Here’s a fascinating profile on radical Santa Fe Institute economist Samuel Bowles, an empiricist who says his research doesn’t support the Chicago School efficient marketplace hypothesis. Instead, Bowles argues that the wealth inequality created by strict market economics creates inefficiencies because society has to devote so much effort to stopping the poor from expropriating the rich. He calls this “guard labor” and says that one in four Americans is employed to in the sector — labor that could otherwise be used to increase the nation’s wealth and progress.
