...raged the more fiercely since, apart from frightened avarice, it told indeed upon the great contest between the blind rule of the supply and demand laws which form the political economy of the middle class, and social production controlled by social foresight, which forms the political economy of the working class." --Karl Marx, Inaugural Address of the International Working Men’s Association
Partly paraphrasing William Krehm: The economic theory of supply and demand as determinants of price is a feedback system, "but of a peculiarly linear and monist sort"...."Once we fixate the relationship in mathematical or graphic form, alternative patterns are excluded..."By the time this contraband normativeness reaches the ears of the policy makers it has become transmuted into a scientific principle."
ReplyDeleteThank you, Myrtle Blackwood for William Krehm. I was not aware of him. Those quotes are golden. Will read Babel's Tower with great interest.
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