A bracing study not just of Smith’s ideas, but also of how scholars and activists have used (and misused) them.
The iconic economist has become all things to all people over time, from Friedman-esque libertarian to anti-capitalist crusader.
Adam Smith (1723-1790), writes Harvard fellow Liu, was one of the brightest stars of the Scottish Enlightenment, with broad interests that ranged from law and rhetoric to philosophy and economics. Today, scholars are more inclined to link his notion of “moral sentiments”—that is to say, the bonds of social contract that make people want to conduct themselves honestly in business—to developments that he would spell out in The Wealth of Nations. The “invisible hand” evoked therein is one complexity. Another involves what Smith deemed self-interest, which, Liu suggests, does not mean dog-eat-dog but instead something approaching the golden rule: Trade fairly and freely with me, and I will do so with you. Yet his name has been hijacked as “shorthand for the virtues of free markets and the vices of government intervention in economic affairs.” The Founding Fathers put Smith’s ideas to work in constructing federalism precisely because they “appealed to enlightenment sensibilities about how to understand the governing dynamics of man in society.” For reasons of his own, Thomas Jefferson seems to have preferred French economists such as Jean-Baptiste Say, while Smith’s near-contemporary Alexander Hamilton “borrowed Smith’s distinction between ‘dead’ and ‘live’ stock to illustrate how banks did more than circulate precious metals.” Liu argues that Smith’s largely laissez faire attitudes did not mean a complete lack of government intervention, but the Chicago school of economics distorted his message in order to prove that self-interest meant, above all else, the “narrow desire for wealth.” Even if Chicago, the Heritage Foundation, and other right-leaning entities have tried to seize him for their cause, Liu examines the possibility that he may be “closer to the values of the contemporary left”—thus are the many ambiguities in his work.
A bracing study not just of Smith’s ideas, but also of how scholars and activists have used (and misused) them.Pub Date: Nov. 29, 2022
ISBN: 978-0-691-20381-2
Page Count: 384
Publisher: Princeton Univ.
Review Posted Online: July 12, 2022
Kirkus Reviews Issue: Aug. 15, 2022
This a book of earlier, philosophical essays concerned with the essential "absurdity" of life and the concept that- to overcome the strong tendency to suicide in every thoughtful man-one must accept life on its own terms with its values of revolt, liberty and passion. A dreary thesis- derived from and distorting the beliefs of the founders of existentialism, Jaspers, Heldegger and Kierkegaard, etc., the point of view seems peculiarly outmoded. It is based on the experience of war and the resistance, liberally laced with Andre Gide's excessive intellectualism. The younger existentialists such as Sartre and Camus, with their gift for the terse novel or intense drama, seem to have omitted from their philosophy all the deep religiosity which permeates the work of the great existentialist thinkers. This contributes to a basic lack of vitality in themselves, in these essays, and ten years after the war Camus seems unaware that the life force has healed old wounds... Largely for avant garde aesthetes and his special coterie.
Pub Date: Sept. 26, 1955
ISBN: 0679733736
Page Count: 228
Publisher: Knopf
Review Posted Online: Sept. 19, 2011
Kirkus Reviews Issue: Sept. 1, 1955
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
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