Does economics actually help us to understand and solve real world problems? This book examines and analyses the role of economics and economic theory in the social and political life of the early 20th century.

The contrast between man's amazing ability to manipulate his world and his pitiful incompetence in managing his own affairs is now as commonplace as it is tragic. It is by rigorous devotion to scientific method that we have made our conquests over the material environment; it is obvious that this method is not normally applied to the field of relations of human beings, individual and collective. These are conducted in a quite different way, governed by a medley of primitive impulses set in a framework of a traditional morality that varies from place to place and age to age. In these matters...