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This book integrates the moral philosophy of Immanuel Kant—particularly the concepts of autonomy, dignity, and character—into economic theory, enriching models of individual choice and policymaking, while contributing to our understanding of how the economic individual fits into society.
Economics is often accused of being "a-ethical" - lacking a moral perspective - if not altogether immoral. Its detractors criticize economic models of pure and perfect competition, and claim that economics should be concerned with social effects and strive to be equitable. Yet, these critics fail to understand that the discipline has many dimensions. Economics has also developed a group of concerns directly related to ethics. The presence of practical ethics is evident in the economic analysis of behaviour that incorporates ethical preference, altruism, and a responsible calculation based on norms. It is fair today that economics differentiates ethics from purely financial matters, and the discipline can be associated with morality in man's daily life. Volume 14 of the distinguished "Praxiology" series, examine the concept of positive ethics in economics. While normative ethics moralizes economics, trying to render it more "just," positive ethics is first and foremost a model for the construction of theoretical economic reasoning: it reflects on ethical practices within economics, and introduces a model of reasoning that takes individual ethical behaviour and its after-effects into account. The book is divided into three parts. In "Altruism," the contributors discuss the notion of unselfish concern for the welfare of others, and its place in economic practice. In "Commitment," the authors discuss reason as being central to economic theory, as well as the position of ethical behaviour. In "Responsibility," the idea that man is not an island unto himself, but a being involved in a set of relationships, is examined. If a person is simultaneously responsible for himself and others, then how far does his responsibility extend? "Essays on Positive Ethics in Economics" is thought-provoking volume that will be of interest to economists, policymakers, philosophers, and students of ethics and morality.
A volume by leading economists and philosophers that explores the contributions that virtue ethics can make to economics. Provides historical and modern insights in both economics and philosophy and offers suggestions for incorporating the ethics of virtue into economics to make it more applicable to moral dilemmas in the world outside the models.
"An effective integration of ethics, morality and business practices including extensive discussions of social justice, animal rights and the environment the author elucidates the many layers of the managerial and corporate environment, deftly analyzing the fiduciary, social and moral relationships between the players in a corporation. A fresh, convincing ethical examination." -Kirkus Discoveries Being good is not good enough to be moral. In Do No Evil, Michael Berumen debunks the notions that moral judgments are subjective preferences and that there are no universal standards of morality. He analyzes leading normative theories and gives biographical highlights on several important philosophers. Berumen then sets forth his own theory: the only basis for universal morality is the avoidance of death and suffering, in contrast to conventional conceptions of promoting good, which he shows cannot form a basis for universal rules of conduct. Berumen then examines the concepts of property, exchange, competition, and inequality, and shows why capitalism occupies the default position of morality, and why socialism is problematic. With that said, he also explains why property rights are not unlimited, and how morality serves to constrain capitalist acts. The last part of the book deals with business-related topics. Berumen demonstrates that a business is property and not primarily an instrument for delivering social justice, and he covers such areas as governance, fiduciary responsibility, marketing, globalism, the environment, duties to animals, and moral courage.
