The Wealth of Nature: How Mainstream Economics Has Failed the Environment
Although economics may still be described colloquially as the "dismal science," Nadeau (S/He Brain: Science, Sexual Politics, and the Myths of Feminism) argues that the propounders of classical and neoclassical economic theory, from Adam Smith in the 18th century to the present, have been mistaken in asserting that economics is a science. Through careful textual analysis, the author explains how economists, using outmoded metaphysical assumptions originally propounded by Smith in The Wealth of Nations, deceived themselves into believing that there are natural laws of economics. Furthermore, these misjudgments were compounded in the 19th century by the use of now discredited mathematical formulas, in which economic forces were perceived by economists in the same way physicists perceived principles of physics. The title of this book is an ironic play on the title of Smith's seminal explanation of capitalism. Unfortunately, the author contends, the continuing formalistic misapprehensions of economists spell possible global environmental catastrophes. These dislocations will result from outdated economic theories that do not take into account the physical realities of the world. The writer proposes a reordering of economic studies that will include an awareness of the vital interplay between ecology, natural resources, trade and population. This well-annotated, scholarly treatment of a dense subject is written in a lively style and will appeal largely to serious students of economics, history, ecology and philosophy.Copyright 2003 Reed Business Information, Inc.