{"product_id":"adams-fallacy-9780674027299","title":"Adams Fallacy","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThis book could be called “The Intelligent Person’s Guide to Economics.” The title expresses Duncan Foley’s belief that economics at its most abstract and interesting level is a speculative philosophical discourse, not a deductive or inductive science.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003eDuncan Foley has written a fair-minded and very well-written history of economic thinking organized by the theme announced in his title. He contends that economic thinking has been dominated by fallacious attempts to separate positive analysis from moral judgment.  This leitmotif has enabled him to create a unified presentation, which will be very useful to the general reader. -- Kenneth Arrow, Stanford University\u003cbr\u003eThis learned and lively book reconnects economics to the complexities and conflicts of politics and society, and powerfully reminds us that there are no fixed, necessary, or inevitable laws that govern markets.  By tracing the history of economic thinking as a form of engagement with values and policies, it also thoughtfully beckons us to grasp together the twin challenges of scientific understanding and moral reasoning. -- Ira Katznelson, Columbia University\u003cbr\u003e\u003ci\u003eAdam's Fallacy\u003c\/i\u003e is a stimulating tour d'horizon of the ideas of the great economists. In clear, accessible prose, Duncan Foley, a noted theorist himself, describes what they wrote and what their work means today, providing an insightful and thought-provoking critique of economics. -- Stanley Engerman, University of Rochester\u003cbr\u003eFoley gets deep into the analytical content of major schools of thought, ranking Adam's Fallacy up there with Heilbroner's classic. -- Robert Solow * New York Review of Books *\u003cbr\u003eSo what is 'Adam's Fallacy?'...It is the idea that the economic sphere of life constitutes a separate realm 'in which the pursuit of self-interest is guided by objective laws to a socially beneficent outcome'...Professor Foley's book is simultaneously an introduction to economic theory and a critique of it. It is his version of the classic introduction for the economically challenged by Robert L. Heilbroner, \u003ci\u003eThe Worldly Philosophers\u003c\/i\u003e, now in its seventh edition. \u003ci\u003eAdam's Fallacy\u003c\/i\u003e concentrates more on the worldly philosophies rather than on the philosophers, on economic theory rather than on the characters and events that along with Mr. Heilbroner's masterly storytelling gave \u003ci\u003eThe Worldly Philosophers\u003c\/i\u003e so much color and verve...By questioning economic theory's cordoning off of an economic spheres of life ruled by its own laws and expertise, Professor Foley is implicitly proposing limits to the secularization that is an underlying characteristic of modernity. Secularization has meant that in a cultural transformation, major areas of human activity set themselves up as quasi-autonomous, with their own standards, authorities, and guiding principles. -- Peter Steinfels * New York Times *\u003cbr\u003e[A] passionate book, to be welcomed in a discipline notably devoid of passion. [\u003ci\u003eAdam's Fallacy\u003c\/i\u003e] can be read for pleasure and enlightenment by economists and non-economists alike. -- David Throsby * Times Literary Supplement *\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003ePreface    1. Adam\"s Vision   The Division of Labor   The Theory of Value   Capital Accumulation   The Invisible Hand and the State   Smith's Theory of Money   Adam's Fallacy Revisited    2. Gloomy Science   Second Thoughts   Malthus and Population   The Context of Malthus's Essay   Malthus's Postulates   Malthusian Logic   Population and Food since Malthus's Time   Ricardo and the Limits to Growth   Ricardo's Labor Theory of Value   Accumulation and the Stationary State   Ricardo's Views on Machinery   The Political Economy of Poverty    3. The Severest Critic   Historical Materialism   The Commodity and the Theory of Value   Capitalist Exploitation   Accumulation and the Falling Rate of Profit   Primitive Accumulation   The Transition to Socialism   Marx and Proletarian Revolution   Marxist Theory and Social Change    4. On the Margins   Adam's Fallacy Needs New Shoes   Marginalism   Where Do Prices Come From?   Marginalism and Social Welfare   Marginalism and Time   Veblen and Conspicuous Consumption    5. Voices in the Air   John Maynard Keynes   World Capitalism in Keynes's Time   Say's Law and Laissez-Faire   Labor Markets and Unemployment   Expectations and Money   The Fate of Capitalism   Complexity vs. Collectivism   The Prophet of Technology    6. Grand Illusions   Looking in the Mirror   Two-Armed Economists   Escaping Adam's Fallacy   Face to Face with Adam's Curse    Reading Further   Appendix   Demographic Equilibrium   Theories of Money and Prices   Ricardo's Theory of Rent and Accumulation   Decomposition of the Value of Commodities   The Working Day    Index","brand":"Harvard University Press","offers":[{"title":"Default Title","offer_id":49403533197655,"sku":"9780674027299","price":23.36,"currency_code":"GBP","in_stock":false}],"url":"https:\/\/bookcurl.com\/products\/adams-fallacy-9780674027299","provider":"Book Curl","version":"1.0","type":"link"}