Economics both describes the way economic forces work and studies the effi ciency, or ineffi ciency, that results. These two aspects of economics have probably never been wholly separated, and it is debatable how far it is possible or desirable to separate them. The question will ultimately be answered by evaluating these different theoretical methods in terms of the results they deliver.

The theory of economic effi ciency uniquely incorporates problem of ideals of good conduct and welfare; in short, of morals and ethics. Preface to Social Economics presents thumbnail...