Cover

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Frontmatter

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Contents

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pp. vii-viii

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Preface

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pp. ix-x

Economics is about policy, and policy by nature is transdisciplinary. This book attempts to look, in a broader manner than is usually done, at economic ideas as they relate to race and to policies that deal with racial inequalities. It was inspired (or maybe the better word is provoked) by David Levy's work on the history of economics and its relationship to ...

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Introduction

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pp. 1-18

Economic reasoning is often presented as a technical exercise-optimizing, solving for second-order conditions, or relating costs to benefits. It certainly involves such issues, but in reality the techniques of economics are simply elements of a broader reasoning process that leads from basic philosophical principles to policy precepts. As John Maynard Keynes put ...

PART I Classical Economic and Early Approaches to Race

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Apes, Essences, and Races: What Natural Scientists Believed about Human Variation, 1700-1900

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pp. 21-55

Throughout the eighteenth and nineteenth centuries, both social scientists and natural scientists addressed the question of why Europeans and some of their descendants dominated the rest of the world militarily and economically. They also tackled the deeper and more fundamental questions of what human beings are, how they fit into the scheme of the natural ...

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The Negro Science of Exchange: Classical Economics and Its Chicago Revival

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pp. 56-84

For analytical purposes, are economic agents—humans—the same or not? In this chapter, we argue that, historically, the debate between those who trusted in markets and those who did not followed logically from different answers to this question. Starting with Adam Smith, classical economists held that humans are the same in their capacity for language and trade. ...

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Contextualizing David Levy's How the Dismal Science Got Its Name; or, Revisiting the Victorian Context of David Levy's History of Race and Economics

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pp. 85-99

In How the Dismal Science Got Its Name (200I), David Levy opens with an analysis of an I893 depiction of John Ruskin, author of Unto This Last (I 862), one of the most influential nineteenth-century attacks on classical economic theory. Levy turns to this image, the cover illustration of Ruskin on Himself and Things in General (I 893), for visual proof that proslavery ...

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John Stuart Mill on Race, Liberty, and Markets

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pp. 100-120

In the second chapter in this volume, David Levy and Sandra Peart consider classical economics and its revival by the Chicago school and suggest that the racism and pros lavery positions promulgated by such writers as Thomas Carlyle and John Ruskin are closely linked to their anti-free-market—or as Levy and Peart call it, paternalist—attitudes. In opposition to ...

PART 2 Neoclassical and Modern Approaches to Racism

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"Not an Average Human Being": How Economics Succumbed to Racial Accounts of Economic Man

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pp. 123-144

Our earlier contribution to this volume showed how racial theorizing was used to attack the antislavery coalition of evangelicals and economists in mid-nineteenth-century Britain. Classical economists favored race-neutral accounts of human nature, and they presumed that agents are equally competent to make economic decisions. Their opponents, such as Carlyle ...

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One Hundred Years of American Economists on Race and Discrimination, 1881 - 1981

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pp. 145-181

Sixty years ago, Gunnar Myrdal observed that American racism represented a pressing dilemma because it coexisted so readily, if somewhat uneasily, with the founding ideas of the United States that it is a "self-evident truth" that "all men are created equal." Understanding the cause, meaning, and persistence of racial injustice has also presented a dilemma to American economists. Moreover...

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Racial Discrimination in the Labor Market

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pp. 182-204

There is substantial racial disparity in the American economy, and a major cause of this is discriminatory treatment within labor markets. The evidence is ubiquitous and includes careful research studies that estimate wage and employment regressions, help-wanted advertisements, audit and correspondence studies, and discrimination suits that are often reported by ...

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Liberty and Equality and Diversity? Thoughts on Liberalism and Racial Inequality after Capitalism's Latest Triumph

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pp. 205-237

Can civil society be a space where free people of divergent and even antagonistic faiths—including tribes in the grip of the delusion of race—live peacefully on the basis of a social contract where all agree to provide for the basic needs of each in the name of equality? No, say the classical liberals, particularly Nobel laureate Friedrich Hayek, whose midcentury warnings ...

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The Anatomy of Racial Inequality: A Clarification

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pp. 238-256

In The Anatomy of Racial Inequality, I have tried to do three things: outline a theory of "race" applicable to the social and historical circumstances of the United States; sketch an account of why racial inequality in our society is so stubbornly persistent; and offer a conceptual framework for the practice of social criticism on race-related issues—criticism that might ...

PART 3 Policy Issues

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Pragmatism, Liberalism, and Economic Policy

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pp. 259-274

Debates about esoteric topics in history often are conducted because they have importance in setting a context for modem policy debates. The Carlyle-Mill debate discussed in the first part of this book seems to fit that mold. It is important for the modem policy debate about what set of policies is most appropriate to deal with race-associated problems that our ...

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Better Recreational Drugs: Unleashing Technology to Win the War on Bad Drugs

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pp. 275-283

The problem with recreational and occupational drugs1 in the United States today is not the drugs we have but the drugs we do not have. We do not have modem drugs that can satisfy the demand for mood-altering and consciousness-changing experiences in a safe and effective way. Instead, we are saddled with old drugs, both legal and illegal, that generally have ...

Bibliography

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pp. 285-307

About the Authors

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pp. 309-313

Index

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pp. 315-334