Basic Concepts in Economics

Alfred Richard, Basic Concepts in Economics


Mr. Orage describes his book as the result of an " attempt to comile a glossary of economic and political terms for the readers of the New Age in general and of students of the system of National Guilds in particular. It developped, howerver, into a more or less systematic attempt to define economics in terms of the wage system, and, at the same time, to suggest an alternative to it." It is fortunate that Mr. Orage did not realise his original purpose. Definitions framed to fit into theories of a peculiar scool can have but esoteric value, and Mr. Orage deserves a wider circle of readers than the students of the New Age. (...) It is the constructive thought embodied in that scheme which gives Mr. Orage his title to the high rank he holds among contemporary economists. T.A.F., Studies: An Irish Quarterly Review.