The New Palgrave Dictionary of Economics

Living Edition
| Editors: Palgrave Macmillan

Fabian Economics

  • Elizabeth Durbin
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DOI: https://doi.org/10.1057/978-1-349-95121-5_190-1
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Abstract

Despite the Webbs’ disdain for abstract economics (‘sheer waste of time’), economic arguments have always held a central place in the Fabian case for socialism. As in most matters the Fabian Society has approached the dismal science eclectically. Some members have accepted market economics, others have rejected it; some embraced the Keynesian revolution, others remained sceptical; some have believed in market pricing, others have been convinced that controls are essential for centralized planning. There is no consistent body of thought which could properly be described as Fabian economics. There is nonetheless a distinctive Fabian approach to economics, which this essay identifies while tracing the significant shifts in its key elements.

Keywords

Economic Planning Allocative Efficiency Market Socialism Capitalist System Public Ownership 
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Copyright information

© The Author(s) 1987

Authors and Affiliations

  • Elizabeth Durbin
    • 1
  1. 1.