A tempered and humane economy finds a balance between the market principle, "economic reward follows economic contribution," and the family economic principle, "respect abilities, respect needs." Markets are tempered by the wisdom gained from family experiences in the way that steel is iron tempered by fire. A humane economy meets the needs and aspirations of all persons in the way that a well-tempered musical instrument allows for the playing of music in every key without discord. A Tempered and Humane Economy: Markets, Families, and Behavioral Economicsargues that economists must incorporate the insights of behavioral economics into their reflections on micro- and macro-economic policy. The elephant in the room is how Americans are increasingly raising their children with an appropriate sense of entitlement and empowerment by involving them in decision making at home. We raise our children to find or create a job they will love, expecting that will make them highly productive. Not all children have these advantages, a problem we tackle head on, but enough of them do to create a critical mass of young adults who will transform our economy in a positive way for persons everywhere along the income distribution. Our vision for the U.S. Economy is one of tempered optimism and humane prosperity.
Table of Contents I. Each Person, Each Family 000 Chapter 1: The Wisdom of Families000 Chapter 2: Elana's Family Network 000 Chapter 3: It's Complicated, Investing in Yourself 000 Chapter 4: "It's Not Fair"000 Chapter 5: Talk the Walk 000 Chapter 6: What's Luck Got To Do With It?000 Chapter 7: The Wisdom of Families-Supporting Each Other's Decisions 000 II. The Big Picture: Investment Decisions in Context 000 Chapter 8: The Wisdom of Families-Democracy is Learned at Home 000 Chapter 9: Investing in Strangers 000 Chapter 10: The Wisdom of Families-The Most Important Investment 000 Chapter 11: Education-It's a Social Contract 000 Chapter 12: Mother Jones Would be Pretty Happy 000 Chapter 13: The Best Nets Are More Holes Than Rope 000 III. Thinking Harder: Does "Help" Really Help? 000 Chapter 14: The Wisdom of Families-Good Intentions and Unintended Consequences 000 Chapter 15: Tough Love for the Poor 000 Chapter 16: Tough Love for the Rich 000 Chapter 17: The Wisdom of Families-Avoiding Double Standards 000 IV. Prosperity is an Enormous Achievement 000 Chapter 18: Warts and All, We Are a Big Rich Country 000 Chapter 19: Inclusive vs. Extractive Institutions-Thinking Globally 000 Chapter 20: When Markets Produce 000 Chapter 21: Markets and Meaningful Work 000 V. Tempering Markets with Government Policy 000 Chapter 22: The Government We Make 000 Chapter 23: When the Challenge is Healthcare 000 VI. Looking to the Future 000 Chapter 24: The Wisdom of Families-Challenge and Aspiration 000 Chapter 25: Tempered Optimism, Humane Prosperity, 000 Appendix 1: When You Have Enough to Share, Share Wisely000 Appendix 2: Concrete Suggestions for Sharing 000 Acknowledgments 000 Bibliography 000 Index 000
