Adam's Fallacy by Duncan K. Foley
A Guide to Economic Theology

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This 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. Adam's fallacy is the attempt to separate the economic sphere of life, in which the pursuit of self-interest is led by the invisible hand of the market to a socially beneficial outcome, from the rest of social life, in which the pursuit of self-interest is morally problematic and has to be weighed against other ends.

About Duncan K. Foley

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Duncan K. Foley is Leo Model Professor at the New School for Social Research.
Published April 30, 2008 by Belknap Press. 288 pages
Genres: Business & Economics, Education & Reference. Non-fiction

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Where Heilbroner celebrates the overlap between economics and other human activities, Foley criticizes "Adam's Fallacy," the artificial division between the economic sphere, in which pursuit of self-interest leads to social good, and the social sphere, in which good results from unselfish actions.

Jul 10 2006 | Read Full Review of Adam's Fallacy: A Guide to Ec...

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