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Who Cooked Adam Smith's Dinner? By Katrine Marcal - How do you get your dinner? That is the basic question of economics. When economist and philosopher Adam. Who Cooked Adam Smith's Dinner? Adam Smith, the founder of modern economics, believed that our actions stem from self-interest and the world turns because of financial gain. But every night Adam Smith's mother served him his dinner, not out of self-interest but out of love. Adam dne 26.1.2020 v 10:14. For up to two days free of charge, ifthey eventually opted to buy a Nissan model. It also said itwould offer compensation of up to 200,000 yuan ($32,700) tocover any injuries to those in a Nissan car resulting fromanti-Japanese sentiment, as well as repairing and replacing anyof its cars written off in any. Search this album. Gallery; Daughter; IMG 2746.
Feminism has always been about economics. Virginia Woolf wanted a room of her own, and that costs money.
In the late nineteenth and early twentieth centuries women joined together to demand the right of inheritance, the right of ownership, the right to start their own companies, the right to borrow money, the right to employment, equal pay for equal work and the option to support themselves so that they didn’t need to marry for money, and could instead marry for love.
Feminism continues to be about money.
Feminism’s aim for the past decades has been to take money and privilege from men in exchange for less quantifiable things like ‘the right to cry in public’.
Or at least that’s how some people put it.
More than six years have passed since 15 September 2008, the day the American investment bank Lehman Brothers filed for bankruptcy. Within a few weeks banks and insurance companies around the world followed suit. Millions of people lost their jobs and their savings. Families were forced to give up their houses, governments fell, the markets shook. Panic swept from one part of the economy to the next and from one country to another as a system that couldn’t stand up any more stumbled forward.
We watched in wonder.
If everyone just works, pays their taxes and keeps quiet, everything will sort itself out.
That’s what we’d been taught.
But that was false.
After the crisis, one international conference was held after another. Book upon book was written about what had gone wrong and what needed to be done. Suddenly, everyone seemed to be criticizing capitalism, from Conservative politicians to the Pope in Rome. It was said that this crisis was a paradigm shift, that everything would now be different. The global financial system needed to change. New values would have to dominate the economy. We read about greed, about global imbalances and about income inequality. We heard ad nauseam that the Chinese word for ‘crisis’ was made up of two characters, one meaning ‘danger’, the other ‘possibility’.
(Which isn’t correct, by the way.)
Six years later the financial sector has recovered. Profits, salaries, dividends and bonuses are back to what they once were.
The economic order and the economic story that so many thought would disappear with the crisis proved to be stubborn. Intellectually robust. The question is, why? There are many answers. This book aims to give you one perspective on the matter: that of sex.
And not in the way you might think.
If Lehman Brothers had been Lehman Sisters, the financial crisis would have turned out differently, said Christine Lagarde in 2010, when she was still France’s Minister of Finance.
Presumably not entirely seriously.
Audur Capital, an Icelandic private equity fund entirely run by women, was the only fund of its kind that made it through the crisis without so much as a scratch, she pointed out. And there are studies that show that men with higher testosterone levels are more prone to taking risks. Excessive risk-taking is what causes banks to capsize and financial crises to occur, so does this mean that men are too hormonal to run the economy?
There are other studies that show that women are at least as prone to taking risks as men, but only when they are in the middle of their menstrual cycles. Is the problem with male bankers that they are like ovulating women? What is the connection between the business cycle and the menstrual cycle?
Further studies note that girls in all-girls schools are just as eager as boys to take risks. Girls in mixed schools, on the other hand, are more cautious. In other words, norms and ideas about what your sex is in relation to the so-called opposite sex seem to matter.
At least when the opposite sex is present.
We can joke about these things, or take them seriously, but one fact remains: Lehman Brothers would never have been Lehman Sisters. A world where women dominated Wall Street would have had to be so completely different from the actual world that to describe it wouldn’t tell us anything about the actual world. Thousands of years of history would need to be rewritten in order to lead up to the hypothetical moment that an investment bank named Lehman Sisters could handle its over-exposure to an overheated American housing market.
The thought experiment is meaningless.
You can’t just switch out ‘brothers’ for ‘sisters’.
The story of women and economics is much bigger than that.
Feminism is a tradition of thought and political action that goes back more than two hundred years. It is one of the great democratic political movements of our time, no matter what you think about its conclusions. And feminism has also accounted for what is probably the largest systemic economic shift of the last century.
