(d) The chapter “Without time, no morality” of course links with the discussion in chapter 19 on determinism and free will, and the general importance of ‘dynamics’ for this book.
(e) There was a seminar by McCloskey on virtue ethics that was illuminating and that I can advise to who has a chance to attend. Smith (1759, 1984), “The theory of moral sentiments”, featured strongly.
(f) A general point in ethical theory is that people aren’t really ‘souvereign consumers’. They grow from dependent children to mature adults to dependent seniors, so that there is always a degree of dependency. Political economy takes this into account. The standard economic approach that assumes souvereign consumers however can still be useful for analysis even while being limited in this respect.
(g) Another point concerns the distinction between ‘rules’ and ‘rhetorics’. In ethics, it does not suffice to have rules only, since these must be applied to practical situations – where rhetorics apply. In law, there are not only laws but also courts. Current literature in economics tends to emphasize rules. If economics had courts too then there might be less imbalance. The suggestion that there be economic courts links with the idea of an Economic Supreme Court.
(h) There are some other advisable books that enrich our understanding of humanity, (social) behaviour, ethics and its biological roots, which form the input for and target of political economy. Tiger (1992), “The pursuit of pleasure”, mollifies the economistic calculus of utility, which at the same time clarifies that it still can be useful to use small abstract (simplistic) models to develop arguments that can improve the lifes of many. Damasio (2003), “Looking for Spinoza”, delves into the brain to understand human emotion and feeling. Though many dimensions exist, there still is the pain and pleasure dichotomy that links to ethics. Damasio also notes that biological ‘emotions’ (generally) arise split-seconds before being reflected in ‘feeling’ in the mind. This phenomenon raises the question of ‘free will’ and the reader is referred to that section in chapter 19 above. De Waal (2001), “Tree of origin”, discusses whether primate behavior can tell us something about human social behaviour, and the same themes arise. Cavalli-Sforza (2000), “Genes, peoples and languages”, focusses on recent human evolution. Diamond (1997), “Guns, germs, and steel”, makes us aware of the impact of mere geography. All these books clarify that political economy can be of value for humanity by keeping an open eye for the study of humanity itself.
(i) Cavalli-Sforza (2000:207) concludes with this statement: “It will be necessary, for example, to be more successful in spreading the necessary moral values to the whole world. Is the amount of deception, hatred, exploitation, and unrestrained selfishness we observe in almost every society inevitable ? We need not be too pessimistic and should admit that people do not always display their worst qualities. But it would be valuable to learn exactly the conditions that elicit these destructive tendencies, in order to systematically prevent them. Overpopulation and extreme competition for valuable resources undoubtedly contribute. Our aptitute for social engineering is limited, although we must become more serious about work in this area, so as to end - or at least reduce - major social ills such as poverty, ignorance, population growth, racism, drug addiction, crime, and other social epidemic and endemic diseases that afflict us. Our efforts in this regard can be helped by studying cultural transmission and the forces of conservatism that hinder useful innovations, as well as the danger posed by promoting and accepting great changes too soon.” I can only agree with this, and the current book fits this objective.
Book VIII
Supportive notions
37. On the nature and significance of a free lunch
It has been a cause of wonder for the present author why other economists are not more outspoken on the Tax Void, and why above theorem on the possibility of returning to full employment meets such disbelief as it apparently does. In the course of time, I found that the following issue forms part of the explanation.
Many economists think that there are no free lunches. It may even be a dogma or mantra to them. With this general attitude, they close their eyes to the free lunch that presently exists in the inefficient labour market. They adhere to their ‘no free lunch’ philosophy regardless of what arguments other people forward. My diagnosis is that this is one of the reasons why the debate on unemployment is rather stuck.