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Neoclassical Economics and the Erosion of Middle-Class Values: An Explanation for Economic Collapse

This article advances its critique as follows: First, it describes and clarifies the sociopathic nature of person that is taught as science in universities. Second, it argues that the middle-class values of honesty, integrity, and concern for community are essential to a healthy society. Third, it examines the content of current and recent economics texts to document the advocacy of rational self-interest as approved behavior. Fourth, it postulates a cause-and-effect connection between the ascendant theory of purely economically driven person and the bad behavior that led to the recent failure of economic institutions. Fifth, it connects economics and legal education with the predations that logically flow from their flawed theory of person. Sixth, it invokes cognitive science to explain some aspects of human moral and political thought. And seventh, it looks at some practical implications of the theory of virtuous person for both economics and law.