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Cents and Sensibility - What Economics Can Learn from the Humanities (Hardcover)
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Cents and Sensibility - What Economics Can Learn from the Humanities (Hardcover)
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A provocative and inspiring case for a more humanistic economics
Economists often act as if their methods explain all human
behavior. But in Cents and Sensibility, an eminent literary critic
and a leading economist make the case that the humanities,
especially the study of literature, offer economists ways to make
their models more realistic, their predictions more accurate, and
their policies more effective and just. Gary Saul Morson and Morton
Schapiro trace the connection between Adam Smith's great classic,
The Wealth of Nations, and his less celebrated book on The Theory
of Moral Sentiments, and contend that a few decades later Jane
Austen invented her groundbreaking method of novelistic narration
in order to give life to the empathy that Smith believed essential
to humanity. Morson and Schapiro argue that Smith's heirs include
Austen, Anton Chekhov, and Leo Tolstoy as well as John Maynard
Keynes and Milton Friedman. Economists need a richer appreciation
of behavior, ethics, culture, and narrative--all of which the great
writers teach better than anyone. Cents and Sensibility
demonstrates the benefits of a freewheeling dialogue between
economics and the humanities by addressing a wide range of problems
drawn from the economics of higher education, the economics of the
family, and the development of poor nations. It offers new insights
about everything from the manipulation of college rankings to why
some countries grow faster than others. At the same time, the book
shows how looking at real-world problems can revitalize the study
of literature itself. Original, provocative, and inspiring, Cents
and Sensibility brings economics back to its place in the human
conversation.
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