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History of Economic Analysis part 32. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 272 Therefore his horror never surpassed by anyone s outside the United States Senate of that worst of all disasters cheap bread. With delightful naïveté he warned lawyers physicians actors and so forth not to clamor for low prices of agricultural products in doing so they were digging their own graves for the landowners who are nothing but intermediate spenders would then find their incomes reduced and have to reduce their expenditure and where would those lawyers et cetera be Thus his idea of a prosperous society did not involve Cheapness and Plenty but Dearness and Plenty. He did not use the phrase Fallacy of Cheapness of which modern spenders are so fond but it is evident that he meant exactly the same thing. Since this question has never ceased to arouse interest at least in that no-man s land that lies between professional and popular economics we had better take this opportunity to comment upon it. d Dearness and Plenty versus Cheapness and Plenty. First of all it is quite clear that both of the opinions envisaged are strongly rooted in the public mind and that the politicians legislators and administrators who took action in order to give effect to the one or the other simply responded to popular demands. This is as true today as it was for the price edicts of the later Roman Emperors and explains not only the contradictions in professed motives and in actual measures that we observe but also the many insincerities in the use of apparently general arguments for what was meant to improve the relative position of some particular group. Broadly speaking the workman always wanted low prices of commodities the businessman high prices and both assumed uncritically the absence of any further effects of either cheapness or dearness. Early analysis here as elsewhere proceeded from those popular sentiments and rationalized and reshaped them into doctrines. But in doing so writers again here as elsewhere usually sided with the one or the .
