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Restoring Ethics to Economics
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Restoring Ethics to Economics

Modern Economics Should Return to Its Roots

Anthony Annett
IMF, 2018
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8

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Recommendation

According to policy expert Anthony Annett, economics needs to return to its origins in moral philosophy to regain its validity in the 21st century. In this insightful appeal, he argues that the prevailing neoclassical doctrine encourages reckless behaviors, such as those that led to climate change and to the 2008 global financial crisis. He posits that economics must consider the social and environmental costs of economic activities. getAbstract recommends Annett’s well-presented and compelling case to government and business leaders as well as to economists.

Take-Aways

  • Many people today question the neoclassical assumption of “homo economicus” – the idea that individuals focus strictly on maximizing their material outcomes within free and competitive markets. 
  • Developments such as income inequality and the effects of globalization, among others, expose the hollowness of this neoclassical economic premise. 
  • The fields of evolution and psychology find that human nature is concerned with the social good, contrary to the neoclassical description.

About the Author

Anthony Annett is an assistant to the director of the IMF’s Communications Department. 

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