The Political Element in the Development of Economic Theory (Book)

Lekachman, Robert
May 1954
New Republic;5/17/54, Vol. 130 Issue 20, p25
This article presents information about the book "The Political Element in the Development of Economic Theory," by Gunnar Myrdal. Myrdal's scholarly attack on economics as it has been practiced throughout its history seems more pointed today than in 1929, because economic problems appear so much graver than they have in the recent past. In his view, economics has been impeded from its inception by metaphysics, which whether dear or cloudy are incapable of scientific analysis. Myrdal's analysis leaves unsolved and, indeed, unstated a serious issue. The science of economic analysis is incomplete and imperfect partly for the reasons Myrdal adduces. The art of economic policy must, nevertheless, be practiced by governments which intervene in the economic affairs of their citizens.


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