Amos Witztum, The Betrayal of Liberal Economics

The poverty of liberal economics

Amos Tversky and the Ascent of Behavioral Economics

Amos Tversky investigated and explained a wide range of phenomena that lead to anomalous human decisions. His two most significant contributions, both written with Daniel Kahneman, are the decision-making heuristics—representativeness, availability, and anchoring—and prospect theory. Tversky’s concepts have broadly influenced the social sciences. In economics, they gave rise to the burgeoning f...

The Neglect of the French Liberal School in Anglo-American Economics: A Critique of Received Explanations

F or roughly the first three quarters of the nineteenth century, the "liberal school" thoroughly dominated economic thinking and teaching in France. 1 Adherents of the school were also to be found in the United States and Italy, and liberal doctrines exercised a profound influence on prominent German and British economists. Although its numbers and authority began to dwindle after the 1870s, th...

Preventing betrayal.

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Globalization and the American Income Gap: Assessing the Impact of Liberal Economics and Immigration on Inequality

While enjoying the most rapid economic growth of all large industrialized nations, inequalities in the distribution of income have grown faster in the United States than in most developed nations since the late 1960s. Previous empirical analysis studying the effects of increasing globalization on income inequality defined “economic globalization” as international trade and capital flows. By exc...