The piece begins with the proposition that the economic perspective on human activity must reflect the fact that human beings transact in a world defined for the actors by social norms. An analysis of the crisis of 2008 is offered as a demonstration of the value of adopting such a broader perspective. Part two offers a historical model based on Adam Smith’s Moral Philosophy of such a broader analysis. The piece closes with the case that the history of ideas offers alternative perspectives on the questions we explore in economics today and thus can serve as a valuable resource for constructive skepticism of the current discourse.
Evensky, Jerry, "What’s Wrong with Economics? It Ignores the Pogo Principle: 'We Have Met the Enemy and He is Us'" (2011). Economics Faculty Scholarship. 146.
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