Economics “Not Wealth”

Press, Volume CIX, Issue 32053, 30 July 1969, Page 16

Economics “Not Wealth”

Sir,—While I agree with Mr Muldoon's statement “economics was not wealth,” his further comment, that “economics is people,” is utterly ridiculous. The word economics is derived from the Greek language and means “housekeeping,” and while housekeepers in this country may be scraping the bottom of the barrel in their attempts to meet all their financial commitments from their husbands’ tax-reduced pay envelopes, they at least are not borrowing money to pay the interest on their time payment purchases, an example that Mr Muldoon could note when Mr Muldoon is conducting the nation’s housekeeping.—Yours, etc., JOHN FORSTER. July 29, 1969.

Sir,—So our Minister of Finance has seen the light at last. “Economics is not facts, figures, and wealth—economics is people,” He must have been reading a book on “Practical Economics—What Everybody Should Know About Money.” Will he now arrange that the universities teach the new philosophy? Also, he will now have to instruct the Reserve Bank to produce the figures in accord with the facts of wealth so that the people can make their decisions daily as they go about their daily tasks. I am sure that there can be enough figures left over to pay the workers required to tend the machines which ensure our economic growth in this machine age. There is still time for the new wizard of finance to implement his outlook by legislation this session and dash the hopes of the splinter aspirants with their political eyewash. Deeds will count— Yours, etc., W. B. BRAY. Leeston, July 29, 1969.