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What's Wrong With Economics? It Ignores The Pogo Principle: "We Have Met The Enemy And He Is Us", Jerry M. Evensky
What's Wrong With Economics? It Ignores The Pogo Principle: "We Have Met The Enemy And He Is Us", Jerry M. Evensky
Jerry Evensky
The piece begins with the proposition that the economic perspective on human activity must reflect the fact that human beings transact in a world defined for the actors by social norms. An analysis of the crisis of 2008 is offered as a demonstration of the value of adopting such a broader perspective. Part two offers a historical model based on Adam Smith’s Moral Philosophy of such a broader analysis. The piece closes with the case that the history of ideas offers alternative perspectives on the questions we explore in economics today and thus can serve as a valuable resource for …
Adam Smith's Essentials: On Trust, Faith, And Free Markets, Jerry M. Eversky
Adam Smith's Essentials: On Trust, Faith, And Free Markets, Jerry M. Eversky
Jerry Evensky
When trust is shaken, individuals pull back and the market system contracts. Where trust grows, individual energy and creativity are unleashed and the system grows. In Adam Smith’s vision of humankind’s progress, trust is the central theme. The Great Recession represents a classic case of a crisis of trust. Looking back to the work of Smith offers insight into the role of citizens and the State in creating an fruitful market environment based on trust, and the challenge of this process, given the human frailty of individuals (unfortunately, we are not angels) and the potential for State power to be …