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Deep Democracy. Judith M. The Nature and Logic of Capitalism. The Power of Market Fundamentalism. Fred Block. International Aid and Integral Human Development. Philip Booth. The Uses of the University. Clark Kerr. Reckoning with Markets. Within economics Nelson analogizes Samuelson and company as being more like Roman Catholics who adhere to natural law doctrine, such as the efficacy of market institutions with a strong overlay of government regulation. Chicago economists are more like Calvinists in that they are radical revolutionaries in the pursuit of a more libertarian approach to economic life in general.

His thesis is new and novel; he has written a strong brief for it, and to say the least, he has interesting ideas. Stylistically, he wins me over. The other half resists the extremity of the argument. There is no doubt that modern economics is full of value judgments, both implicit and explicit, and that one must use care in separating positive from normative arguments.

Where the argument is normative, one must be as explicit as possible about what the value judgments are and whether individuals are in general agreement with respect to these judgments. In most cases, the normative aspects of economic analysis are benign and easily accepted — for example, more wealth or utility is better than less, material progress is a good thing, market institutions stimulate economic growth this is also a positive prediction , and so on. Of course, there will be dissenters; we do not live in a Pareto — optimal world. But for the most part, the normative assumptions of modern economics are not controversial.

Most of these value judgments are just common sense writ large. At times Nelson seems to deny the prospect of a value-free analysis.