Earlier this month, the House of Representatives passed the 21st Century Cures Act in a rare bi-partisan effort. The bill is meant to speed the development of lifesaving treatments, but critics warn it may also allow ineffective or even harmful drugs onto the market.
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.
- 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:
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