Where Economics & Philosophy Meet | E F Schumacher

Can we live by philosophical and spiritual principles while engaging with the practical world of commerce, industry and economics? Schumacher says we can.

Dr Graham Blackbourn speaks about Schumacher's life and work. Schumacher was a 20th century economist and philosopher. Born in Germany in 1911, he studied at Oxford and as a Rhodes scholar. He moved to England during the war; he was interned and worked on a farm. Keynes had Schumacher released to help with the economic mobilisation for war.

Around 1951, Schumacher suffered a period of disillusionment. But he found his health and happiness began to improve as he practised relaxation exercises; he began to discover his inner being.

Schumacher writes:
Happily, the modest practice of allowing some degree of inner stillness to establish itself – if only for fifteen minutes a day, to start with – led to these unsuspected discoveries: like a Geiger counter, the inward parts started to react and in fact to burn as soon as my mind found itself in contact with the real thing – what shall I call it? – with ‘Truth’, the Truth referred to when we are told: Ye shall know the truth and the truth shall make you free… I had not previously known of the existence of such Truth.

He attached himself to a Buddhist monastery and developed 'buddhist economics'. Proper development depended on the availability of good work. His economic thinking was increasing underpinned by his philosophical understanding.

In 1973 Schumacher published Small is Beautiful. He was an early advocate of organic farming, president of the Soil Association, a pioneer of sustainable development. Four years later, he published 'A Guide for the Perplexed', arguing for the truth of ancient knowledge, waking up to higher levels of spiritual being.

Without philosophy he would have been outstanding as an economist. But it was his discovery of philosophy and the inner life which transformed his economic understanding into a truly human subject, the prime focus of which was one’s physical, emotional and spiritual development.



The School of Philosophy and Economic Science offers courses in practical philosophy and economics with justice as well as other subjects. It aims to approach philosophy in a practical way, encouraging students to apply philosophy in their lives. The School also introduces a mindfulness-type exercise leading eventually to mantra meditation.

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