Economy, Society, the State

The Revival of Political Economy

in Theoria
David Reisman

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It’s all in Marshall: ‘Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing’ (Marshall, 1890 [1949]: 1). Well-being is better than ill-being. Production, consumption, distribution and exchange make us feel better off in our own estimation. The clergyman saves souls. The doctor saves bodies. The banker saves savings. The economist saves wellbeing. We all do what we can.

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