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A Comment on “What Is Wrong with the West’s Economies?” by Edmund Phelps

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  • Vesa Kanniainen

    (University of Helsinki)

Abstract

Why is it so difficult to make the world a better place? This note claims that “just”, “justice”, and “morality” are scientific issues, not a matter of opinion. David Hume suggested that the moral stance cannot be drawn from empirical facts. Adam Smith recognized that somewhere inside us there is an “impartial spectator” who tells us when we do wrong or when we see wrong to be done. This note welcomes Mr. Phelps to the realm of those great early thinkers though he misses the link to them. We suggest that it is the human evolution which has imbedded the feelings of justice inside us into the chemical and hormonal systems in our body, in our nerve system and in our brains. Here economics, moral philosophy and biology meet each other. It is not the capitalism or the globalization which ought to be blamed. Indeed, it is hard for many to admit but the world indeed has been changing into a better place! What is wrong with the West’s Economies today? Very much is still wrong, indeed. There is too much inequality, too much unjust, and people are unhappy. If there is a battle between the good and the bad, the good guys hopefully win. However, they need a thorough analysis!

Suggested Citation

  • Vesa Kanniainen, 2016. "A Comment on “What Is Wrong with the West’s Economies?” by Edmund Phelps," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 33(4), pages 333-339, December.
    • Handle: RePEc:spr:homoec:v:33:y:2016:i:4:d:10.1007_s41412-016-0019-y
    DOI: 10.1007/s41412-016-0019-y
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    References listed on IDEAS

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    1. Hirshleifer, Jack, 1985. "The Expanding Domain of Economics," American Economic Review, American Economic Association, vol. 75(6), pages 53-68, December.
    2. David Dollar & Aart Kraay, 2004. "Trade, Growth, and Poverty," Economic Journal, Royal Economic Society, vol. 114(493), pages 22-49, February.
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    4. Henrik Jacobsen Kleven, 2014. "How Can Scandinavians Tax So Much?," Journal of Economic Perspectives, American Economic Association, vol. 28(4), pages 77-98, Fall.
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    6. Kleven, Henrik Jacobsen, 2014. "How can Scandinavians tax so much?," LSE Research Online Documents on Economics 66111, London School of Economics and Political Science, LSE Library.
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    More about this item

    Keywords

    Just; Justice; Morality;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty

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