Psychologist Explains Why Economists—and Liberals—Get Human Nature Wrong

“For a fictional character, homo economicus has had a pretty good run. Since the 1950s, this mono-motivated, self-seeking figure has stalked the pages of economics textbooks, busy deciding each action according to a rational calculus of personal loss and gain. But more recently his territory has shrunk as experts on human nature have demonstrated what any decent novelist could have told them: our real selves are nothing like this.”

New Firms for A New Era

“In recent years, large corporations have become increasingly aware that they must be sensitive not only to the financial bottom line, but also to the social and environmental effects of their activities. But societies should not allow firms’ owners and their agents to drive the discussion about reforming corporate governance.”

(article by economist Dani Rodrik, author of a.o. Economics Rules; The Rights and Wrongs of the Dismal Science, 2015)

Sin and Vice Do not Belong in the GDP

“On a larger scale, international standards of measurement help economists develop monetary policy, make economic forecasts, and monitor growth. But greed, fraud, and theft can easily find their way into financial transactions. That is why economics must be subject to those higher normative sciences like ethics that regulate all human behavior.”

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