In a hundred years, if professional economists are polled to identify the founder of their discipline, the majority will name Charles Darwin, rather than Adam Smith as they would today.”
This prediction, made in a recent speech in Oxford by the American economist Professor Robert Frank, has a certain symmetry about it: after all, Darwin’s theory of evolution was inspired by the economist, Thomas Malthus.
Frank has a particular Darwinian insight in mind: the idea that contra Smith’s “invisible hand”, individuals competing can produce results that are bad for society as a whole.
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