The role of economics in society has never seemed more crucial than it does today. There are tens of thousands of practicing economists who influence decisions in banks, corporations, and government. However, the field of vision among today's economists is greatly reduced. Lacking the scope of an Adam Smith, a Thorstein Veblen, or a John Maynard Keynes, these professionals concentrate on smaller spheres of interest, such as Paul Samuelson's work in mathematical economics, for which he won a Nobel prize.
Breaking with earlier traditions, modern economics lauds such figures as Milton Friedman, spokesperson for the free market, and John Kenneth Galbraith, whose philosophy runs counter to Friedman. Whatever the area of interest, economists at present suffer no lack of problems to solve, whether depression or inflation. Under the stimulus of massive change—globalization of the marketplace, third world starvation in an era of affluence, and threats to the industrial order as Japan faces off against the American giant—economists look out on a host of possibilities. What mixed blessing will technology bring? Will the earth survive the pollutants produced by industry? Has ecology gone too far toward destruction to be rescued? Will the depletion of fossil fuels spell the end of the factory system? Is a global depression possible? Will technology extend into outer space?
In none of the above troubling situations will economics bear the final resolution. The citizen of tomorrow will find the role of politics encroaching more heavily on economic growth. Never again will the market chug along on its own steam, as it appeared to do in Adam Smith's day. Consequently, the day of the worldly philosophers appears to have ended. Yet, their role in teaching humanity how to assess a major cog of civilization has brought about a worthwhile reaction—a better understanding of itself.
