Robert Frank: "The Darwin Economy: Liberty, Competition, and the Common Good"
http://thedianerehmshow.org/shows/2011-10-27/robert-frank-darwin-economy-liberty-competition-and-common-good
Robert Frank
Courtesy Princeton University Press
For centuries, economists have believed in the power of Adam Smith’s “invisible hand” to steer the markets. But the global financial crisis and a rising income gap has many reconsidering Smith’s theory: that competition channels self-interest for the common good. One economist proposes a new intellectual giant of economics – Charles Darwin. He argues the naturalist’s understanding of competition describes economic reality far more accurately than Adam Smith . And he warns that failing to recognize that we live in Darwin’s world is putting our economy at risk. What Charles Darwin can teach us about economics.
Guests
Robert Frank
economics professor at Cornell's Johnson Graduate School of Management, regular "Economic View" columnist for the "New York Times" and author of many books, including, "Principles of Economics" (with Ben Bernanke).
Read an Excerpt
Excerpted from "The Darwin Economy" by Robert Frank. Copyright 2011 by Robert Frank. Excerpted here by permission of Princeton University Press:
Comments
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I see a lot of assertions being tossed about, opinions without substantiation, such as historical examples of both sides of the issue, or analogies, or research. Likewise conclusions are offered with little attention paid to describing the basic principles or facts they're based on. Nor is the logic flow made clear.
I's a fun game to toss the ball around like that sometimes, I admit, but the ball park is covered in deep doodoo right now. Come on people...it's time to think. The folks who pulled us out in previous times did a lot of that - thinking.