The logic of economic discourse: beyond Adam Smith and Karl Marx

Abstract

Economic discourse has two interesting properties. It tends to be all‐encompassing and it tends to shape the reality which it sets out to describe. Systems of economic theory can become very powerful and those based on ideas from Adam Smith and Karl Marx are good examples. Each of these has produced serious problems which are difficult to cope with because of their tendency to be rooted in a reality which they have helped to create. What is needed is a logic which is open to constant revisions and which ties closely to human experience and a notion of economics which makes this possible. Suggests a “logic of continuous discourse” and an information‐based economy aimed at maximizing the availability of a range of human experience and minimizing the expenditure of energy.

Citation

Armour, L. (1997), "The logic of economic discourse: beyond Adam Smith and Karl Marx", International Journal of Social Economics, Vol. 24 No. 10, pp. 1056-1079. https://doi.org/10.1108/03068299710184877