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I = S - M

The modern way of thinking about economics has been I = M - S Where I is the I as in me, M is what is 'mine' and S is what ...

12/5/08

Gandhian economist E. F. Schumacher gave a public lecture in September 1977 during which he talked about his name. A name with the obvious meaning, shoe-maker. It is not enough to know about shoes, he said. Even to know everything there is to know about shoes. As a shoe-maker you must make a study of the foot.

A week later he died. After a life-time spent understanding economics I like to think that the shoe-maker is now studying life itself.