Excerpt from Principles of the New Economics
The primary purpose of this volume is to integrate the varied developments of recent years in economic thinking, and to relate them to the body of economic ideas which have been evolved through a long history of economic reflection. A number of departures from the orthodox economic doctrines prevalent at the close of the last century have led to the development of several important schools of new economic thought. Each separate school has departed from I the worn and beaten paths of economic theory in ways distinct and peculiar to itself, and each represents an independent and original direction of economic interpretation. I In the early stages of such a movement in economic thinking, it is natural for both the adherents and critics of each branch of the movement to interest themselves in the unique and unusual features of the new doctrines of each independent branch. The stage has been reached, however, when it is of deep importance that the several divergent Ca tendencies in economic interpretation should be integrated in their fundamental relations, The attempt at such an integration takes full cognizance of the many contradictions and inconsistencies between the various branches of thought, but it also acknowledges fully the many basic ways in which the various branches are supplementary and coordinate. The guiding principle of this volume is that the true value of all the independent developments in recent economic thought is realized not merely from a view of each branch of thought by itself, but more completely from a view of the composite evolution in economic thinking. The recent pluralistic progress in economic thinking has a fundamental unity.
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