Rethinking Economics: A Classical Perspective

Vernon Smith ()

Chapter Chapter 2 in Economics for the Curious, 2014, pp 19-32 from Palgrave Macmillan

Abstract: Abstract The Great Recession has a simple explanation: with abandon people widely violated the basic rules of what Adam Smith would have called ‘propriety’ in his first and much neglected book, The Theory of Moral Sentiments (1759 [1982]). The rule violations were stated crisply in Shakespeare’s maxim in Hamlet: Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry.

Keywords: Monetary Policy; House Price; Balance Sheet; Federal Reserve; Credit Default Swap (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-38359-4_3

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DOI: 10.1057/9781137383594_3

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