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Journalist to discuss his critique of economic theory

By Sarah Meyer '08
April 10, 2008

Journalist and former financial analyst Edward Hadas is convinced that the underlying principles of modern economic theory -- that all people are essentially selfish and materialistic -- are an incomplete version of human anthropology that leads to an incomplete economic theory. He'll discuss this little explored line of thinking during a lecture at St. Olaf College Monday, April 14, titled "Human Goods, Economic Evils: A Moral Approach to the Dismal Science."

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The lecture will begin at 3:30 p.m. in Holland Hall Room 413. It is free and open to the public. The title of the lecture is the same as that of Hadas' book, which discusses how economic activity fits into the human condition, the true nature of economic goods and evils, and the virtue and vices of the current industrial economy. Hadas will sign copies of his book in the same room immediately following the lecture.

"Human Goods, Economic Evils is based on a much more realistic anthropology than that of the 'economic man' of classical and neoclassical theory," writes Hadas. "The human who labors and consumes is treated as the same person who loves, studies, wonders and worships. The economic good, once studied in these broad terms, is different in important ways from the conventional notion, centered on something like a maximization of utility. In the new view, money is irrelevant, GDP is simplistic and even unemployment cannot be understood without reference to the human search for meaning."

Edward Hadas is an associate editor at Breakingviews.com, a London-based financial commentary service with a daily column in the Wall Street Journal. He also teaches political and social philosophy at the Maryvale Institute in Birmingham, UK. Before becoming a journalist in 2004, he worked for 25 years as a financial analyst for various firms, including Morgan Stanley and Putnam Investments. He has degrees in philosophy, classics and mathematics from Oxford University and Columbia University and an MBA from Binghamton University.

Contact Kari VanDerVeen at 507-786-3970 or vanderve@stolaf.edu.