Small is Beautiful: Give Us This Day Our Daily Bread:- Jude Chukwudi N

ABSTRACT

In 1973, E.F. Schumacher, an economist, wrote a book titled SmallIs Beautiful in which he ij'lenged the conventional wisdom of “the bigger the better” as well as the theory of T > jnomies ofscale”, noting that practical reality tends to suggest that smallness is more wient. Schumacher argued thatthe currentpursuit ofprofit and progress which promotes yi:- id. organizations has resulted in gross economic inefficiency, environmental pollution i'AG inhumane working conditions. The entire economic tradition since Adam Smith sees •a.id treats people asjust anotherfactorin the production process but Schumacher proposed paradigmbased on “economics as ifpeoplemattered”. Schumacherproposed a system of intermediate technology, based on smaller working units that utilize local resources. E.F. Schumacher wandered through economics, marketing, democracy, ecology, technology, cooperatives, andmany othersubjects showing how andwhy small is indeed beautiful.