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Policymakers and Fed watchers are now giving more attention to a new line of argument, that central banks need to take account of what their actions mean for the supply side of the economy.
The concept of “moral luck” challenges assumptions about how to assess blame.
Adam Smith – father of modern economics, wrote “Theory of moral sentiments” (1759) and “The Wealth of Nations (1776) which are complementary. In Moral Sentiments, Smith highlights the philosophical, psychological and economic investigation of what...
The so-called father of capitalism was not available for comment, so we talked to another economist, Adam C. Smith.
Smith appreciated the beauty and allure of intricate systems.