front cover of The Dismal Science
The Dismal Science
How Thinking Like an Economist Undermines Community
Stephen A. Marglin
Harvard University Press, 2008

Economists celebrate the market as a device for regulating human interaction without acknowledging that their enthusiasm depends on a set of half-truths: that individuals are autonomous, self-interested, and rational calculators with unlimited wants and that the only community that matters is the nation-state. However, as Stephen A. Marglin argues, market relationships erode community. In the past, for example, when a farm family experienced a setback—say the barn burned down—neighbors pitched in. Now a farmer whose barn burns down turns, not to his neighbors, but to his insurance company. Insurance may be a more efficient way to organize resources than a community barn raising, but the deep social and human ties that are constitutive of community are weakened by the shift from reciprocity to market relations.

Marglin dissects the ways in which the foundational assumptions of economics justify a world in which individuals are isolated from one another and social connections are impoverished as people define themselves in terms of how much they can afford to consume. Over the last four centuries, this economic ideology has become the dominant ideology in much of the world. Marglin presents an account of how this happened and an argument for righting the imbalance in our lives that this ideology has fostered.

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front cover of On the Third Hand
On the Third Hand
Wit and Humor in the Dismal Science
Caroline Postelle Clotfelter, Editor
University of Michigan Press, 1996
If ever you suspected that economic humor is an oxymoron, read on. This anthology, offering over a hundred selections of economic humor in the form of essays, fables, cartoons, verses, parodies, and epigrams drawn from works ancient and modern, will disabuse you of that notion by way of laughter. The contributors, about evenly divided between economists and noneconomists, share a common urge to poke fun at economics and its practitioners. Their styles and methods, however, range from kind and gentle to mordant and misanthropic; this is not surprising given the diversity of their professions: diplomat, playwright, printer's devil, publisher, columnist, physician, inventor, minister, corporate president, radio star, New York Stock Exchange member, and philosopher, to name but a few.
Bringing economic humor into the light of day, Caroline Clotfelter gathers her collection of materials into recognizable categories: economists as others see them, the language and methods of economics, Econ 101, micro- and macroeconomics, and basic economic models and ideas. Aiding and abetting her include such luminaries as John Stuart Mill, George Bernard Shaw, Mad Magazine, Stephen Leacock, Emily Dickinson, Rube Goldberg, Pogo, and John Kenneth Galbraith. As no other, this book will challenge economists to enjoy jokes at their own expense; noneconomists may have even less difficulty finding something funny in this most dismal of sciences.
Caroline Postelle Clotfelter, former Professor of Economics, Mercer University, is now retired.
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