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The Tragic Science
Book

The Tragic Science

How Economists Cause Harm (Even as They Aspire to Do Good)

George F. DeMartino
University of Chicago Press, 2022

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Editorial Rating

7

Qualities

  • Analytical
  • Eye Opening
  • For Experts

Recommendation

Professor George F. DeMartino notes that economists often reach conclusions about how to handle thorny and all-encompassing problems, like climate change, despite the many uncertainties and unknowns that the issues present. That leads to advice and actions that can cause real harm to societies and individuals. This academic study draws attention to the damage that economic policy can do, and it provides some wise pointers for practitioners of the dismal science.

Take-Aways

  • The “moral geometry” approach favored by economists allows all harms to be measured against each other and all benefits.
  • Economists justify harms by pointing to the long-term benefits of systematic efficiency and asserting that winners could compensate losers.
  • Some economic policies and decisions tend to hurt those already disadvantaged, causing a pattern of “cascading harms.”

About the Author

George F. Demartino is a professor of international economics at the Josef Korbel School of International Studies at the University of Denver. He has written books and published widely on the ethics and normative aspects of economics.

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