How the "Economic Style of Reasoning" Came to Dominate Social Policy

Current Affairs

Prof. Elizabeth Popp Berman is the author of Thinking like an Economist: How Efficiency Replaced Equality in U.S. Public Policy, which documents how a style of reasoning that heavily emphasizes efficiency over equality came to dominate U.S. social policy. In our conversation we discuss the rise of "cost-benefit analysis" and how applying the economists' favored framework excludes important values from being taken into account. We talk about what the "economic style" misses and the solutions it leads policy-makers to embrace in areas like student debt, healthcare, climate, and antitrust. (We also make clear that not all economists are the problem. Karl Marx was an economist, after all!)

The Boston Review piece discussing Thinking Like an Economist is here. The Adrienne Buller interview is here, although it was not from "last week," as Nathan says. It was from July, and Nathan just forgot that time has passed and it is already late September. The image accompanying this episode is a stock photo depicting "Cost-Benefit Analysis" taken from Shutterstock.