Narrow your search
Listing 1 - 2 of 2
Sort by

Book
Where Economics Went Wrong
Authors: ---
ISBN: 0691184054 9780691184050 Year: 2018 Publisher: Princeton, NJ

Loading...
Export citation

Choose an application

Bookmark

Abstract

How modern economics abandoned classical liberalism and lost its wayMilton Friedman once predicted that advances in scientific economics would resolve debates about whether raising the minimum wage is good policy. Decades later, Friedman's prediction has not come true. In Where Economics Went Wrong, David Colander and Craig Freedman argue that it never will. Why? Because economic policy, when done correctly, is an art and a craft. It is not, and cannot be, a science. The authors explain why classical liberal economists understood this essential difference, why modern economists abandoned it, and why now is the time for the profession to return to its classical liberal roots.Carefully distinguishing policy from science and theory, classical liberal economists emphasized values and context, treating economic policy analysis as a moral science where a dialogue of sensibilities and judgments allowed for the same scientific basis to arrive at a variety of policy recommendations. Using the University of Chicago-one of the last bastions of classical liberal economics-as a case study, Colander and Freedman examine how both the MIT and Chicago variants of modern economics eschewed classical liberalism in their attempt to make economic policy analysis a science. By examining the way in which the discipline managed to lose its bearings, the authors delve into such issues as the development of welfare economics in relation to economic science, alternative voices within the Chicago School, and exactly how Friedman got it wrong.Contending that the division between science and prescription needs to be restored, Where Economics Went Wrong makes the case for a more nuanced and self-aware policy analysis by economists.

Keywords

Economic policy. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Economic policy --- Liberalism --- Comparative economics --- Comparative economic systems --- Economics, Comparative --- Liberal egalitarianism --- Liberty --- Political science --- Social sciences --- E-books --- Comparative economics. --- Liberalism. --- BUSINESS & ECONOMICS / Economic History. --- Aaron Director. --- Alvin Roth. --- Amartya Sen. --- Ariel Rubinstein. --- Buchanan political economy. --- Chicago Economics Department. --- Chicago School of Economics. --- Chicago School. --- Chicago economics. --- Chicago tradition. --- Chicago. --- Classical Liberal attitude. --- Classical Liberal methodology. --- Classical Liberalism. --- Classical Liberals. --- Coasian institutionalist approach. --- Dani Rodrik. --- Edward Leamer. --- George Stigler. --- James Buchanan. --- James Laughlin. --- John Stuart Mill. --- Milton Friedman. --- Paul Romer. --- Ronald Coase. --- University of Chicago. --- Virginia School. --- argumentation. --- econometric testing. --- economic policy analysis. --- economic policy. --- economic science. --- economic theory. --- economics. --- economists. --- educated common sense. --- formal theory. --- liberal economists. --- liberalism. --- mainstream theory. --- minimum wage. --- modern economics. --- policy differences. --- policy economics. --- policy issue. --- policy issues. --- policy methodology. --- policy prescriptions. --- policy problems. --- policy. --- postwar era. --- science. --- scientific economics. --- scientific methods. --- scientific policy. --- scientific theory. --- theoretical problems. --- welfare economics.


Book
The Tyranny of Utility
Author:
ISBN: 1283168987 9786613168986 1400838894 9781400838899 0691128170 661316898X 9780691128177 Year: 2011 Publisher: Princeton, NJ

Loading...
Export citation

Choose an application

Bookmark

Abstract

The general assumption that social policy should be utilitarian--that society should be organized to yield the greatest level of welfare--leads inexorably to increased government interventions. Historically, however, the science of economics has advocated limits to these interventions for utilitarian reasons and because of the assumption that people know what is best for themselves. But more recently, behavioral economics has focused on biases and inconsistencies in individual behavior. Based on these developments, governments now prescribe the foods we eat, the apartments we rent, and the composition of our financial portfolios. The Tyranny of Utility takes on this rise of paternalism and its dangers for individual freedoms, and examines how developments in economics and the social sciences are leading to greater government intrusion in our private lives. Gilles Saint-Paul posits that the utilitarian foundations of individual freedom promoted by traditional economics are fundamentally flawed. When combined with developments in social science that view the individual as incapable of making rational and responsible choices, utilitarianism seems to logically call for greater governmental intervention in our lives. Arguing that this cannot be defended on purely instrumental grounds, Saint-Paul calls for individual liberty to be restored as a central value in our society. Exploring how behavioral economics is contributing to the excessive rise of paternalistic interventions, The Tyranny of Utility presents a controversial challenge to the prevailing currents in economic and political discourse.

Keywords

Welfare economics. --- Utilitarianism. --- Paternalism. --- Public welfare. --- Benevolent institutions --- Poor relief --- Public assistance --- Public charities --- Public relief --- Public welfare --- Public welfare reform --- Relief (Aid) --- Social welfare --- Welfare (Public assistance) --- Welfare reform --- Parentalism --- Government policy --- Human services --- Social service --- Social classes --- Social control --- Social systems --- Economic policy --- Economics --- Social policy --- Ethics --- Hedonism --- Philosophy --- Welfare economics --- Utilitarianism --- Paternalism --- E-books --- 201 --- 305.6 --- 321.2 --- AA / International- internationaal --- Sociologie: algemeenheden --- Risicotheorie, speltheorie. Risicokapitaal. Beslissingsmodellen --- Economisch beleid van de overheid --- Coasian view. --- Freudianism. --- Friedrich Nietzsche. --- Lockean theory. --- Man. --- Pareto improvements. --- Pigovian taxation. --- Postmodernism. --- addictive goods. --- autonomy. --- behavioral biases. --- behavioral economics. --- behavioral issues. --- behavioral problems. --- cognitive capacity. --- competitive markets. --- consistent behavior. --- consistent self. --- divine order. --- economic theory. --- economics. --- externality. --- financial capacity. --- free markets. --- global efficiency. --- government control. --- government intervention. --- government intrusion. --- government involvement. --- happiness. --- incarnations. --- incentives. --- individual freedom. --- individual liberty. --- individual rights. --- individual welfare. --- individual well-being. --- individualistic values. --- intellectual apparatus. --- intellectual safeguard. --- laissez-faire. --- legitimacy of power. --- libertarian paternalism. --- limited government. --- limited liability. --- market interactions. --- markets. --- modern paternalism. --- objective reality. --- paternalism. --- paternalistic governments. --- paternalistic intervention. --- paternalistic interventions. --- paternalistic policies. --- paternalistic state. --- penalties. --- policy prescriptions. --- political economy critique. --- political institutions. --- population distribution. --- post-utilitarian paradigm. --- post-utilitarianism. --- price restrictions. --- psychological phenomena. --- public policy. --- rational phenomena. --- responsibility transfer. --- revealed preferences. --- self-consciousness. --- self-reported happiness. --- sin tax. --- social contract. --- social engineer. --- social planner. --- social preferences. --- social sciences. --- state involvement. --- statistics. --- transactions. --- unique self. --- unitary individual. --- utilitarian social policy. --- utilitarian state. --- utilitarianism. --- utility. --- voluntary transactions. --- welfare.

Listing 1 - 2 of 2
Sort by