century A.D., whose system
held some sway throughout the Roman empire and Asia until the fifth century
(with some elements lasting to the thirteenth). He believed in dualism, the
coexistence of good and evil, with Satan coequal with God. I suggest that
economics has a heavy dose of dualism, though I hesitate to characterize views
that differ from mine as evil or satanic. In the first edition of Economics: An
Introductory Analysis the only one I read when I was teaching the introductory
course - Paul Samuelson wrote that when one is offered a choice, it is not
legitimate to say "both." I hesitate to differ from my esteemed
colleague, but "both" is often a correct answer, as occasionally is
"neither." Is one supposed to believe in Say's law that supply creates
its own demand, or Keynes's law that demand creates the needed supply? In the
course of a long academic life, I have developed Kindleberger's law of
alternatives, based on historical examples. Often after extended policy debate,
the powers that be end up doing both. In 1931 Keynes recommended tariffs, others
devaluation or depreciation. Outcome: both. During World War II there was a
vigorous Allied debate as to how best to push back German railheads from the
Normandy beaches, whether by bombing marshaling yards, as the British called
them, or bridges. Answer again: both. Nor did questioning a German prisoner of
war, General des Transportwesen West, under Marshall von Runstedt, make clear
which was better. American interrogators got the answer from Oberst (colonel)
Hoffner they wanted - bridges - and the British...
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