The idea that money begets money, and that the rich and powerful enjoy unfair advantages, goes against what we are taught - or like to believe - abou… - David Orrell

The entire thrust of neoclassical thought is to argue that the free market economy is an efficient system that will optimize utility for all mankind, if only government will get out of the way. It therefore departs from classical economists such as Adam Smith, who recognized the importance of governments for regulating markets and preventing monopolies.

There is something intrinsically upside down and counter-intuitive in the relationship between money and happiness.

If the aim of economics is really to provide the greatest happiness to the most people, than it is rather shocking to discover that economic growth has no net effect on happiness. So what has gone wrong with the neoclassical prospect?