Economics
Economics, in this sense is scientific and subjective. Based on fact and according to Karl Popper (1902-1994) cannot be falsified. In his view, policies should be judged as experimental leaving maximum room for self-correction, as stated in his work “The Open Society and its Enemies” (1962). Empiricist John Stuart Mill (1806-1873) claims that it is through falsifying that human nature progresses.
Classical Economist Adam Smith (1723-1790) views people as “calculating machines” designed for maximising pleasure and minimising pain. Otherwise known as Utilitarianism, this moral philosophy is hindered by the State, which is viewed as an obstacle to progress. In “The Wealth of Nations” (1776) he states that richer countries come down to too much state intervention. “The hidden hand of the market” in which all value is derived from trade, when in actuality; people should be allowed to be free.
This is the crisis of Capitalism, claimed by Karl Marx (1818-1883) with which the “Iron Law of Wages” will inevitably lead to the fall of Western Civilisation. There is a constant struggle to survive (Charles Darwin, 1809-1882) as humans use up resources to their maximum limit. A prime example being the Golden Age of the 50’s, 60’s and 70’s, whereby the economic boom lead to high levels of inflation, causing mass unemployment. The rise in monetary value reduced the right of human freedom in the modern world.
