Distribution: Some Methodological Observations

TL;DR: For example, the authors argued that Free Market economics presents as working well a system which works badly, and that Marxism presents a system that will not work at all, and argued that the collectivism of Marx fails to explain why and how this or that principle will lead to and maintain equilibrium of demand and supply for services and products.

Abstract: Perhaps the most interesting descendant of the eighteenth century French theoretical economic tradition was Leon Walras (1834–1910). His work went almost unnoticed during his lifetime, not only because he presented his findings in mathematical terms (which was not in fashion with the economics profession of the time), but also because of his political ambiguous position. He claimed that Free Market economics presents as working well a system which works badly, and that Marxism presents a system which will not work at all. “Certainly economists have not demonstrated scientifically the principle of free competition. Fortunately for them free competition organizes production more or less well. In going into ecstasies over the admirable manner in which it does this they regard their task as accomplished. But socialism must proceed differently. It must distinguish itself from economism [the Free Market paradigm] above all in its knowledge of political economy, and it must explain why and how this or that principle will lead to and maintain equilibrium of the demand and supply for services and products. In doing this it will advance from the literary to the scientific stage. This is what the collectivism of Marx fails to do.”