Abstract: Economics is said to have adopted a certain degree of dualism. None of its

tenets have been absolute in terms of social effectivity. To survive in an economic

system, rules must be enforced to ensure the peace. There are times when pluralism is

good for a society as a way recognizing social differences. However, there are times,

such as war, when the rule of a central authority is preferred. Laws in economics are

hardly permanent since such regulations are enacted and enforced only when the need

Full Text: COPYRIGHT 1999 M.E. Sharpe, Inc.

Are there any absolute answers in economics? This international trade economist and

economic historian has his doubts. The answer to most questions is "It depends."

Manichaeus, as we all know from the Oxford dictionary; was a Persian philosopher of

the third century A.D., whose system he

Economy, Jan de Vries and Ad van der Woude note that in the Dutch Republic land

was rented by nonfeudal owners on leases of five years, continuously renewed,

CHARLES KINDLEBERGER is Ford International Professor of Economics

many economists and economic historians. As in the past, I can cite hallowed authority

Institutionalists emphasize the importance of private property to economic incentives

York banks appealed to the Federal Reserve Bank of New York, and, when that was

supposed to believe in Say's law that supply creates its own demand, or Keynes's law

left port, checking their loading and general seaworthiness, as too many (though few)

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Approximate Word count = 6752
Approximate Pages = 27 (250 words per page double spaced)