The Wealth of Nature

May 26, 2003
Although economics may still be described colloquially as the "dismal science," Nadeau (S/He Brain: Science, Sexual Politics, and the Myths of Feminism) argues that the propounders of classical and neoclassical economic theory, from Adam Smith in the 18th century to the present, have been mistaken in asserting that economics is a science. Through careful textual analysis, the author explains how economists, using outmoded metaphysical assumptions originally propounded by Smith in The Wealth of Nations, deceived themselves into believing that there are natural laws of economics. Furthermore, these misjudgments were compounded in the 19th century by the use of now discredited mathematical formulas, in which economic forces were perceived by economists in the same way physicists perceived principles of physics. The title of this book is an ironic play on the title of Smith's seminal explanation of capitalism. Unfortunately, the author contends, the continuing formalistic misapprehensions of economists spell possible global environmental catastrophes. These dislocations will result from outdated economic theories that do not take into account the physical realities of the world. The writer proposes a reordering of economic studies that will include an awareness of the vital interplay between ecology, natural resources, trade and population. This well-annotated, scholarly treatment of a dense subject is written in a lively style and will appeal largely to serious students of economics, history, ecology and philosophy.

June 1, 2003
According to this new book, flaws in the fundamental principles of economics make it unable to assess environmental concerns properly. Nadeau, an interdisciplinary scholar at George Mason University, explains that neoclassical economists in the 19th century defined the fundamental principles of economics based upon the scientific knowledge of that time. He spends a chapter each on biology and physics to show how these sciences have evolved to understand the interconnectedness of the environment. In contrast, he argues, economics has merely layered new theory on top of its fundamental ideas of a closed-market system residing separate from the natural environment and thus cannot properly assess current resource usage and environmental degradation. Especially galling to Nadeau is the assumption of many economists that, left to itself, a free-market economy will inevitably work out suitable environmental solutions. In conclusion, Nadeau presents his ideas on how to begin formulating a new environmentally responsible theory of economics. While the book is free of mathematics and most jargon, its lengthy theoretical discussions recommend it to academic and larger public libraries with collections in economics and environmental studies.-Lawrence R. Maxted, Gannon Univ., Erie, PA

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