EconPapers    
Economics at your fingertips  
 

The Foundations of Economics

Roger D. Johnson

Chapter Chapter 1 in Rediscovering Social Economics, 2017, pp 3-15 from Palgrave Macmillan

Abstract: Abstract Neoclassical economists claim Adam Smith to be their patron saint, but they reject his broader social, moral and political-based understanding of the economy. Smith recognized that economic progress, explicitly defined by rising real wages for those at the bottom of society, implied an increasingly complex and interdependent society and appropriately changing rules of justice. The Neoclassical use of an asocial, value-free model of humans, however, serves to hinder the process of developing an adequate analysis of both the true nature of human welfare and means for promoting it. True market failure occurs when markets are unable to accommodate these social and normative dimensions.

Keywords: Business Ethic; Real Wage; Moral Sentiment; East India Company; Peasant Worker (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations: Track citations by RSS feed

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:pfschp:978-3-319-51265-5_1

Ordering information: This item can be ordered from
http://www.palgrave.com/9783319512655

DOI: 10.1007/978-3-319-51265-5_1

Access Statistics for this chapter

More chapters in Perspectives from Social Economics from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

 
Page updated 2022-09-28
Handle: RePEc:pal:pfschp:978-3-319-51265-5_1