From The Archives: A 2008 Conversation With Barbara Walters
A conversation from the archives with Barbara Walters about her 2008 memoir "Audition," a story of family challenges, celebrity gossip and blazing a trail in TV news.
For centuries, economists have believed in the power of Adam Smith’s “invisible hand” to steer the markets. But the global financial crisis and a rising income gap has many reconsidering Smith’s theory: that competition channels self-interest for the common good. One economist proposes a new intellectual giant of economics – Charles Darwin. He argues the naturalist’s understanding of competition describes economic reality far more accurately than Adam Smith . And he warns that failing to recognize that we live in Darwin’s world is putting our economy at risk. What Charles Darwin can teach us about economics.
Excerpted from “The Darwin Economy” by Robert Frank. Copyright 2011 by Robert Frank. Excerpted here by permission of Princeton University Press:
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