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:

Related Links

Topics + Tags

Comments

comments powered by Disqus
Most Recent Shows

President-Elect Trump And U.S. Trade

Thursday, Dec 01 2016During the campaign President-elect Donald Trump promised to bring jobs back to the U.S. by changing the rules with our global trading partners: What stronger protectionist policies could mean for American workers and the U.S. economy.

“The Master Plan”: A New Look At ISIS’ Complex Hidden Past

Wednesday, Nov 30 2016Drawing from newly declassified documents, counterterrorism expert Brian Fishman makes the case for a new history of the origins of the Islamic State. He says the US has made critical mistakes in understanding the terror group to this point. Fishman and expert William McCants discuss the hidden past of ISIS, and what the new U.S. administration needs to know about it moving forward.