Many doubt the existence of economic laws, but the once mighty Soviet Union collapsed because the grand theory on which it was based did not accord with the facts of economic life. It was unscientific.

"In seeking solutions" writes John Young, "we are not reduced to finding ideas no one has ever proposed before. It is rather a matter of perceiving which of the already suggested ideas are correct." To aid us in this, he suggests "we should look at the nature of the basic realities pertaining to economics". These include human nature (economics is about people as much about goods and services) and the common good — a moral element.