Towards a New Political Economy

  • Shigeto Tsuru


It is symptomatic of the wind of change in economic thinking that the standard textbook of economics by Paul A. Samuelson finally conceded in its ninth edition (1973) that ‘the theory of distribution is still in an unsettled state’,1 and also reworded the phrase in the eighth edition which read: ‘Adam Smiths Invisible Hand, which tried to convert mankind’s selfish interest to a best solution of society’s what, how and for whom problems’, into a new one in the ninth which now reads: ‘Adam Smith’s Invisible Hand, which tried to convert mankind’s selfish interest to a best solution of society’s what and how problems (but, alas, not necessarily to a best solution of the for whom problems).’2


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Notes and References

  1. 1.
    Paul A. Samuelson, Economics, 9th edn (New York: McGraw-Hill, 1973) p. 533.Google Scholar
  2. 3.
    O. Lange and F. M. Taylor, On the Economic Theory of Socialism (Minnesota University Press, 1938) pp. 103–4.Google Scholar
  3. 4.
    Allen V. Kneese, ‘The Faustian Bargain’, Resources, no. 44, Resources for the Future (Sep 1973) p. 1.Google Scholar
  4. 5.
    Adam Smith, The Nature and Causes of the Wealth of Nations (New York: The Modern Library, 1937) p. 423.Google Scholar
  5. 6.
    Karl Marx, Grundrisse der Kritik der politischen Oekonomie (Berlin: Dietz Verlag, 1953) pp. 592ff.Google Scholar
  6. 8.
    J. K. Galbraith, Economics and the Public Purpose (Boston: Houghton Mifflin, 1973) p. 91.Google Scholar
  7. 9.
    F. H. Knight, ‘Some Fallacies in the Interpretation of Social Cost’, Quarterly Journal (1924)Google Scholar
  8. K. J. Arrow and T. Scitovsky, Readings in Welfare Economics (Homewood, Ill.: Irwin, 1969) pp. 226–7.Google Scholar
  9. 11.
    E. F. Schumacher, Small Is Beautiful (London: Blond & Briggs, 1973) pp. 130–40.Google Scholar
  10. 13.
    E. L. Wheelwright and Bruce McFarlane, The Chinese Road to Socialism — Economics of the Cultural Revolution (New York: Monthly Review Press, 1970).Google Scholar

Copyright information

© Kurt Dopfer, Sir Roy Harrod, K. William Kapp, Harvey Leibenstein, Gunnar Myrdal, Jan Tinbergen, Shigeto Tsuru 1976

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  • Shigeto Tsuru

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