A Tempered and Humane Economy: Markets, Families, and Behavioral Economics

by Jannett Highfill, Patricia Podd Webber

Overview

A tempered and humane economy finds a balance between the market principle, “economic reward follows economic contribution,” and the family economic principle, “respect abilities, respect needs.” Markets are tempered by the wisdom gained from family experiences in the way that steel is iron tempered by fire. A humane economy meets the needs and aspirations of all persons in the way that a well-tempered musical instrument allows for the playing of music in every key without discord.

A Tempered and Humane Economy:Markets, Families, and Behavioral Economicsargues that economists must incorporate the insights of behavioral economics into their reflections on micro- and macro-economic policy. The elephant in the room is how Americans are increasingly raising their children with an appropriate sense of entitlement and empowerment by involving them in decision making at home. We raise our children to find or create a job they will love, expecting that will make them highly productive. Not all children have these advantages, a problem we tackle head on, but enough of them do to create a critical mass of young adults who will transform our economy in a positive way for persons everywhere along the income distribution. Our vision for the U.S. Economy is one of tempered optimism and humane prosperity.

Product Details

ISBN-13:	9780739194546
Publisher:	Lexington Books
Publication date:	12/23/2014
Sold by:	Barnes & Noble
Format:	eBook
Pages:	192
File size:	475 KB

About the Author

Jannett Highfill is a professor of economics at Bradley University.

Pat Webber is retired from many years of teaching economic principles, most recently twenty-five years at Bradley University.

Table of Contents

Table of Contents
I. Each Person, Each Family 000
Chapter 1: The Wisdom of Families000
Chapter 2: Elana’s Family Network 000
Chapter 3: It’s Complicated, Investing in Yourself 000
Chapter 4: “It’s Not Fair”000
Chapter 5: Talk the Walk 000
Chapter 6: What’s Luck Got To Do With It?000
Chapter 7: The Wisdom of Families—Supporting Each Other’s Decisions 000
II. The Big Picture: Investment Decisions in Context 000
Chapter 8: The Wisdom of Families—Democracy is Learned at Home 000
Chapter 9: Investing in Strangers 000
Chapter 10: The Wisdom of Families—The Most Important Investment 000
Chapter 11: Education—It’s a Social Contract 000
Chapter 12: Mother Jones Would be Pretty Happy 000
Chapter 13: The Best Nets Are More Holes Than Rope 000
III. Thinking Harder: Does “Help” Really Help? 000
Chapter 14: The Wisdom of Families—Good Intentions and Unintended Consequences 000
Chapter 15: Tough Love for the Poor 000
Chapter 16: Tough Love for the Rich 000
Chapter 17: The Wisdom of Families—Avoiding Double Standards 000
IV. Prosperity is an Enormous Achievement 000
Chapter 18: Warts and All, We Are a Big Rich Country 000
Chapter 19: Inclusive vs. Extractive Institutions—Thinking Globally 000
Chapter 20: When Markets Produce 000
Chapter 21: Markets and Meaningful Work 000
V. Tempering Markets with Government Policy 000
Chapter 22: The Government We Make 000
Chapter 23: When the Challenge is Healthcare 000
VI. Looking to the Future 000
Chapter 24: The Wisdom of Families—Challenge and Aspiration 000
Chapter 25: Tempered Optimism, Humane Prosperity, 000
Appendix 1: When You Have Enough to Share, Share Wisely000
Appendix 2: Concrete Suggestions for Sharing 000
Acknowledgments 000
Bibliography 000
Index 000

Editorial Reviews

In this present age in which market economies are often perceived as amoral, or even immoral, the questions addressed by Highfill and Webber are more relevant than ever before. This book makes an important contribution to the conversation about the role of interpersonal relationships in a largely impersonal market system. Highfill and Webber combine their personal experiences and observations with an economic way of thinking that results in a thoughtful statement about what a humane economy can be and how we might move in that direction.

William J. Polley

The authors nicely explain and analyze the wisdom and discipline that emerge from families and from markets. The book provides a very readable account of many issues pertaining to poverty and wealth. Replete with examples from everyday life, the book should be of interest to economists and non-economists alike.

Daniel K. Biederman