

247 | Samuel Bowles on Economics, Cooperation, and Inequality
155 snips Aug 21, 2023
In this discussion, economist Samuel Bowles shares insights on the evolution of cooperation and economic inequality. He highlights how human behavior shapes economic systems and critiques traditional self-interest models, introducing the significance of altruism. Bowles also reassesses neoliberalism, examining its shortcomings revealed by the 2008 financial crisis. Additionally, he delves into free-riding in historical contexts and its implications for modern challenges like climate change, advocating for community cooperation over top-down solutions.
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Shifting Analogies in Economics
- Economists previously favored physics analogies due to shared interests in collective behavior.
- Now, biology analogies are more relevant because of economists' focus on system dynamics.
Intentionality's Impact on Economics
- Human intentionality makes economics more complex than physics, as individuals have goals and consider others' intentions.
- Economics is shifting from transportation metaphors to those of conversation, acknowledging the interactive nature of economic actions.
Limits of the Invisible Hand
- Adam Smith's "invisible hand" suggests that self-interest can lead to positive social outcomes.
- However, this applies mainly to simple transactions with complete contracts, like buying shirts, not labor.