Who was the greater economist? A conversation with Robert H. Frank

Date: 09.11.2011 17:30 - 19:00

Location: NESTA, 1 Plough Place, London, EC4A 1DE

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Economist and New York Times columnist Robert H. Frank discussed his new book The Darwin Economy: Liberty, Competition and the Common Good, at NESTA.

The Darwin Economy contends that Charles Darwin's understanding of competition describes economic reality far more accurately than Adam Smith. For Smith, market failures were almost always rooted in attempts to suppress competition. In contrast, Darwin's framework suggests that market failures are rooted in the logic of competition itself.

He explored how Darwin's theory mirrors how individuals and groups interact much more closely than Smith's. Individual and group interests often diverge sharply and can sometimes create "arms races" which not only cause enormous harm to the group but also provide no lasting advantages for individuals since any gains tend to be mutually offsetting.

Robert H. Frank gave a keynote presentation which was followed by a chaired discussion with Stian Westlake (Executive Director of Policy & Research, NESTA).