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Falkenblog: Why Envy Dominates Greed

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Economists generally think of self-interest as maximizing the present value of one’s consumption, or wealth, independent of others. Wealth ...

Falkenblog: Why Envy Dominates Greed Sunday, March 28, 2010 Why Envy Dominates Greed Economists generally think of self-interest as maximizing the present value of one’s consumption, or wealth, independent of others. Wealth can be generalized to include not just their financial assets, but the present value of their labor income and even public goods. Adam Smith emphasized a self-interest that also recognized social position and regard for society as a whole, but this was well before anyone thought of writing down a utility function, which is a mathematically precise formulation of how p

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