Selfishness, Greed and Capitalism by Snowdon, Christopher -- Read -- Imperial Library of Trantor

Index

The author Foreword Preface Summary Part 1 The Straw Men 1. Capitalism relies on greed and selfishness

Incentives and the invisible hand The parable of the steel company Is greed good? Conclusion

2. Economists believe people are perfectly rational

Some models are useful Rational choice and behavioural economics Have we found angels to govern us? Rational consumers and irrational voters Conclusion

3. Economists think GDP is all that matters

A blind obsession? No design for life Conclusion

4. Economists think we live in a free market

A free market is not anarchy Capitalists don’t like free markets Planning, private and public Conclusion

Part 2 The Myths 5. The rich get richer and the poor get poorer

Higher wages for all The progress of the poor relative to the rich Conclusion

6. We are working ever longer hours

Conclusion

7. Rich countries will not benefit from more economic growth

Growth scepticism In defence of growth Conclusion

8. There is a paradox of prosperity

Other people’s consumerism Ferraris, Porsches and other preferences Conclusion

9. Inequality is rising in Britain

Why inequality rose in the 1980s Taxes, benefits and inequality Inequality and recession The one per cent

10. Inequality is the cause of health and social problems

Selection bias Ignoring outliers Dismissal of economic growth as a factor Ignoring history Mechanisms Selective criteria Consensus? The panacea temptation Why inequality? Conclusion

11. If you’re born poor, you die poor

Absolute and relative mobility Towards a meritocracy Conclusion

References About the IEA