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on 1/12/20, 6:04 AM 138 views

"I have long ago come to the conclusion that it is virtually impossible for any mind which has accepted the axioms implicit in first-year Economics to come to grips at all with the realistic thinking of an engineer. The concept of real credit: the capacity to make and deliver what is wanted, as, when and where it is wanted, which is basic to the production of anything for sale to the public, is quite inconceivable and unreal to an economist unless it incorporates the accountancy arrangement called money, which, despite its well-known and wholly symbolic nature, is still credited with the properties of a real entity – a commodity such a gold, for instance – of which there can be a quantity, a stock, a store. Upon this illusory basis the whole vast and subtle structure of economic thought has been built, so that there is no escape from circular thinking."

Quoted from Dr Geoffrey Dobbs, 1979

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Asked: 1/12/20, 6:04 AM
Seen: 138 times
Last updated: 1/12/20, 6:04 AM