NDLI: Commodities in Economics: Loving or Hating Complexity

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Commodities in Economics: Loving or Hating Complexity

Content Provider	Scilit
Author	Alam, M. Shahid
Copyright Year	2016
Description	Journal: SSRN Electronic Journal A review of economic thought since the sixteenth century reveals two streams of economic discourse, dirigisme and laissez-faire. Starting with the mercantilists, dirigiste approaches to economics embrace the real-world complexity of commodities that often differ greatly in attributes that are growth and rent-augmenting. Most importantly, this means that free trade is likely to be polarizing: it concentrates growth- and rent-augmenting commodities in countries that already enjoy a head start in these commodities. Advanced countries, therefore, support laissez-faire, while lagging countries tend to support dirigisme. In order to rationalize their laissez-faire stance, advanced countries began developing a new economic discourse that strips commodities of their complexity. The foundations for this ideological reconstruction of economics were first laid by Adam Smith; this process eventually reached its climax with the neoclassical economists who stripped commodities down to one attribute: their capital intensity. In opposition to this laissez-faire economics, other writers, supportive of the interests of lagging countries, brought complexity back into their economic discourse; they argued that lagging countries had a fighting chance of catching up to advanced economies only by indigenizing a growing array of growth and rent-augmenting commodities.
Related Links	http://et.worldeconomicsassociation.org/files/WEA-ET-5-1-Alam.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=2756839
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.2756839
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2016-03-30
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal History and Philosophy of Science Laissez Faire Economic Discourse
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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