it is of a kind with Adam Smith’s Wealth of Nations. It is, however, unlike the latter in two essentials: first, in the comprehensiveness of the social program which its problem requires it to elaborate; and, secondly, in the extreme complexity of the social ideal, the realization of which is the object at which the program aims ... these two characteristics serve alike to classify the treatise and to indicate its differences in scope and objective from current theory ... His [Hobson’s] condemnation of laissez-faire and of automatism in all its forms imposes upon him the task of a quite detailed elaboration of a social program. Compared with Smith’s quest, his is for a veritable will-of-the-wisp.
KeywordsMarket Failure Social Program Detailed Elaboration Extreme Complexity American Economic Association
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