Society III: What do we assume about morality and markets?
Thu, Sep 22
Learning Goals - By the end of the session you will:
- Uncover the moral assumptions presupposed by economics by understanding the dominate framework of free market capitalism as it exists in America today
- Understand how bestselling fiction like the Ragged Dick children's series helped (and still helps) to shape American's responses to social phenomenon (in this case, capitalism)
- Recognize the lessons that Ragged Dick teaches readers about capitalism, including that "rags to riches" is attainable by anyone, and that morality, cleanliness, and wealth go hand-in-hand
Read This:
Access the readings through the course's Perusall page.
- Friedrich August Hayek, "Equality, Value, and Merit" from The Constitutions of Liberty (1960)
- Optional: David R. Henderson, "Friedrich August Hayek" (if you're feeling confused reading Hayek, try reading this primer first)
- Horatio Alger, Jr., Ragged Dick (1867) (excerpts)
Watch This:
It is easier to understand Hayek's arguments by contrasting them with those of his contemporary, John Maynard Keynes. This video gives a one-minute summary of that intellectual rivalry and the historical context for it.
Once you have that distinction firmly in your mind, you're ready to enjoy this (you don't have to watch the whole 10 minutes, but who wouldn't want to?):