Economic Morality and Jewish Law
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Product details:
- Publisher OUP USA
- Date of Publication 16 August 2012
- ISBN 9780199826865
- Binding Hardback
- No. of pages288 pages
- Size 236x165x20 mm
- Weight 522 g
- Language English
- Illustrations 2 illustrations 0
Categories
Short description:
Economic Morality and Jewish Law compares the way in which welfare economics and Jewish law determine the propriety of an economic action, whether by a private citizen or the government. Issues explored include negative externalities, price controls, the lemons problem, the living wage, and short selling.
MoreLong description:
Economic Morality and Jewish Law compares the way in which welfare economics and Jewish law determine the propriety of an economic action, whether by a private citizen or the government. Espousing what philosophers would call a consequentialist ethical system, welfare economics evaluates the worthiness of an economic action based on whether the action would increase the wealth of society in the long run. In sharp contrast, Jewish law espouses a deontological system of ethics. Within this ethical system, the determination of the propriety of an action is entirely a matter of discovering the applicable rule in Judaism's code of ethics.
This volume explores a variety of issues implicating morality for both individual commercial activity and economic public policy. Issues examined include price controls, the living wage, the lemons problem, short selling, and Ronald Coase's seminal theories on negative externalities. To provide an analytic framework for the study of these issues, the work first delineates the normative theories behind the concept of economic morality for welfare economics and Jewish law, and presents a case study illustrating the deontological nature of Jewish law. The book introduces what for many readers will be a new perspective on familiar economic issues. Despite the very different approaches of welfare economics and Jewish law in evaluating the worthiness of an economic action, the author reveals a remarkable symmetry between the two systems in their ultimate prescriptions for certain economic issues.
Of overriding importance in Orthodox Jewish practice are the rules pertaining to the behavior of man to his fellow man. This has its origins in the Bible, and was later extensively developed in the Talmud, starting some 2,000 years ago. The late Rabbi Professor Aaron Levine was undoubtedly the world's foremost authority on the relationship between this literature and modern economic thought. This book therefore promises to become the classical reference on this subject.
Table of Contents:
Preface
Acknowledgments
Introduction
A Tale of Two Sermons (Derashot): Jewish Law's Deontological Ethics at Work
The Sale of the Birthright and the Bilateral Monopoly Model
The Coase Theorem as Treated in Jewish Law
Price Controls in Jewish Law
Reviving Yehoshua b. Gamla's Vision for Torah Education
Aspect of the Lemons Problem as Treated in Jewish Law
The Living Wage and Jewish Law
Short Selling and Jewish Law
Glossary
Name Index
Subject Index
