Redeeming economics : free markets and the human person

"The scope of Mueller's intellectual ambition in this book is truly astonishing, as is the scope of the research involved. . . . People should invest the time needed to read, absorb, and promote this important book." -- Jennifer Roback Morse, Ph.D. "Groundbreaking." --"The Washington Examiner" "Mueller points out, the family is the fundamental productive unit. It produces a nation's most valuable resource: human beings, hopefully socialized ones. . . . There is much hype about the conflict between economic and social conservatives. But if Mueller is right, the two visions are basically complementary. . . . His writing does suggest some of the weaknesses of modern conservatism. . . . Conservatives may need to outgrow Adam Smith and develop a newer, deeper understanding of economics, the family and justice." --"Daily Herald (Utah)" "Mueller opens discussion on essential topics for people of all faiths, political orientations, and worldviews and does so in ways that probe the limits of rational choice and foster interdisciplinary conversation." --"Choice" Economics is primed for a revolution, says respected economic forecaster John D. Mueller. To make this leap forward will require looking backward, for as "Redeeming Economics"""reveals, the most important element of economic theory has been ignored for more than two centuries. Since the great Adam Smith tore down this pillar of economic thought, economic theory has had no way to account for a fundamental aspect of human experience: the social relationships that define us, the loves (and hates) that motivate and distinguish us as persons. In trying to reduce human behavior to mere exchanges, modern economists have lost sight of how these essential motivations are expressed: as "gifts" (or their opposite, crimes). Mueller makes economics whole again, masterfully reapplying economic thought as articulated by Aristotle, Augustine, and Aquinas. Contrarian and compelling, "Redeeming Economics"""covers everything from unemployment, to inflation, to the economics of parenthood, to the greatest geopolitical challenge facing the United States, to flaws in the mega-bestseller "Freakonomics," to the author's illuminating exchange with the controversial philosopher Peter Singer. The scope of Muellers intellectual ambition in this book is truly astonishing, as is the scope of the research involved. . . . People should invest the time needed to read, absorb, and promote this important book. Jennifer Roback Morse, Ph.D. Groundbreaking. The Washington Examiner Mueller points out, the family is the fundamental productive unit. It produces a nations most valuable human beings, hopefully socialized ones. . . . There is much hype about the conflict between economic and social conservatives. But if Mueller is right, the two visions are basically complementary. . . . His writing does suggest some of the weaknesses of modern conservatism. . . . Conservatives may need to outgrow Adam Smith and develop a newer, deeper understanding of economics, the family and justice. Daily Herald (Utah) Mueller opens discussion on essential topics for people of all faiths, political orientations , and worldviews and does so in ways that probe the limits of rational choice and foster interdisciplinary conversation. Choice Economics is primed for a revolution, says respected economic forecaster John D. Mueller. To make this leap forward will require looking backward, for as Redeeming Economics reveals, the most important element of economic theory has been ignored for more than two centuries. Since the great Adam Smith tore down this pillar of economic thought, economic theory has had no way to account for a fundamental aspect of human the social relationships that define us, the loves (and hates) that motivate and distinguish us as persons. In trying to reduce human behavior to mere exchanges, modern economists have lost sight of how these essential motivations are as gifts (or their opposite, crimes). Mueller makes economics whole again, masterfully reapplying economic thought as articulated by Aristotle, Augustine, and Aquinas. Contrarian and compelling, Redeeming Economics covers everything from unemployment, to inflation, to the economics of parenthood, to the greatest geopolitical challenge facing the United States, to flaws in the mega-bestseller Freakonomics , to the authors illuminating exchange with the controversial philosopher Peter Singer. This book is a bold call for a revolution in economics by returning to its past. Economics is primed for a revolution, says respected economic forecaster John D. Mueller. To make this leap forward will require looking backward, for as Redeeming Economics reveals, the most important element of economic theory has been ignored for more than two centuries. Since the great Adam Smith tore down this pillar of economic thought, economic theory has had no way to account for a fundamental aspect of human experience: the social relationships that define us, the loves (and hates) that motivate and distinguish us as persons. In trying to reduce human behavior to mere exchanges, modern economists have lost sight of how these essential motivations are expressed: as gifts (or their opposite, crimes). Mueller makes economics whole again, masterfully reapplying economic thought as articulated by Aristotle, Augustine, and Aquinas. Contrarian and compelling, Redeeming Economics covers everything from unemployment, to inflation, to the economics of parenthood, to the greatest geopolitical challenge facing the United States, to flaws in the mega-bestseller Freakonomics, to the author's illuminating exchange with the controversial philosopher Peter Singer. - Publisher A bold call for a revolution in economics--by retrieving its past. Economics is primed for a revolution, says respected economic forecaster John D. Mueller. To make this leap forward will require looking backward, for as Redeeming Economics reveals, the most important element of economic theory has been ignored for more than two centuries. Since the great Adam Smith tore down this pillar of economic thought, economic theory has had no way to account for a fundamental aspect of human experience: the social relationships that define us, the loves (and hates) that motivate and distinguish us as persons. In trying to reduce human behavior to mere exchanges, modern economists have lost sight of how these essential motivations are expressed: as gifts (or their opposite, crimes). Mueller makes economics whole again, masterfully reapplying economic thought as articulated by Aristotle, Augustine, and Aquinas. Contrarian and compelling, Redeeming Economics covers everything from unemployment, to inflation, to the economics of parenthood, to the greatest geopolitical challenge facing the United States, to flaws in the mega-bestseller Freakonomics, to the author's illuminating exchange with the controversial philosopher Peter Singer Contents 9 Introduction: Rediscovering the Missing Element in Economics 11 I. The Birth, Death, and Resurrection of Economics 19 1. Smithology and Its Discontents 21 2. Scholastic Economics (c. 1250–1776) 27 3. Classical Economics (1776–1871) 59 4. Neoclassical Economics (1871–c. 2000) 87 5. Neo-Scholastic Economics (c. 2000–) 117 II. Personal Economy 141 6. The “Mother’s Problem” and Augustine’s Solution 143 7. The Success and Failure of Neoclassical Economics 165 8. An Empirical Test: Fatherhood and Homicide 185 9. The Moral Implications of Scarcity: The Good Samaritan Paradigm 199 III. Domestic Economy 211 10. Marriage, the “First Natural Bond of Human Society” 213 11. Why Do Parents Give Children “Existence, Rearing, and Instruction”? 241 12. How Neo-Scholastic Economics Explains Our Life Earnings and Spending 255 IV. Political Economy 283 13. Saving America’s Infant Industry 285 14. The Theory of American Public Choice 293 15. Injustice in Exchange: Unemployment 313 16. Injustice in Exchange: Inflation 337 V. Divine Economy 363 17. The Three Worldviews 365 Notes 377 Acknowledgments 461 Index 463 Economics is primed for—and in desperate need of—a revolution, respected economic forecaster John D. Mueller shows in this eye-opening book. To make this leap forward will require looking backward, for as Redeeming Economics reveals, the most important element of economic theory has been ignored for more than two centuries. Since the great Adam Smith tore down this pillar of economic thought, Mueller shows, economic theory has been unable to account for a fundamental aspect of human experience: the relationships that define us, the loves (and hates) that motivate and distinguish us as persons. In trying to reduce human behavior to exchanges, modern economists have forgotten how these essential motivations are expressed: as gifts (or their opposite, crimes). Mueller makes economics whole again, masterfully reapplying the economic thought of Aristotle, Augustine, and Aquinas.