Abstract

First it is shown that in order to function well markets depend on some preconditions even if there are no external effects and there is complete information. One of these conditions is that individuals follow some moral norms. Then it is asked whether these norms are non-consequentialist. There might be some norms for which no consequentialist foundation can be constructed. However, these are not the norms which have to be followed in order that a market system functions well. Such norm-following-behaviour can successfully be analysed with the economic model of behaviour, if the motivational assumption of this model is not artificially restricted to consider only financial incentives. Finally it is pointed to the fact that it is reasonable to employ the economic model of behaviour not only for analysing social processes but also for developing policy recommendations.