Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 15 “Global Salvationism” Foster is flipping a popular narrative about the problem of big business on its head in this part of the chapter. Such fears have led to calls for Corporate Social Responsibility (CSR), but it…
Tag: Milton Friedman
Why We Bite the Invisible Hand
Behavioral Economics: Correcting a Problem Economics Does Not Have
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 12 “Homer Economicus” Foster turns his attention to the field of Behavioral Economics that gained a lot of attention in the early 2000’s. However, it is clear Foster is unimpressed. Two psychologists kicked the field…
Economic Thought
It Was Never Only About Profits
A Discussion “The Social Responsibility of Business: Milton Friedman Reconsidered” As an economics professor, I know I have some misconceptions to overcome every semester a new crop of students appear in my intro microeconomics course. Economics is about greed. It is immoral. Capitalism is bad. Elrick and Thies (2018) offer…