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What are Alternative Views in Economics?

In: SEEKING ADAM SMITH Finding The Shadow Curriculum of Business

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  • Eli P Cox III

Abstract

The economics discipline is broad, diverse, and dynamic, and many of its premises, theories, and findings are inconsistent. Research within the mainstream and its growing eddies has enabled me to see the shortcomings of mainstream economics. Four examples follow. First, I discuss the use of games as a metaphor for commerce, employed by both Adam Smith and Milton Friedman. Second, Friedman’s concept of the natural history of government regulation reveals the importance of trust to the success of free markets. Third, the disagreement concerning whether the most essential trait of free market capitalism is competition or cooperation is considered. Finally, I argue that monopolistic competition is far superior to perfect competition as the primary theoretical foundation of business school curricula.

Suggested Citation

  • Eli P Cox III, 2017. "What are Alternative Views in Economics?," World Scientific Book Chapters, in: SEEKING ADAM SMITH Finding The Shadow Curriculum of Business, chapter 10, pages 173-193, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813206748_0010
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    Keywords

    Financial Crises; United States; Corporations; Moral and Ethical Aspects; Business Education; Business Ethics; Economics-Moral and Ethical Aspects; Adam Smith;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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