![]() ![]() Our current landscape has been created by the acceptance of a few core principles – the individual as perfectly selfish, perfectly rational, able to create perfect markets by acting in her own interests we have ignored plausible competing theories and have suffered for it.īut first, go back to Adam Smith's pin, the implement from which he derived his theories of productivity, division of labour, transition costs (money wasted by workers moving from one place to another) – the fundamentals he explored in order to write An Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776. Rather, we are witnessing a failure of plurality. ![]() If there is a sense in which economics has "failed", Chang argues, it is not because it should have "predicted" the crash and the disasters of the last seven years, nor for those Krugmanian reasons that range the state against the market, regulation against self-interest, cooperation against moral hazard. ![]()
0 Comments
Leave a Reply. |