Why We Must Stop Fetishizing Economic Growth
By Robert A. JohnsonSeptember 25, 2012 | Can economics be morally centered? And perhaps more importantly, should it be?
These
are questions that society is grappling with in the face of the
economics profession's failure to confront the global impact of
exploding inequality within and between countries.
Limitations of the Dismal Science
Economists are very good at studying mechanisms for efficiently allocating things. But they are less effective at addressing more fundamental questions related to these things' social value. Indeed, economists typically leave values unexamined in their mathematical formulas. Social utility is simply not explored.
But what happens when economists' implicit value assumptions break down?
Limitations of the Dismal Science
Economists are very good at studying mechanisms for efficiently allocating things. But they are less effective at addressing more fundamental questions related to these things' social value. Indeed, economists typically leave values unexamined in their mathematical formulas. Social utility is simply not explored.
But what happens when economists' implicit value assumptions break down?
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