Not by P Alone: A Virtuous Economy

Deirdre N. McCloskey

Review of Political Economy, 2008, vol. 20, issue 2, pages 181-197

Abstract: Samuelsonian (mainstream) economics cannot even think of stepping beyond its Max U, prudence-only model. But if we are going to have an economics that works and that matters, as economists like Sen and Akerlof and Hirschman have been saying, we need to admit that people do not live by prudence alone. They love and hope, they are just or unjust, they are temperate and courageous, faithless or faithful. Recognizing such virtues and vices is not a betrayal of economics. It is a fulfillment of the political economy of Adam Smith.

Date: 2008

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