One of the mavericks of economics

Frederick Soddy, scientist on the early 20th Century, was an economic maverick. I love mavericks – right now this has to go down as a to-do item of mine … what I’ve read so far is very intriguing. Take this quote as an example :

The Doctrine of Virtual Wealth

After separating, therefore, wealth from debt, the next step in solving the ‘economic paradox’ of poverty in a world rich enough to satisfy mankind’s basic wants with ease, is to survey the process by which wealth comes into being.

Starting with a scientist’s view of the process of production, Soddy replaces the traditional ‘factors of production’ of Adam Smith (Land, Labour and Capital), with an alternative three: Discovery, Natural Energy and Human Diligence.

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