In Macroeconomic Science, Beware Sentimentalism Lacking Intelligence (Brief Item #84)

[7/2/20] A rigidly egalitarian system belongs to a perfectly egalitarian world; (but) a world in which men are, in fact, unequal must find a different system.  What system?  If the idealism is sentiment without intelligence, it is as likely as not to mate with the underground cynicism of the revolutionaries to foist upon us a dictatorship of the proletariat in which the proletariat does not dictate (but secret police surveil and labor camps terrify), a dictatorship of the Herrenvolk in which the Volk obeys the Fuhrer.  But if that idealism can be brought to learn the discipline of logic and of scientific reflection, then it will impose a generalization of the exchange economy.  To determine the nature of such a generalization is the aim of this inquiry; but at once this is at least evident.  The vast forces of human benevolence can no longer be left to tumble down the Niagara of fine sentiments and noble dreams.  They have to be assigned a function and harnessed within the exchange system, for in no other way can that system shake off its fictitious fetters to move consistently towards its maximum. [CWL 21, 36]

generalization will … move to a higher synthesis that eliminates at a stroke both the problem of (insufficient basic incomes) and the complementary problem of (workers’ misinterpretations); it will attack at once both the neglect of economic education and the blare of advertisements leading the economically uneducated by the nose; it will give new hope and vigor to local life, and it will undermine the opportunity for peculation (embezzlement) corrupting central governments and party politics; … [CWL 21, 36-37] [84]

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