Economics In Modern Society

Paper Summary:

This paper discusses the book "Small is Beautiful: Economics As If People Mattered", which is a collection of essays written by Ernst Friedrich Schumacher on the topic of economics in modern society. The paper explains that, although this "modern society" refers for the most part to the outlook from 1973 (when the book was first written), these concepts still have relevance today in our increasingly technological, material society. The paper looks at how Schumacher analyzes economics not in the staid, scientific manner of college professors, but from a viewpoint of heart, wit, humor and originality. The paper also notes that the titles of many of the essays give a clue to the types of perspectives showcased - essays such as "Buddhist Economics", "Technology with a Human Face" and "Nuclear Energy: Salvation or Damnation?", indicating that the collected essays demonstrate a fairly liberal, humanistic view of modern economics
personal and passionate, particularly regarding the academic take common to the arena of economics at the time (the 1970s). The paper further explains that the book aims to analyze macroeconomics in terms of micro examination and that the thesis statement, or main proposition reiterated throughout the book, is that our economy is an unsustainable one, and that we are using up our natural resources.

From the Paper:

"In closer detail, topics covered include the modern world and the problems of production, peace and permanence; global resources, and how this relates to nuclear energy, technology, industry resources, land use and consumer education; the third world and its relation to global development, technology, village-style life and unemployment issues; and organization and ownership, which includes an analysis of theory of large-scale organization, socialism, ownership, and emerging new patterns of ownership. The ground covered is not anything particularly new, at least not for our society. At the time of initial publication, Schumacher's sentiments no doubt reflected growing concerns in terms of globalization - the environment, overuse of natural resources, materialism over humanism and lack of proper organization and preparation on a global scale. Today, these issues are so contemporary and current that their highlighting seems commonplace."

Sample of Sources Used:

• Schumacher, E. F. Small is Beautiful: Economics As If People Mattered. Vancouver: Hartley & Marks, 1999.

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