What’s Wrong with Economics? It Ignores the Pogo Principle: 'We Have Met the Enemy and He is Us'
The Journal of the History of Economic Thought, Vol. 34, No. 1, pp. 1-20, 2012
24 Pages Posted: 3 Aug 2011 Last revised: 19 Apr 2012
Date Written: June 21, 2011
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 constructive skepticism of the current discourse.
Keywords: Social Norms, Ethics, Adam Smith, Crisis, Recession, History, Distribution
JEL Classification: A1, B1
Suggested Citation: Suggested Citation