The Wealth of Nature
Robert NadeauISBN: 0231127987; 9780231127981;
Virtually all of the large-scale damage to the global environment is caused by global economic activities, and the vast majority of economic planners in both business and government have been trained in neoclassical economic theory. In this hardhitting book, Robert Nadeau first demonstrates that the central legitimating construct in neoclassical economics, Adam Smith's invisible hand, is a product of eighteenth century Deism and that Smith's understanding of the "natural laws of economics" is based on metaphysical assumptions. Nadeau then shows that the architects of neoclassical economics, all of whom were trained as engineers, incorporated Smith's assumptions about the lawful dynamics of market systems into a mathematical formalismborrowed wholesale from a soon-to-be outmoded mid-nineteenth century physics. Absurdly, these now-famous economists substituted economic variables for the physical variables in the equations of this physics, and this became the basis...