Economics is the art of allocating scarce goods among competing demands. The conceit of Marxism was the thought that in Communism, economics would be “abolished”; this was why one did not have to think about the questions of relative privilege and social justice. But the point is that we still have to think about economics, and probably always will. The question, then, is whether we can arrive at a set of normative rules which seek to protect liberty, reward achievement and enhance the social good, within the constraints of “economics”.

Daniel Bell (1919-2011) American sociologist, writer, editor, academic
The Cultural Contradictions of Capitalism (1976)
Added on 22-Mar-21 | Last updated 22-Mar-21
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