,PREFACE 

,PEOPLE 3 

,AU?OR 3 ,PAUL ,MATTICK 

,TEXT 3 

,COMM5T+ ON ! PROCE$+S ( ! #aigg CONV5TION ( ! ,AM]ICAN ,ECONOMIC ,ASSOCIATION1 AN $ITORIAL 9 ,! ,NEW ,YORK ,TIMES LAM5T$ ! FACT ?AT 0TODAY'S ECONOMI/S SEEM M]E DABBL]S 9 ! SWEEP ( 9TELLECTUAL HI/ORY4 ,!Y MAY BE RI*LY REW>D$ BY BUS9ESS = !IR /ABS AT =ECA/+ & !IR ANALYZES ( GOV]NM5T REGULATION OR FLOAT+ EX*ANGE RATES4 ,BUT :]E >E ! ATTACKS ON ! BIGGE/ PROBLEM ( \R TIME3 A*IEV+ GR[? )\T SPIRAL+ 9FLATION84 4 - ,MO/ ECONOMI/S W]E DISMAL SCI5TI/S :5 !Y >RIV$4 ,DESPITE ! DR9KS & ! *ATS1 !Y W]E UN*ANG$ :5 !Y LEFT ?REE DAYS LAT]40 

,! ECONOMI/S >E 9 A DISMAL /ATE PRECISELY BECAUSE !Y LOOK UPON !IR DISCIPL9E AS A SCI5CE :]EAS IT IS ACTUALLY NO MORE ?AN A SOPHI/ICAT$ APOLOGY = ! SOCIAL & ECONOMIC /ATUS QUO4 ,!Y EVID5TLY DO NOT P]CEIVE ! REAL NATURE ( !IR PR(ESSION & ?US >E DEEPLY DI/URB$ BY ! GR[+ DISCREPANCY BETWE5 !IR !ORIES & REALITY4 ,BECAUSE ! 0ECONOMIC WEA!R0 HAD FAVOR$ !M = SU* A LONG TIME1 !Y MAY HAVE REALLY IMAG9$ ?AT ! MA!MATIZATION ( ECONOMICS HAD TURN$ !IR PRE-OCCUPATIONS ) PRICE & M>KET RELATIONS 9TO A POSITIVE SCI5CE4 ,AS ,?OMAS ,BALO< REM>K$ 9 A PAP] DELIV]$ 9 #aige AT ,UNIV]SITY ,COLLEGE1 ,LONDON1 0!RE W]E AS MANY EQUATIONS AS !RE W]E UNKN[NS1 & !SE IT WAS CLAIM$ C\LD CAPTURE REALITY & 5ABLE OBJECTIVE & POSITIVE ADVICE TO BE GIV5 TO POLITICAL LEAD]S4 ,9EQUALITY W\LD BE DIM9I%$ & 9DIVIDUALS PROTECT$ AGA9/ EXCEPTIONAL H>D%IP4 ,ECONOMICS W\LD1 MOREOV]1 PRODUCE TE/ABLE !SES1 & 5ABLE ! PRODUCTION ( 'POLICY M5US1' :I* W\LD PROVIDE US ) A SOLID BASIS = SCI5TIFIC DECISION-MAK+ & QUANTIFI$ 'TRADE(FS1' I4E41 9 PLA9 ,5GLI%1 '*OICES4' ,! CONSUMPTION FUNCTION1 ! ACCEL]ATOR1 ,OKUN'S 'LAW' ( ! RELATION ( 9COME TO EMPLOYM5T1 ! ,PHILLIPS CURVE L9K+ WAGES TO UNEMPLOYM5T1 L9E> PROGRAMM+1 ETC4   N[ ALL %[N UP = ! NONS5SE ?AT !Y W]E - W\LD AT LA/ HAVE RAIS$ ! ECONOMI/ TO ! LEVEL ( PHYSICI/4 ,H[ LONG AGO ?IS ALL SEEMS N[4 

