Sunday, September 18, 2011

Adam Smith and Darwin: new book by Robert Frank

“Darwin, the Market Whiz” (HERE):

“WHO was the greater economist — Adam Smith or Charles Darwin?”

“Since Darwin, the pioneering naturalist, never thought of himself as an economist, the question seems absurd. Yet his understanding of competition describes economic reality far more accurately than Smith’s. Within the next century, I predict, Darwin will be seen by most economists as the intellectual founder of their discipline….

…. In a nutshell, Darwin’s simple insight reveals that the modern economy is not only far less efficient than Adam Smith’s modern disciples think it is, but also that it would be relatively easy to improve matters. That simple truth will someday be self-evident. But until then, the wasteful aspects of the competitive process will continue to impose enormous costs on everyone

Presently, I am reading Robert H. Frank’s book, ‘The Darwin Economy: liberty, competition and the common good’ , Princeton University Press, September, and I shall post my review of it shortly.

The link in above is not a review – it presents Robert Frank’s views without much comment across 6 pages. Follow the link and see what you make of it. We shall discuss it in the coming week.

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