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“Economics is the Social Science of Love” — Timothy Taylor

Summary:
A more appropriate title would be “Economics should be the Social Science of Love.” Liberalism is based on individualism, and individualism is based on self-interest. Conventional economics assumes "microfoundations," that is, that economic behavior is the outcome of individuals' choices based on self-interest. This assumes that societies aren aggregates constituted by their members acting independently as autonomous agents.Love assumes relationship of individuals based on mutual appreciation and concern. Altruism defined as putting the interest of others above one's individual satisfaction is only possible for the enlightened, who are rare in human society. Most liberal nations are countries whose heritage is Christian, and it is quite evident that those living up to the gospels are

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A more appropriate title would be “Economics should be the Social Science of Love.” Liberalism is based on individualism, and individualism is based on self-interest. Conventional economics assumes "microfoundations," that is, that economic behavior is the outcome of individuals' choices based on self-interest. This assumes that societies aren aggregates constituted by their members acting independently as autonomous agents.

Love assumes relationship of individuals based on mutual appreciation and concern. Altruism defined as putting the interest of others above one's individual satisfaction is only possible for the enlightened, who are rare in human society. Most liberal nations are countries whose heritage is Christian, and it is quite evident that those living up to the gospels are rare.

Between the extreme of narrow self-interest as self-gratification as the highest priority and altruism as a characteristic belonging to the enlightened lies "enlightened self-interest." Enlightened self interest results from appreciation of relation as reciprocal. Its motto is that of the three musketeers, "All for one and one for all" instead of "It's every man for himself," which is especially the case in patriarchal cultures, where males are privileged culturally.

Enlightened self interest is based on systems-awareness and those most aware of this realize that acting in such as way as to harmonize individual interest with the interest of the whole — the common good and general welfare — maximizes individual happiness and social well-being. This is the basis for living a good life in a good society. 

Conversable Economist
“Economics is the Social Science of Love”
Timothy Taylor | Managing editor of the Journal of Economic Perspectives, based at Macalester College in St. Paul, Minnesota
https://conversableeconomist.com/2022/08/16/economics-is-the-social-science-of-love/
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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