Small is Beautiful

 An interesting and relevant revisit of E F Shumacher’s book ‘Small is Beautiful’ in the light of current events, can be found at the link below.

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Finally, and most centrally, Schumacher pointed out that the failures of contemporary economics could not be solved by improved mathematical models or more detailed statistics, because they were hardwired into the assumptions underlying economics itself. Every way of thinking about the world rests ultimately on presuppositions that are, strictly speaking, metaphysical in nature: that is, they deal with fundamental questions about what exists and what has value. Trying to ignore the metaphysical dimension does not make it go away, but rather simply insures that those who make this attempt will be blindsided whenever the real world fails to behave according to their unexamined assumptions. Contemporary economics fails so consistently to predict the behavior of the economy because it has lost the capacity, or the willingness, to criticize its own underlying metaphysics, and thus a hard look at those basic assumptions is an unavoidable part of straightening out the mess into which current economic ideas have helped land us.

http://thearchdruidreport.blogspot.com/2009/05/guide-for-perplexed.html

see also

http://en.wikipedia.org/wiki/Small_is_Beautiful

http://www.amazon.co.uk/Small-Beautiful-Economics-People-Mattered/dp/0099225611

http://www.schumacher.org.uk/about_efschumacher.htm

http://www.schumachercollege.org.uk/

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