,ECONOMICS IS NO LONG] SE5 AS AN EXACT SCI5CE4 ,AS AN 09EXACT0 ONE ITS PR$ICTIVE P[]S >E HI<LY QUE/IONABLE1 ?US DISQUALIFY+ ! 0/ABS AT =ECA/+0 ?AT W]E TO JU/IFY ITS EXI/5CE4 ,PR$ICTIONS >E 0PROBABILITY /ATEM5TS0 ?AT COMMIT ! =ECA/] TO NO?+ AT ALL4 ,HIS GUESS IS AS GOOD AS ANY O!R1 = NO ONE KN[S H[ ! DICE WILL FALL4 ,ECONOMICS IS BACK AT ITS />T+ PO9T - SUBMISSION TO ,ADAM ,SMI?'S 09VISIBLE H&0 - )\T ! CONSOL+ ILLUSION ( ITS B5EFICI>Y RESULTS4 ,H[EV]1 ! DILEMMA ( ECONOMICS IS /ILL NOT TRAC$ TO ! ECONOMIC SY/EM ITSELF BUT TO ! 9COMPLET5ESS ( ! SCI5CE ( ECONOMICS1 :I* HAS NOT AS YET F\ND WAYS & MEANS TO MAKE ! DEMON/RABLY UNWORKABLE ECONOMY WORKABLE4 

,! CURR5T1 MORE DIRECT CONC]N ( ECONOMICS IS ! COMB9ATION ( ECONOMIC /AGNATION ) 9FLATION1 :I* DE/ROY$ BO? ,KEYNESIAN !ORY & ! NEO-,KEYNESIAN SYN!SIS ?AT HAD PASS$ AS ! /&>D !ORY ( ECONOMICS4 ,IT IS TO ?IS ASPECT ( ! MATT] ?AT ! FOLL[+ COLLECTION ( >TICLES DEVOTES ITSELF1 TAK+ ! PO9T ( VIEW ( CRITICAL POLITICAL ECONOMY4 

,AL?\< !SE >TICLES MU/ SPEAK = !MSELVES1 IT %\LD BE PO9T$ \T ?AT !Y W]E WRITT5 = DIFF]5T OCCASIONS & ?AT !Y ADDRESS DIFF]5T AUDI5CES4 ,IT WAS ?US 9EVITABLE ?AT !Y REPEAT SOME BASIC /ATEM5TS )\T :I* EA* ITEM W\LD 9 ITSELF BE LESS COMPREH5SIBLE4 ,BUT ?IS NECESSITY MAY PROVE AN ASSET RA!R ?AN AN ANNOYANCE1 S9CE IT %[S UP ! 9T]CONNECTIONS BETWE5 ! PH5OM5AL WORLD ( CAPITALISM & ITS UND]LY+ SOCIAL PRODUCTION RELATIONS4 

,) ! EXCEPTION ( ONE1 ALL ! >TICLES RELATE TO ! MA9 ISSUES ( TODAY1 NAMELY1 ! ROLE ( GOV]NM5T1 OR ! /ATE1 9 ECONOMIC AFFAIRS ) REF]5CE TO BO? ! SO-CALL$ MIX$ ECONOMIES & ! /ATE-CAPITALI/ SY/EMS4 ,! EXCEPTION DEALS ) ! ,GREAT ,DEPRESSION ( #aibi & ! ,NEW ,DEAL1 :I* 9ITIAT$ ! ]A ( L>GE-SCALE GOV]NM5TAL 9T]V5TION 9 ! ECONOMY ( ! ,UNIT$ ,/ATES4 

,P4,M4 

,FROM 3 ,M>XI/S4ORG4 

,*RONOLOGY 3 
,M>* #c1 #bba 3 ,PREFACE -- ,ADD$4 
,M>* #c1 #bba 3 ,PREFACE -- ,UPDAT$4 

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