Abstract
I. THE MODERN-OLD APPROACH AND ITS LIMITATIONS The areas of economics in which theory is tailored to the theorist's political beliefs are steadily shrinking. Gone are the days of the dismal science and of theories protesting against the exploitation of man by man . Even the Keynesian controversies have simmered down. The gloom which descends upon us with the passing of the colourful era in which theory was pregnant with policies is still occasionally dispelled by welfare economics controversies. Welfare economics, more than any other field, lends itself to wishful theorizing. As Buchanan put it so aptly:
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