Wednesday, May 04, 2011

Ryan T. Anderson reviews John D. Mueller's Redeeming Economics: Dismal Science Redeemed: What’s Gone Wrong.

I'm puzzled by this account given by Mueller:
Thus the theory Aquinas outlined—known as “Scholastic” economics—had four key elements: the theory of production, which explains which goods (and how many of them) we produce; the theory of justice in exchange, which accounts for how we are compensated through the sale of goods for our contributing to their production; the theory of final distribution, which determines who will consume our goods; and finally, the theory of consumption (or utility), which explains which goods people prefer to consume.

I think I have the book, but if I do, it's in storage. What he writes here about distributive justice does need to be checked, since distributive justice pertains to common goods. It could be argued that whatever we produce from natural resources, which are clearly "common goods," is also common, but I haven't come across a persuasive argument that this is so.

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