Economics and the Virtues
Building a New Moral Foundation
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Product details:
- Publisher OUP Oxford
- Date of Publication 30 January 2020
- ISBN 9780198855804
- Binding Paperback
- No. of pages280 pages
- Size 229x154x15 mm
- Weight 428 g
- Language English
- Illustrations 4 Figures 33
Categories
Short description:
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.
MoreLong description:
While ethics has been an integral part of economics since the days of Adam Smith (if not Aristotle), many modern economists dismiss ethical concerns in favor of increasing formal mathematical and computational methods. But recent financial crises in the real world have reignited discussions of the importance of ethics to economics, including growing calls for a new approach to incorporating moral philosophy in economic theory, practice, and policy. Ironically, it is the ethics of virtue advocated by Aristotle and Adam Smith that may lead to the most promising way to developing an economics that emphasizes the virtues, character, and judgment of the agents it models.
In Economics and the Virtues, editors Jennifer A. Baker and Mark D. White have brought together fifteen leading scholars in economics and philosophy to offer fresh perspectives on integrating virtue into economics. The first section covers five major thinkers and schools in the virtue tradition, tracing historical connections and suggesting new areas of cooperation. The second section applies the ethics of virtue to modern economic theory, delving into its current practices and methodology to suggest areas for integration with moral philosophy. Finally, the third section addresses specific topics such as markets, profits, and justice in the context of virtue and vice, offering valuable applications of virtue to economics.
With insights that are novel as well as rooted in time-tested ethical thought, Economics and the Virtues will be of interest to economists, philosophers, and other scholars in the social sciences and humanities, as well as professionals and policymakers in the fields of economics and finance, and makes an invaluable contribution to the ongoing discussion over the role of ethics in economics.
"What kinds of habits do markets engender? Does capitalism corrupt, or does it promote trust, cooperation, and the development of human excellance? Can economists really make sense of human behaviour without paying attention to questions of character? Jennifer A.Baker and Mark D.White's fascinating volume assembles a wide-raning roster of scholars who lay out the best current thinking on these questions in erudite yet readable prose. It turns out that economists do have much to learn from the rich moral psychology of Aristotle, the Stoics, Adam Smith, and Kant. It turns out that markets aren't so bad for the soul. This is an indispensable collection for anyone interested in moral psychology, economic theory, or the morality of markets."
Table of Contents:
Introduction
Part I: Approaches to Virtue and Economics
Aristotelian Virtue Ethics and Economic Rationality
The Epicureans on Happiness, Wealth, and the Deviant Craft of Property Management
Economic Good as Indifferent: The Stoics' Radical Approach
Adam Smith on Virtue, Prosperity, and Justice
The Virtues of a Kantian Economics
Part II: Virtue and Economics in Theory
On Virtue Economics
The Separation of Economics from Virtue: A Historical-Conceptual Introduction
The Space Between Choice and Our Models of It: Practical Wisdom and Normative Economics
Part III: Virtue and Economics in Practice
Virtues of Productivity versus Technicist Rationality
Virtues as Social Capital
Can Trust, Reciprocity, and Friendships Survive Contact with the Market?
Do Markets Corrupt?
The Dark Stuff: Stories from the Peatlands
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