Principles of the new economics
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| Lionel D. Edie |
There is increasing recognition of the necessity of approaching economic topics and problems from the psycho-logical and historical viewpoints, as well as from the standpoint of the classical economists; and also of taking into account the far-reaching effects on economic processes produced by the industrial applications of modern science.
Indeed, it is safe to say that our economic system can scarcely be comprehended unless it is viewed as an organization, on a grand scale, of historical, mental and physical factors as these are prepared or revealed by scientific inquiry. Professor Edie's book offers an admirable introduction to economics considered a realistic description of the economic system produced by these groups of factors.
The primary purpose of this volume is to integrate the varied developments of recent years in economic thinking and to relate them to the body of economic ideas which have evolved through a long history of economic reflection.
A number of departures from the orthodox economic doctrines prevalent at the close of the last century have led to the development of several important schools of new economic thought. Each separate school has departed from the worn and beaten paths of economic theory in ways dis- tinct and peculiar to itself, and each represents an independent and original direction of economic interpretation. I
n the early stages of such a movement in economic thinking, it is natural for both the adherents and critics of each branch of the movement to interest themselves in the unique and unusual features of the new doctrines of each independent branch.
The stage has been reached, however, when it is of deep importance that the several divergent tendencies in economic interpretation should be integrated into their fundamental relations, The attempt at such integration takes full cognizance of the many contradictions and inconsistencies between the various branches of thought, but it also acknowledges fully the many basic ways in which the various branches are supplementary and coordinate.
The guiding principle of this volume is that the true value of all the independent developments in recent economic thought is realized not merely from a view of each branch of thought by itself, but more completely from a view of the composite evolution in economic thinking. The recent pluralistic progress in economic thinking has a fundamental unity.
Some contents of the book:
I. The Significance or Pstcholgqt in Economics . . 1
II. Economic Expression of Instincts 8
The Instinct of Workmanship — The Instinct of Possession— Disposition to Self-Assertion — ^Instinct of Submissiveness — The Parental Instinct — Sex Instinct — The Gregarious Tendency — Instinct of Flight and Fear — Pugnacity and Rivalry — Some Instincts of Minor Significance — Hunting — The Housing Instinct — The Instinct of Migration — The Instinct of Play — Disposition to Mental Activity
.III. The Organization of Human Nature 39
Habit — Imitation, Sympathy, Suggestion — Inequalities of Human Equipment.
IV. Human Adaptation to Economic Environment . . 52
Discipline — Elimination — Sublimation — Rationalization— Revolt.
Discipline — Elimination — Sublimation — Rationalization— Revolt.
PAST II— ECONOMIC INSTITUTIONS AND FUNCTIONS
V. The Mechanical and Scientific Basis of Economics 72 Machinery — Transportation — Chemistry — (Geology — Electricity — The Science of Economic Organization — Psychology of Industrial Engineering. VI. Labour: Production 99
The Job — Hours of Work — ^Wages — Standard of Living — ^Incentives — Bargaining Power — Custom and Habit — Wages and Labor efficiency — Power — ^Environment — The Mind of the Worker — Immigration — Population — Economic Significance of the National Character.
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