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Creating a New Political Economy Framework
Where do we go from here?
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In the wake of a widespread sense that neo-classical economic models have failed us, we have an opportunity to improve the explanatory and normative dimensions of economics by incorporating insights from other disciplines. For example, consider that incorporating findings from psychology and the behavioral sciences can improve the predictive power of economic models. Or consider that incorporating ethical values into our economic framework may broaden our focus beyond fungible individual goods like income and wealth to encompass concerns such as dignity and the nature of our relationships.
Join Elizabeth Anderson, Samuel Bowles, Sir Angus Deaton, and Amy Kapczynski in conversation with Debra Satz as they explore and interrogate values economists should consider if we are to move toward a political economic framework that is more fair, equitable, and sustainable.
Questions for the panelists? Send them to CASBS-events@stanford.edu.
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Tuesday, August 23, 2022
12pm PST | 3pm EST
This event is produced by CASBS in partnership with Curriculum Open-access Resources in Economics (CORE), the IFS Deaton Review, the McCoy Family Center for Ethics in Society at Stanford University, and the William + Flora Hewlett Foundation.
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CASBS presents this episode in association with its "Creating a New Moral Political Economy" program. Learn about the program here. CASBS gratefully acknowledges The Hewlett Foundation for its support of the program.
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Debra Satz
Vernon R. & Lysbeth Warren Anderson Dean of the School of Humanities and Sciences
Marta Sutton Weeks Professor of Ethics in Society, Stanford University
CASBS fellow, 2017-18
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Elizabeth Anderson
Max Shaye Professor of Public Philosophy
John Dewey Distinguished University Professor
Arthur F. Thurnau Professor
University of Michigan
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Samuel Bowles
Arthur Spiegel Research Professor
Director, Behavioral Sciences Program
Santa Fe Institute
Professor Emeritus of Economics
University of Massachusetts at Amherst
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Angus Deaton
Senior Scholar and Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus
Princeton University
Presidential Professor of Economics
University of Southern California
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Amy Kapczynski
Professor of Law
Yale Law School, Yale University
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Elizabeth Anderson is the Max Shaye Professor of Public Philosophy, the John Dewey Distinguished University Professor, and the Arthur F. Thurnau Professor at the University of Michigan. She specializes in moral, social and political philosophy, feminist theory, social epistemology, and the philosophy of economics and the social sciences. She is particularly interested in exploring the interactions of social science with moral and political theory, how we learn to improve our value judgments, the epistemic functions of emotions and democratic deliberation, and issues of race, gender, and equality. She is the author of Value in Ethics and Economics, The Imperative of Integration, and, most recently, Private Government: How Employers Rule Our Lives (And Why We Don't Talk About It), as well as articles on value theory, the ethical limitations of markets, facts and values in social scientific research, feminist and social epistemology, racial integration and affirmative action, rational choice and social norms, democratic theory, egalitarianism, and the history of ethics (focusing on Kant, Mill, and Dewey). She is currently working on a history of egalitarianism. Professor Anderson is a MacArthur Fellow, a Fellow of the American Academy of Arts and Sciences, and a Fellow of the British Academy. She designed and was the first Director of the Program in Philosophy, Politics, and Economics at the University of Michigan. Learn more here.
Samuel Bowles is Research Professor at the Santa Fe Institute where he heads the Behavioral Sciences Program. He taught economics at Harvard from 1965 to 1973 and since then at the University of Massachusetts, where he is now emeritus professor and at the University of Siena. His studies on cultural and genetic evolution have challenged the conventional economic assumption that people are motivated entirely by self-interest. Recent papers have also explored how organizations, communities and nations could be better governed in light of the fact that altruistic and ethical motives are common in most populations. Bowles' is now engaged in theoretical and empirical studies of political hierarchy and wealth inequality and their evolution over the very long run. He has also served as an economic advisor to the governments of Cuba, South Africa and Greece, to Senator Robert F. Kennedy, Re. Martin Luther King, Jr., the Legislature of the State of New Mexico, the Congress of South African Trade Unions, the Pontifical Academy of Science (Rome), and South African President Nelson Mandela. His recent books include The Moral Economy: Why Good Laws are No Substitute for Good Citizens, A Cooperative Species: Human Reciprocity and its Evolution (with Herbert Gintis), The New Economics of Inequality and Redistribution, and (with Simon Halliday) a new intermediate level undergraduate textbook, Microeconomics: Competition, Conflict, and Coordination. With CORE (Curriculum Open-access Resources for Economics) he has developed two new free online introductory e-textbooks, The Economy, and Economy, Society, and Public Policy, for majors and non-majors, respectively. Learn more here.
