Something that I read…
…in this book “New Ideas From Dead Economists”.
It is not the consciousness of men that determine their being, but, on the contrary, their social being that determines their consciousness.
Good book, btw. Worth a read to understand the evolution of economic ideas. Covers Adam Smith, Malthus, Ricardo, Marx, John Stuart Mill, Alfred Marshall, Keynes, Galbraith, Friedman, and a couple of others.
In 1738, the Irish philosopher Francis Hutcheson, who taught at the Glasgow university was accused by the Glasgow Presbytery for teaching the following two dangerous doctrines:
1) The standard of moral good is promotion of happiness to others
2) It is possible to know good and evil without knowing God
I don’t think he suffered much for it. 🙂
Pollution often indicates a gap in the Adam Smith model. Pollution is a cost of doing business, but the corporation/individual does not pay for the pollution. Society pays for it. Taxes on pollution is an often suggested remedy.
Do you think taxes will work? I doubt it. People will probably find a way to pass on the taxes to the end consumer in some way or the other. Implies return to Status Quo. Incentives probably work better than taxes. If so, what kind of incentives?