Tyler Cowen has an interesting column in last Sunday’s New York Times, arguing that despite run-of-the-mill objections to “cold” and “heartless” economic analysis, economics is, as a science, “egalitarian at its core”:
Economic analysis is itself value-free, but in practice it encourages a cosmopolitan interest in natural equality. Many economic models, of course, assume that all individuals are motivated by rational self-interest or some variant thereof; even the so-called behavioral theories tweak only the fringes of a basically common, rational understanding of people. The crucial implication is this: If you treat all individuals as fundamentally the same in your theoretical constructs, it would be odd to insist that the law should suddenly start treating them differently.
James Poulos offers an healthy response, reminding us that “no matter how solid the economic foundation for moral egalitarianism, there’s a thing or two of great moral significance that’s missing.”
Indeed, in attempting to avoid the cliché of cold-heartedness, Cowen risks perpetuating a different one: that economists ignore the mystery and spiritual significance of humanity and human behavior. The instilling of egalitarian sensibilities when it comes to seeing people as people is one thing, but part of this reorientation needs to include a recognition of the features that make each us different. Leveling things is helpful when the earth is rocky, but the bigger problem for the modern economist seems to be his propensity to create craters in the pretty green grass. Read more on What Economics Can’t Explain…