The Darwin Economy: Liberty, Competition, and the Common Good
Description
Who was the greater economist—Adam Smith or Charles Darwin? The question seems absurd. Darwin, after all, was a naturalist, not an economist. But Robert Frank, New York Times economics columnist and best-selling author of The Economic Naturalist, predicts that within the next century Darwin will unseat Smith as the intellectual founder of economics. The reason, Frank argues, is that Darwin's understanding of competition describes economic reality far more accurately than Smith's. And the consequences of this fact are profound. Indeed, the failure to recognize that we live in Darwin's world rather than Smith's is putting us all at risk by preventing us from seeing that competition alone will not solve our problems. Smith's theory of the invisible hand, which says that competition channels self-interest for the common good, is probably the most widely cited argument today in favor of unbridled competition—and against regulation, taxation, and even government itself. But what if Smith's idea was almost an exception to the general rule of competition? That's what Frank argues, resting his case on Darwin's insight that individual and group interests often diverge sharply. Far from creating a perfect world, economic competition often leads to "arms races," encouraging behaviors that not only cause enormous harm to the group but also provide no lasting advantages for individuals, since any gains tend to be relative and mutually offsetting. The good news is that we have the ability to tame the Darwin economy. The best solution is not to prohibit harmful behaviors but to tax them. By doing so, we could make the economic pie larger, eliminate government debt, and provide better public services, all without requiring painful sacrifices from anyone. That's a bold claim, Frank concedes, but it follows directly from logic and evidence that most people already accept.
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ISBN:
9781469094151
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Grouping Information
Grouped Work ID | 357e5ce6-2352-6133-cd15-b0b93caffcd1 |
---|---|
Grouping Title | darwin economy liberty competition and the common good |
Grouping Author | robert h frank |
Grouping Category | book |
Grouping Language | English (eng) |
Last Grouping Update | 2024-04-19 02:10:42AM |
Last Indexed | 2024-04-19 02:22:27AM |
Solr Fields
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0
accelerated_reader_reading_level
0
author
Frank, Robert H.
author_display
Frank, Robert H.
display_description
Who was the greater economist—Adam Smith or Charles Darwin? The question seems absurd. Darwin, after all, was a naturalist, not an economist. But Robert Frank, New York Times economics columnist and best-selling author of The Economic Naturalist, predicts that within the next century Darwin will unseat Smith as the intellectual founder of economics. The reason, Frank argues, is that Darwin's understanding of competition describes economic reality far more accurately than Smith's. And the consequences of this fact are profound. Indeed, the failure to recognize that we live in Darwin's world rather than Smith's is putting us all at risk by preventing us from seeing that competition alone will not solve our problems. Smith's theory of the invisible hand, which says that competition channels self-interest for the common good, is probably the most widely cited argument today in favor of unbridled competition—and against regulation, taxation, and even government itself. But what if Smith's idea was almost an exception to the general rule of competition? That's what Frank argues, resting his case on Darwin's insight that individual and group interests often diverge sharply. Far from creating a perfect world, economic competition often leads to "arms races," encouraging behaviors that not only cause enormous harm to the group but also provide no lasting advantages for individuals, since any gains tend to be relative and mutually offsetting. The good news is that we have the ability to tame the Darwin economy. The best solution is not to prohibit harmful behaviors but to tax them. By doing so, we could make the economic pie larger, eliminate government debt, and provide better public services, all without requiring painful sacrifices from anyone. That's a bold claim, Frank concedes, but it follows directly from logic and evidence that most people already accept.
format_catalog
eAudiobook
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Audio Books
eBook
eBook
id
357e5ce6-2352-6133-cd15-b0b93caffcd1
isbn
9781469094151
last_indexed
2024-04-19T09:22:27.382Z
lexile_score
-1
literary_form
Non Fiction
literary_form_full
Non Fiction
primary_isbn
9781469094151
publishDate
2011
publisher
Ascent Audio
recordtype
grouped_work
title_display
The Darwin Economy Liberty, Competition, and the Common Good
title_full
The Darwin Economy Liberty, Competition, and the Common Good
title_short
The Darwin Economy
title_sub
Liberty, Competition, and the Common Good
topic_facet
Business
Nonfiction
Nonfiction
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