How to Move Beyond Socialism versus Libertarianism
Harnessing markets and government together to serve the common good.
Harnessing markets and government together to serve the common good.
Read the Article...Geoffrey Hodgson
Imagine Economics as an Evolutionary Science
What might an evolutionary perspective mean for the future of economics?
By Geoffrey Hodgson In 1898, the great American institutional economist Thorstein Veblen published an article entitled: “Why is economics not an evolutionary science?” By “evolutionary”, Veblen explained that he meant an economics that took full […]
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How Capitalism Actually Generates More Inequality
Why extending markets or increasing competition won’t reduce inequality
By Geoffrey M. Hodgson At least nominally, capitalism embodies and sustains an Enlightenment agenda of freedom and equality. Typically there is freedom to trade and equality under the law, meaning that most adults – rich […]
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Economists Forgot Smith and Darwin’s Message: Society Cannot Function Without Moral Bonds
The problem when we ignore moral dispositions and concentrate on self-interest
June 29, 2016 By Geoffrey Hodgson Adam Smith is said to be the founder of modern economics.[1] Yet, contrary to a widespread view, Smith regarded individuals as driven by moral motives as well as self-interest. […]
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Utility Maximization Is an Unfalsifiable and Inadequate Explanation of Human Behavior
Because utility maximization covers everything, it no longer tells us anything
By Geoffrey Hodgson Despite the rise of behavioral economics, many economists still believe that utility maximization is a good explanation of human behavior. Although evidence from experimental economics and elsewhere has rolled back the assumption […]
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