MORAL CAPITALISM

"Dr. Wagner presents a comprehensive, systemic approach, global in scope, for addressing the hastening pace of technological and social changes that confront humanity in the foreseeable future. Dr. Wagner’s evolutionary view of social and economic development is grounded in the complexity of reality rather than the simplicity of abstraction."
–Robert Ashford, Professor of Law, Syracuse U., author of Binary Economics

"This is an outstanding contribution to the campaign for a more socially useful economics. During my thirty years as editor of The Journal of Socio-Economics I read hundreds of excellent critiques of the neoclassical paradigm which has dominated academic economics for at least half a century. Walter Wagner’s approach is one of the very best and most hopeful for several reasons.
    First, Wagner strikes an impressive balance between comprehensiveness and focus. He covers the main critiques of the prevailing paradigm as they have been presented over the past fifty years. But he keeps the focus where it should be – on the moral issues and the need to study the real (or essential) economy rather than ill-fitting models.
    Second, he has come up with a memorable trichotomy to describe the strengths and weaknesses of the neoclassical paradigm – INSIGHTS, OVERSIGHTS AND ILLUSIONS. As he puts it, that paradigm provides valuable insights and is therefore useful. But it suffers from oversights and creates harmful illusions and therefore needs to be transcended by something more socially beneficial.
    Third, he puts the arguments in the context of the history of western philosophy and economic thought. This puts the reader in a position to understand how professional economics ended up in its present hobbled position.
    Fourth, Wagner suggests a new paradigm which, in my opinion, is not only superior but practical. The title of the book identifies the two key ingredients of that paradigm. One is the inclusion of MORAL issues in economic policy analysis. The second is the commitment to study the real or ESSENTIAL economy and its markets. Putting the two together results in public policies that promote what Wagner calls 'workable competition.'
    This is a work of impressive wisdom. One can only hope that today's agenda-setting academic economists and public policy specialists are wise enough to pay heed and follow Walter Wagner's lead in transcending while including the neoclassical paradigm."
–Dr. Richard E. Hattwick, Founding Editor, The Journal of Socio-Economics

"Walter Wagner has a rare gift for seeing problems whole and seeking practical solutions with solid philosophical underpinnings. His vision shows us how to think about moral, political and economic issues at the same time. Although Wagner provides a rigorous critique of the current headlong rush to globalization, he also acknowledges the power of the market to solve a host of problems effectively.
    Rooted in a deep understanding of Adam Smith’s works, his unique contribution is an understanding of the growing power of science, technology, and innovation to create a moral imperative for adaptive change that cannot be accounted for by traditional economic theory nor managed by conventional public policy. With giant, confident strides, Wagner covers large swaths of intellectual territory with an ease comparable to that of Thomas Friedman, John Kenneth Galbraith, and Robert Heilbroner."
–Terry W. Mullins, Ph.D., Professor of Management and former dean, Davis College of Business, Jacksonville University

"Moral Capitalism and The Essential Economy doesn't require an economics degree to comprehend it. No graphs, no charts, no tables; no formulas or statistics. It reads more like a Ralph Waldo Emerson essay and suggests that massive scientific and technological advances affect the global economy in ways contemporary economic theory ignores. Today's economists are concerned with the ups and downs of markets but do not consider the social or ethical dilemmas free markets create. The global success of soft-drink companies has a hand in the worldwide obesity problem the same way tobacco companies contribute to the cancer epidemic.Wagner’s book should be read by anyone who wants to make the connections between wealth creation and social responsibility. He is hopeful rather than fearful for the future, betting on empathy to temper greed."
–The Record

THINKING AND TEACHING: A Visionary Shares What He’s Learned – The Pacific Review (740kb PDF)