Some would say ever.
‘Women went to work in the 1960s’: that’s how this story is usually told.
But it’s not true. Women didn’t ‘go to work’ in the 1960s or during the Second World War.
Women have always worked.
What has happened in the last decades is that women have changed jobs.
From working in the home, they’ve taken positions out on the market and started to take payment for their labour.
From having worked as nurses, carers, teachers and secretaries they have started competing with men as doctors, lawyers and marine biologists.
This represents a gigantic social and economic shift: half of the population has moved the majority of its work from the home to the market.
We went from one economic system to another, without really being aware of it.
At the same time, family life has been transformed.
As recently as 1950 American women on average gave birth to four children each. Today that number is down to two.
In Great Britain and the USA, women’s family patterns have arranged themselves in accordance with their level of education. Well-educated women have fewer children, and they have them later in life. Women with less education have more children, and they have them a lot younger.
In the media, both of these groups are depicted as caricatures.
The career woman with the screaming baby in her briefcase, she who waited until she turned forty to push out her offspring, and now she doesn’t even have time to take care of it.
She is selfish, irresponsible and a bad woman.
The young working-class mother sitting in her council flat, living off benefits and without a man in her life.
She is also selfish, also irresponsible and also a bad woman.
The debate about the colossal economic shift that we have gone through often starts and ends here: in opinions about how individual women, or caricatures of these women, should live their lives.
In Scandinavia, where society invests enormous sums in childcare and paid parental leave, a woman’s family pattern is more unified, no matter what her level of education is. Generally she gives birth to more children as well. But even in these world-renowned welfare states women earn less than men and the number of women in senior management positions in business is small compared with many other countries.
Somewhere there is an equation that no one has managed to solve.
Maybe we don’t even have the language to talk about it yet, but it is without doubt an economic equation.
Many people are afraid of economics. Its words, its authority, its rituals and its apparently all-encompassing incompre- hensibility. The period that led up to the great financial crisis was a time when we were asked to hand the economy over to the experts. It was said that they had solved the issues for us and we weren’t competent enough to understand their solution. It was a period when central bankers could become celebrities and be named ‘Man of the Year’ by Time magazine for cutting interest rates to save western civilization.
That era has passed.
This is a story about being seduced. It’s about how insidiously a certain view of economics has crawled under our skin. How it has been allowed to dominate other values, not just in the global economy, but in our own lives. It’s about men and women and about how when we make toys real, they gain power over us.
To tie it all together, we need to start at the beginning.
Who Cooked Adam Smith's Dinner?: A Story of Women and Economics by Katrine Marçal, Pegasus Books, 240 pages, $26.95, Hardcover, June 2016, ISBN 9781681771427
“How do you get your dinner? That is the fundamental question of economics.” So begins the first chapter of Katrine Marçal’s powerful new book, Who Cooked Adam Smith's Dinner?
The field of economics is built around the ideal of “economic man,” an independent, rational being that always acts in his own self-interest. And even though we’ve known for at least thirty years that 'economic man' is an absurd, incomplete idea, and there have always been economists that argued against that supposed ideal, he still sits at its center. Even the burgeoning field of behavioral economics uses economic man as a starting point, if only as a simplified straw man to knock down or light aflame. And yet, behavioral economists also tend to see acting rationally and in our own self interests as the ultimate goal, and study ways in which we can all be nudged in that direction.
Of course, the idea of economic man doesn’t even take into account half of the population, the half that at the time Adam Smith was formulating the idea wasn’t getting paid for their work because it was domestic, supposedly outside of and somehow unrelated to supporting the economy. That it to say, it didn’t bother considering the labor or perspectives of women. And that has had far reaching implications for, and effects on, the way our economies and societies have developed since the advent of Smith’s ideas.
To write (and right) the story of economics, and the history of the field, Marçal turns to the feminine—and yes, feminist—perspective
Feminism has always been about economics. Virginia Woolf wanted a room of her own, and that costs money.
Marçal provides a complete history of the ideas behind, and subsequent realities of, market economics. She is a writer’s writer, using brilliant literary and historical metaphors to bring clarity and life to the story. She uses Robinson Crusoe as the perfect “example of economic man”—literally man isolated as an island—to set overall the story of classical economics in motion. She explains how economists studying games of chance to understand the market, and bringing game theory to finance in 1944 was so destructive. She refers to it as when “Dr. Stranglove went to work on Wall Street”—particularly apt because the man that literally wrote the book on game theory, John Von Neumann, was also on the committee that decided which Japanese cities the United States would drop the atom bomb on in WWII. She uses the second act of Goethe’s Faust to teach us more about the financial crisis of 2008—and just for good measure, gives a brief and brilliant history of money and monetary policy along the way. (“Goethe wasn’t just one of the greatest poets in the history of the word.” Marçal notes, “He was also the minister of finance in Weimer.”)
