Building a Caring Economy
Today’s mainstream economic models are based on the assumption that humans act in their own self-interest, but that the “invisible hand” of the market ensures that these actions advance the common good. This assumption is patently false, and it is preventing effective action on our most critical shared problems.
https://prosyn.org/oqkOxJl
DAVOS – Today’s mainstream economic models are based on two fundamental assumptions: first, humans are essentially selfish actors who act rationally to advance their own utility – so-called homo economicus; but, second, as Adam Smith’s metaphor of an “invisible hand” was intended to suggest, self-regarding behavior can inadvertently advance the common good. Both assumptions are patently false.