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Financial Policy: Tempering Greed

In: Metaeconomics

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  • Gary D. Lynne

    (University of Nebraska–Lincoln)

Abstract

The 2008 financial crisis revealed the effects of excessive Greed. The mantra leading to the crash had been that Greed is good, and excessive Greed is extremely good. Microeconomics, especially the Libertarian branch of it, as represented in Chicago School of Economics, proposes that the market will temper the Greed. Metaeconomics clarifies that the only thing that will temper Greed is the shared other-interest, combined with adequate Self-control within each person in the market. The other-interest can be used as the basis for nudging the Self-interest on to better paths; when that fails, then the Other-interest needs to be brought to bear in government controls, like the old Glass-Steagall Act, which was in effect revived to temper and bound the banks and Wall Street.

Suggested Citation

  • Gary D. Lynne, 2020. "Financial Policy: Tempering Greed," Palgrave Advances in Behavioral Economics, in: Metaeconomics, chapter 0, pages 139-165, Palgrave Macmillan.
    • Handle: RePEc:pal:paichp:978-3-030-50601-8_7
    DOI: 10.1007/978-3-030-50601-8_7
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