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Not by P Alone: A Virtuous Economy


  • Deirdre Mccloskey


Samuelsonian (mainstream) economics cannot even think of stepping beyond its Max U, prudence-only model. But if we are going to have an economics that works and that matters, as economists like Sen and Akerlof and Hirschman have been saying, we need to admit that people do not live by prudence alone. They love and hope, they are just or unjust, they are temperate and courageous, faithless or faithful. Recognizing such virtues and vices is not a betrayal of economics. It is a fulfillment of the political economy of Adam Smith.

Suggested Citation

  • Deirdre Mccloskey, 2008. "Not by P Alone: A Virtuous Economy," Review of Political Economy, Taylor & Francis Journals, vol. 20(2), pages 181-197.
  • Handle: RePEc:taf:revpoe:v:20:y:2008:i:2:p:181-197
    DOI: 10.1080/09538250701819636

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    Cited by:

    1. repec:kap:jbuset:v:147:y:2018:i:1:d:10.1007_s10551-015-2969-6 is not listed on IDEAS
    2. David Lipka, 2013. "The Max U Approach: Prudence Only, or Not Even Prudence? A Smithian Perspective," Econ Journal Watch, Econ Journal Watch, vol. 10(1), pages 2-14, January.
    3. Rosanas, Josep Mª & Cugueró-Escofet, Natalia, 2016. "Leadership, Ethics, Prudence and Justice: Prudence Alone Is not Enough for Decision-Makers," IESE Research Papers D/1144, IESE Business School.

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