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.
This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume
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Durbin, E. (2008). Fabian Economics. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_190-2
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DOI: https://doi.org/10.1057/978-1-349-95121-5_190-2
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Online ISBN: 978-1-349-95121-5
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Chapter history
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Latest
Fabian Economics- Published:
- 11 March 2017
DOI: https://doi.org/10.1057/978-1-349-95121-5_190-2
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Original
Fabian Economics- Published:
- 12 October 2016
DOI: https://doi.org/10.1057/978-1-349-95121-5_190-1