Belknap Press has recently published New School Professor Duncan Foley’s book, “Adam’s Fallacy: A Guide to Economic Theology.”
The book, which can be found here, “attempts to explain the core ideas of the great economists, beginning with Adam Smith and ending with Joseph Schumpeter” expressing Foley’s “belief that economics at its most abstract and interesting level is a speculative philosophical discourse, not a deductive or inductive science” based on Smith’s fallacy as “the attempt to separate the economic sphere of life, in which the pursuit of self-interest is led by the invisible hand of the market to a socially beneficial outcome, from the rest of social life” leading to his conclusion that “the pursuit of self-interest is morally problematic and has to be weighed against other ends.”