Stop Associating Adam Smith with Laissez-Faire Economics

Modern misuses of the father of economics

By Jag Bhalla Adam Smith was no fan of greed. And Smith fans who hold selfishness a virtue, distort what he called his best work. 1. “Adam Smith was a behavioral economist,” says Richard Thaler (noted Misbehaving adder of empirical psychology to economics). 2. Smith […]

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Paleo-Economics Shaped Us Morally

Our ancestors’ economic dilemmas

By Jag Bhalla Paleo-economics shaped our moralities. Like our languages, our moralities are evolved social-coordination “technologies.” 1. By ~ 10,000 generations ago, our survival became a team sport. Driving big game toward teammates yielded more […]

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Here Is Why Economics Is Built on a Monumental Mistake

It’s time to update the invisible hand

By Jag Bhalla This is diablog between the evolutionary biologist David Sloan Wilson (DSW) and me (JB). JB: You’ve called an idea that’s cherished in economics “a monumental mistake.” Specifically, the belief that Adam Smith’s “invisible hand” […]

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