Science of Economics

This book is based on a three-year course prepared by MacLaren for the School of Economic Science in London in the late 1960s. The editor, Raymond Makewell, presents the original subject matter revised with more recent examples and statistics from Australia, Canada, New Zealand, UK and USA. Instead of making supply and demand the starting point, it begins with the simple observation that all material wealth is ultimately derived from land, and, where goods are exchanged, the first requirement is trust or a system of credit. From this starting point, the major characteristics of the modern economy such as banking, companies or corporations, international trade, taxation and trade cycles are examined in terms of the conditions that govern how and why they evolved and how they operate today. The framework in which the economy operates is examined in terms of how the system of land tenure and the concepts of property evolved in the English-speaking world, the role of government in economic affairs, and the degree of economic freedom. This reveals how the current economic situation denies people access to all that they need to work and produce wealth for themselves. Injustice is the inevitable result and poverty its inseparable companion.