Inner Equilibrium and Economic Equilibrium: A Confucian Complement to Economic Man

Contemporary American economists are almost universally proud of their contribution to the enhancement of human welfare. They will readily and honestly dismiss the once famous nickname of economics, the dismal science. However, despite the fact that the United States economic growth in the past has been impressive, the individual actor in the economic world appears to remain a dismal creature. “Dismal” not in the Malthusian sense of population trap, but in the sense that the actor never seems to be satisfied with what he has — even though what he has has greatly increased. In other words, economic man did collectively generate the wealth of the nation, but the increased wealth does not seem to have led the majority of people individually to a more satisfying life. In the meantime, economists have begun to focus on Democracy in Deficit, The Economy in Deficit, and America's Great Consumption Binge.