What we see is that, whereas the ideal of economic man and the economic theories and models built upon him are supposed to be completely rational, markets themselves seem to be mostly emotional, if not completely hysterical. That’s partly apparent by the language we use to describe it:
The market can be positive, worried, overheated, happy and upset—a remarkable beast full of feelings.
When the market is rising, the system—as messy and chaotic as it is—seems to work. Even if there is inequality and suffering, we can at least believe a rising tide will eventually lift all boats. But when things go wrong, well…
When the market is unusually upset (clinically depressed or in some form of free-falling anxiety), then society has to make an offering to it. Great sums of money.
And it’s not just that we have to bail out this theoretical model when it fails in the real world, it’s that the very idea of economic man has fundamentally altered the way we see ourselves. Even as we admit that it's an absurd, incomplete, and potentially harmful model of our lives (an oversimplification, even, of just our economic lives), it has become the ideal we aspire to. Yet it is a false ideal. We all really want to feel, to connect with one another, to love, to care for our families and be cared for—qualities economic man is incapable of. And this is where we bump into the tricky notion of “having it all” and “leaning in” that professional women are confronted with:
To uphold the idea that economic man is universal, woman must be stuffed into the model as if she were just like him. Here you are, here are equal rights and equal freedom to compete in the workplace. Go forth and conquer!
That’s why a woman has to prove her worth in a job market that is essentially still shaped by the needs of men. Advance herself in a framework created by men, for men—from a reality that excludes women. And this creates problems.
Women have always worked, of course. At least, poor women have always worked. Those well off enough could always afford “help.” Yes, feminism has always been about economics, but it has largely been about the economics of women in the middle class who were able to aspire to and reach for something they didn’t have—whether it was a room of their own or true economic empowerment. As Anne-Marie Slaughter did in her book, Unfinished Business, last year, Marçal broadens the perspective to include all women, indeed all of society. The women's movement has made great strides in economically empowering women, in giving them a choice of whether to pursue a career outside of the home.
But the very notion of a full-time career is still built around full-time domestic help. Today, women are supposed to work full-time, but full-time help is only available to those that can afford it. Who cleans the cleaners house? Who takes care of the nanny’s daughter? These aren’t just rhetorical questions, they are issues where the answer can only be found by following a complicated network of care wrapped around the global economy.
These are hard questions. Most families struggle with them almost every single day, not just because we have to find and pay for care for our children or sick relatives. Poor women—those who are still largely relegated to low-wage domestic work and caring for others—struggle with it most of all. But even professional women are held to a different societal standard of family life, are still expected to take on the bulk of housework and childcare.
They say that Ginger Rogers did everything that Fred Astaire did—except that she did it backwards and in high heels. And that’s what women continue to do.
In other words, economic man is still leading the dance. Women are expected to enter the fray, keep up with the pace even as they give birth and take on more burden than men to balance a family, and the issue of work-life balance is largely seen as a women’s issue.
Who Cooked Adam Smith' S Dinner Pdf Free Download Windows 10
Adam Smith was brilliant. He also remained a bachelor his entire life, and he lived with his mother for most of it. He obsessed incessantly over how goods were produced and men acted in the marketplace, and answering the questions he had launched the field of economics as we know it. But, he missed a key consideration in “the fundamental question of economics.”
Adam Smith only succeeded in answering half of the fundamental questions of economics. He didn’t get his dinner only because the tradesmen served their own self-interests through trade. Adam Smith got his dinner because his mother made sure it was on the table every evening.
Who Cooked Adam Smith' S Dinner Pdf Free Download Torrent
Smith coined the term “ the invisible hand” that has become so widespread in economics. But, it turns out the real invisible hand may have been the one that put the dinner on his table every night for his entire life—his mother’s, whose efforts and labor were uncounted in his equations and went uncompensated. Not until we take economic man off his pedestal, and add the feminist perspective to economics, will we be able to begin addressing some of the real underlying structural problems in our workplaces, economy, and society.