A Tempered and Humane Economy

Markets, Families, and Behavioral Economics

Jannett Highfill, Patricia Podd Webber

• Publisher: Lexington Books
• Year: 2014
• Edition: 1
• eBook ISBN:
  9780739194546
• Topic: Economics
• Subtopic: Economic Theory
• Index: Economics

A tempered and humane economy finds a balance between the market principle, "economic reward follows economic contribution," and the family economic principle, "respect abilities, respect needs." Markets are tempered by the wisdom gained from family experiences in the way that steel is iron tempered by fire. A humane economy meets the needs and aspirations of all persons in the way that a well-tempered musical instrument allows for the playing of music in every key without discord.

A Tempered and Humane Economy:Markets, Families, and Behavioral Economicsargues that economists must incorporate the insights of behavioral economics into their reflections on micro- and macro-economic policy. The elephant in the room is how Americans are increasingly raising their children with an appropriate sense of entitlement and empowerment by involving them in decision making at home. We raise our children to find or create a job they will love, expecting that will make them highly productive. Not all children have these advantages, a problem we tackle head on, but enough of them do to create a critical mass of young adults who will transform our economy in a positive way for persons everywhere along the income distribution. Our vision for the U.S. Economy is one of tempered optimism and humane prosperity.

Table of contents

• Title Page
• Each Person, Each Family
• The Wisdom of Families
• Elana’s Family Network
• It’s Complicated, Investing in Yourself
• “It’s Not Fair”
• Talk the Walk
• What’s Luck Got To Do With It?
• The Wisdom of Families—Supporting Each Other’s Decisions
• The Big Picture: Investment Decisions in Context
• The Wisdom of Families—Democracy Is Learned at Home
• Investing in Strangers
• The Wisdom of Families—The Most Important Investment
• Education—It’s a Social Contract
• Mother Jones Would Be Pretty Happy
• The Best Nets Are More Holes Than Rope
• Thinking Harder: Does “Help” Really Help?
• The Wisdom of Families—Good Intentions and Unintended Consequences
• Tough Love for the Poor
• Tough Love for the Rich
• The Wisdom of Families—Avoiding Double Standards
• Prosperity is an Enormous Achievement
• Warts and All, We Are a Big Rich Country
• Inclusive vs. Extractive Institutions—Thinking Globally
• When Markets Produce
• Markets and Meaningful Work
• Tempering Markets and Government Policy
• The Government We Make
• When the Challenge Is Healthcare
• Looking to the Future
• The Wisdom of Families—Challenge and Aspiration
• Tempered Optimism, Humane Prosperity
• When You Have Enough to Share, Share Wisely
• Concrete Suggestions for Sharing
• Acknowledgments
• Bibliography
• Index
• About the Authors