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Date:
Fri Mar 31 17:19:14 2006
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From:
[log in to unmask] (Roy Davidson)
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----------------- HES POSTING ----------------- 
 
Tony Brewer said 
 
"Two more comments. First, I don't believe that any competent practising 
economist would claim that there are 'irresistible natural laws' in 
economics like those of physics. The whole tendency is away from that 
kind of thinking with the development of the economics of information 
and game theory." 
 
Roy Davidson here: 
 
Perhaps it depends upon what one understands by natural law. No  
doubt most neo-classical economists would reject natural law. But in  
classical political economy dealing with the laws of the production and  
distribution of wealth, natural laws loomed large.   
 
Certainly Ricardo's law of rent is applicable as a universal truth for all  
societies. John Stuart Mill believed that the production of wealth is  
governed by natural law but the distribution of wealth is determined in  
any way the society sees fit. Others, following in the classical tradition  
believed both the production and distribution of wealth is governed by  
natural law.   
 
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