INET Oxford Executive Director, Eric Beinhocker, was interviewed on the BBC Radio 4 PM programme on 7 June by Evan Davis. He discussed misconceptions about Adam Smith’s Invisible Hand and the idea that Smith promoted “greed is good”. Smith’s actual view that “to restrain our selfishness” was “the perfection of human nature” is much more in tune with modern research on human “prosocial” behaviors that promote cooperation. Economic prosperity is a product of trust and cooperation, not greed.
Listen to Eric’s interview here (it is at about minute 47).
