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Rethinking The Free Market: Conclusions And Methods


Conclusions
Peter Brown and Peter Timmerman argue that mainstream economics is an ‘orphaned discipline’. It is founded, they claim, on a “dated and unrevised metaphysical and prescientific vision that is “incompatible with what we know about the universe and our place in it (Brown and Timmerman, 2015). Looking at free-market theory in the context of the modern understanding of evolution, this assessment rings true.
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Adam Smith’s concept of the invisible hand was a plausible hypothesis when it was proposed more than two centuries ago (Smith, 1776). Given the state of knowledge at the time, it seemed possible that self-interest, if properly channeled, could benefit groups. But as our knowledge of evolution has progressed, this hypothesis has grown steadily less plausible. The problem is that the major transitions in evolution show a pattern that is the opposite of th ....

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