Friday, December 26, 2008

Richard Epstein Reports Accurately the Kirkcaldy Adam Smith

Economics (‘just another Blog tagging resource for Economics students’) (26 December) posts extracts from a summary of an Econ Talk podcast between Richard Epstein and Russ Roberts HERE:

Richard Epstein of the University of Chicago talks with EconTalk host Russ Roberts about the relationship between happiness and wealth, the effects of inequality on happiness, and the economics of envy and altruism. He also applies the theory of evolution to explain some of the findings of the happiness literature.”

“People think Adam Smith was a proponent of getting whatever you can and get ahead; but that was not his view; Theory of Moral Sentiments. Word “sentiment”–what he meant was the effort to figure out how people react toward the misfortunes of others. You don’t treat them as acutely as if they are your own; but you are not completely indifferent either. Impossible to only care about your children but not your children’s friends. Theory of inclusive fitness

Great to see positive reports of Adam Smith’s thinking because it makes a change (for the better). Would that the habit would spread!

So much is reported that carries ‘lies, damned lies, and as good as lies, otherwise known as quotations torn from their context’.



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