. . . Roth s book is useful and valuable. Using modern secular thought as his starting point, he reaches roughly the same conclusions that one would reach reasoning from the older Christian tradition. There is certainly much to like about that effort. Paul A. Cleveland, Markets & Morality This book is one of the best discussions of welfare economics since Murray Rothbard s classic paper of 1956 Toward a Reconstruction of Utility and Welfare Economics . David Gordon, The Mises Review Timothy Roth shows that social welfare theory, as currently defended by welfare economists and policymakers, is based on a confused and untenable moral theory, is incompatible with a rights-based legal order and is bound to promote unjust and arbitrary redistributions. By advocating a return to the Kantian conception of the moral agent, Roth shows the way to a normative economics that harmonizes with both intuitive morality and the American legal and constitutional tradition. Roger Scruton, Writer and Philosopher, formerly University Professor and Professor of Philosophy at Boston University, US The moral imperative of individual autonomy, embodied in the Kantian Rawlsian perspective on social order, cannot be reconciled with the utilitarian presuppositions that inform normative applications of modern economics. This book exposes the contradictions that are present when the basic philosophical foundations are ignored, a stance that is, unfortunately, characteristic of much modern discourse as well as political practice. James M. Buchanan, George Mason University, US and a Nobel Laureate At a time when technical economics dominates the thinking of much of the profession, it is important to be reminded that economics has roots in moral philosophy. Certainly this book, which deftly explores the ethical prior commitments underlying economic analysis, succeeds in bringing philosophical issues to the forefront. But it does more. Roth s closely reasoned study provides a clear exposition of the Kantian Rawlsian approach to public policy, and thus is able to establish a convincing critique of orthodox welfare theory. In general, the book offers a valuable change of perspective on social questions. Eirik G. Furubotn, Texas A&M University, US Because it is technically flawed and morally bankrupt, the author argues, the economist s consequence-based, procedurally detached theory of the state has contributed to the growth of government. As part of the Kantian Rawlsian contractarian project, this book seeks to return economics to its foundations in moral philosophy. Given the moral equivalence of persons, the greatest possible equal participation must be promoted, persons must be impartially treated and, because it is grounded in consequentialist social welfare theory (SWT), the economist s theory of the state must be rejected. Ad hoc deployment of SWT has facilitated discriminatory rent seeking and contributed to larger government. In contrast, this book argues that equal political participation and a constitutional impartiality constraint minimize rent seeking, respect individual perceptions of the public good and underwrite the legitimacy of government. Economists, moral philosophers and political scientists will find this book a unique contribution to the literature.
John Maynard Keynes wrote to his grandchildren more than fifty years ago about their economic possibilities, and thus about our own: "I see us free, there fore, to return to some of the most sure and certain principles of religion and traditional virtue - that avarice is a vice, that the exaction of usury is a misde meanour. . . . We shall once more value ends above means and prefer the good to the useful" ("Economic Possibilities for Our Grandchildren," pp. 371-72). In the year 1930 Keynes regarded these prospects as realizable only after a time span ofone hundred years, ofwhich we have now achieved more than half. The pres ent book does not share Keynes's view that the possibility of an integration of ethics and economics is dependent exclusively on the state of economic devel opment, though this integration is certainly made easier by an advantageous total economic situation. The conditions of an economy that is becoming post of ethics, cultural industrial and post-modern are favorable for the unification theory, and economics. Economic development makes a new establishment of economic ethics and a theory ofethical economy necessary. Herdecke and Hanover, October 1987 P. K. TABLE OF CONTENTS Foreword v Introduction . 0. 1. Ethical Economy and Political Economy . . 0. 1. 1. Ethical Economy as Theory ofthe Ethical Presuppositions of the Economy and Economic Ethics 3 0. 1. 2.
It is more important than ever that a business must be both ethical and profitable. In this thoroughly revised and updated second edition, Norman E. Bowie shows that by applying Kant's three formulations of the categorical imperative, and by doing the right thing for the right reason, a business can achieve success in both of these fields. Bowie uses examples such as building trust, transparency through open book management, and respecting employees by providing a living wage and meaningful work. This new edition, for graduates and academic researchers in the field of business ethics, has been heavily revised to include the newest scholarship on Kantian ethics, with a new emphasis on Kant's later moral and political theory, a workable account of Kantian capitalism, and additional accounts on corporate social responsibility, Kantianism and human rights, corporate moral agency, and the Kantian theory of meaningful work.
This book features eleven essays by leading scholars in economics and philosophy who argue for a renewal of the bond between the two disciplines. This book was published as a combination of the special issues Review of Political Economy and Review of Social Economy.
This textbook applies economic ethics to evaluate the free market system and enables students to examine the impact of free markets using the three main ethical approaches: utilitarianism, principle-based ethics and virtue ethics. Ethics and Economics systematically links empirical research to these ethical questions, with a focus on the core topics of happiness, inequality and virtues. Each chapter offers a recommended further reading list. The final chapter provides a practical method for applying the different ethical approaches to morally evaluate an economic policy proposal and an example of the methodology being applied to a real-life policy. This book will give students a clear theoretical and methodological toolkit for analyzing the ethics of market policies, making it a valuable resource for courses on economic ethics and economic philosophy.
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