Two by James K. Galbraith, first from
Winter 2005, the second from the current issue of Mother
Jones.
Smith vs Darwin:
Like Intelligent Design, the idea of the Invisible Hand
stubbornly persists in the face of overwhelming evidence.
In each generation since Veblen, some
economists have fought for evolutionary ideas, but the ID types keep coming
back. Today their most lethal champions call themselves the "School of Law and
Economics." This group holds that markets are self-policing, that fraud is
really impossible except where publicly provided insurance creates "moral
hazard." Get rid of regulations, they believe, and we won't much need the SEC,
the FTC, and the Justice Department to protect us from Enron, Tyco, and
WorldCom. Now that John Roberts has taken over at the Supreme Court, we'll see
how this touching faith works out.
Modern economics resembles religion in
other, more prosaic ways. The American Economic Association (AEA) runs like a
priesthood; its flagship Review
is as unreadable as a Dead Sea Scroll. And when heretics gather in the
Association for Evolutionary
Economics and
elsewhere, Inquisitors keep after them. (At the annual academic meetings, the
AEA sends seat counters to the heretical sessions, looking for groups small
enough to cut from its rolls.) To borrow an old line from Robert Kuttner, the
evolutionists are "a tiny and despised sect that stubbornly refuses to
disappear."
Yet we're a threat. For Darwin cannot be
erased; his material, randomized, godless view of change informs every aspect
of the way real scientists investigate physical, biological, and social
problems, from cosmology to the study of political or technological change.
The new mathematics of chaos and complexity are evolutionary, for they study
how simple determinate processes can give rise to lifelike diversity. These
techniques yield many new insights into the origins of pattern and structure.
(For a fun example, download John Conway's "Game of Life" and have a look at
what it can do.) One day, they may break through even in economics, and
Veblen's long-delayed evolutionary revolution will be
complete.
http://www.motherjones.com/commentary/columns/2005/12/smith_darwin.html
The
Predator State: Enron, Tyco, WorldCom... and
the U.S. government? http://www.motherjones.com/commentary/columns/2006/05/predator_state.html