Adam's Fallacy: A Guide to Economic Theology

Adam's Fallacy: A Guide to Economic Theology

Adam's Fallacy: A Guide to Economic Theology

Duncan K. Foley

This booklet might be known as “The clever Person’s consultant to Economics.” Like Robert Heilbroner’s The Worldly Philosophers, it makes an attempt to give an explanation for the middle rules of the good economists, starting with Adam Smith and finishing with Joseph Schumpeter. In among are chapters on Thomas Malthus, David Ricardo, Karl Marx, the marginalists, John Maynard Keynes, Friedrich Hayek, and Thorstein Veblen. The identify expresses Duncan Foley’s trust that economics at its such a lot summary and engaging point is a speculative philosophical discourse, now not a deductive or inductive technological know-how. Adam’s fallacy is the try to separate the industrial sphere of existence, during which the pursuit of self-interest is led by way of the invisible hand of the industry to a socially invaluable consequence, from the remainder of social lifestyles, within which the pursuit of self-interest is morally tricky and needs to be weighed opposed to different ends.

Smith and his successors argued that the industry and the department of work that's fostered by way of it lead to great profits in productiveness, which result in a better lifestyle. but the marketplace doesn't deal with the matter of distribution—that is, how is the achieve in wealth to be divided one of the periods and individuals of society? Nor does it handle such difficulties because the long-run healthiness of the planet.

Adam’s Fallacy is fantastically written and includes fascinating observations and insights on virtually each web page. it's going to have interaction the reader’s recommendations and emotions at the private point.

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