Sir Angus Deaton is Senior Scholar and Professor Emeritus at Princeton University and Presidential Professor of Economics at the University of Southern California. He is the author of The Great Escape: health, wealth, and the origins of inequality and, with Anne Case, Deaths of Despair and the Future of Capitalism. His interests span domestic and international issues and include health, happiness, development, poverty, inequality, and how to best collect and interpret evidence for policy. He is a member of the National Academy of Sciences and the American Philosophical Society, a Fellow of the British Academy, and an Honorary Fellow of the Royal Society of Edinburgh. He is a past President of the American Economic Association. He holds several honorary doctorates from universities in Europe and the U.S. In 2015, he received the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel “for his analysis of consumption, poverty, and welfare.” He was born in Edinburgh, Scotland. He was made a Knight Bachelor in the Queen’s Birthday Honors List in 2016. Learn more here.
Amy Kapczynski is Professor of Law at Yale Law School, Faculty Co-Director of the Global Health Justice Partnership, and Faculty Co-Director of the Collaboration for Research Integrity and Transparency. She is also Faculty Co-Director of the Law and Political Economy Project and co-founder of the Law and Political Economy blog. She joined the Yale Law faculty in January 2012. Her areas of research include information policy, intellectual property law, international law, and global health. Prior to coming to Yale, she taught at the University of California, Berkeley, School of Law. She also served as a law clerk to Justices Sandra Day O'Connor and Stephen G. Breyer at the U.S. Supreme Court, and to Judge Guido Calabresi on the U.S. Court of Appeals for the Second Circuit. Learn more here. Twitter: @akapczynski
Debra Satz is the Vernon R. & Lysbeth Warren Anderson Dean of the School of Humanities and Sciences at Stanford University. As a political philosopher, Satz addresses some of the most pressing questions and fundamental controversies about freedom, equality, and fairness. During her three decades at Stanford, an enduring commitment to ethical inquiry and rigorous thought has shaped – and continues to inform – everything from her research and teaching to her leadership roles and daily life. Satz’s research focuses on a wide variety of issues, including the ethical limits of markets, the nature of and justifications for equality, and the distribution of educational opportunity. She is the author of several books, including Why Some Things Should Not Be For Sale: The Moral Limits of Markets (2010) and Economic Analysis, Moral Philosophy and Public Policy (with Dan Hausman and Michael McPherson) (2017), as well as numerous articles, essays, edited volumes, and reviews. She is an elected member of the American Academy of Arts and Sciences. Satz is a recipient of the Walter J. Gores Award for Excellence in Teaching, Stanford’s highest teaching award. She is also the J. Frederick and Elisabeth Brewer Weintz University Fellow in Undergraduate Education (since 2013), through the Bass University Fellows Program. Satz served as chair of the Stanford Faculty Senate in 2016-17 and from 2008 to 2015 was the faculty director of the McCoy Family Center for Ethics in Society. Learn more here.
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Elizabeth Anderson photo by David Paterson.
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Learn more about this episode's partner organizations
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Social Science for a World in Crisis
The COVID pandemic is a crisis affecting not only public health but also governments, economies, and societies worldwide. It disrupts virtually everything that enables us to work, learn, play, and thrive. It also amplifies multiple vulnerabilities that existed prior to it, exposing historic and persistent inequalities, discrimination, and disadvantage in numerous forms. The pandemic additionally provides a complex setting for global movements unfolding in its shadow – the upsurge in extremist populism and bitter polarization, accelerated demands for racial justice, contestation of elections, and insurrection abetted by disinformation and conspiracy theories. Such events, crises, and interactions among them bring the U.S. and the world to a dangerous moment. But they also present unique opportunities to confront challenges with needed correctives to political, economic, and social infrastructures. No institutions, behaviors, or beliefs should be exempt from reconsideration.
Launched in 2020, the Center’s webcast series offers themed public discussions. CASBS-affiliated scholars and practitioners explain what brought us to this moment and explore how to generate realistic, durable change in service of more prosperous, equitable, inclusive, and human centered societies.
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Episode 22
...to be announced soon !
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