Courtesy Reuters

POLITICIANS accuse the science of political economy of having failed. On the other hand, there are economists who see in politics nothing but a crude and undisciplined force which upsets their field of activity. The discussion would be more productive if only a little more effort could be devoted to arriving at an understanding of one or two cardinal problems affecting the relations between the state and economic life, and hence the relations between politics and political economy.

To the politicians I would suggest that, before accusing economics of having failed, they might first find out more about the recent

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