He might be the poster boy for free-market economics, but that distorts what Adam Smith really thought The invisible hand was invoked not to draw attention to the problem of state intervention, but of state capture Smith argued, ordinary people were forced to accept inflated prices for shoddy goods, and their employment was at the mercy of […]
How to Destroy Neoliberalism: Kill ‘Homo Economicus’
Debunking the failed paradigm of traditional economics. This piece is adapted from a speech delivered September 30th at MIT, where Nick Hanauer won the 2018 Harvard and MIT Humanist of the Year award. I’m thrilled to receive this award from such distinguished hosts—but I won’t lie: When I was told I would be honored as […]