This thesis studies some philosophical and ethical issues that economic design raises. Chapter 1 gives an overview of economic design and argues that a crossfertilisation between philosophy and economic design is possible and insightful for both sides. Chapter 2 examines the implications of mechanism design for theories of rationality. I show that non-classical theories, such as constrained maximization and team reasoning, are at odds with the constraint of incentive compatibility. This poses a problem for non-classical theories, which proponents of (...) these theories have not addressed to date. Chapter 3 proposes a general epistemology of economic engineering, which is motivated by a novel case study, viz. the reform of a matching market for medical practitioners. My account makes use of causal graphs to explain how models allow encoding counterfactual information about how market outcomes change if the design of the market changes. The second part of the thesis examines ethical issues. In Chapter 4, I apply tools from matching theory to gain insights into the distribution of refugees, such as among countries of the European Union. There is an ethical trade-off between the fairness of matchings and their efficiency, and I argue that in this context, fairness is the morally weightier criterion. Chapter 5 deals with the ethics of kidney exchange. Against critics, I give two arguments for the implementation of kidney exchange programmes. The first argument is that they are instrumental in meeting a moral obligation, namely to donate effectively. The second is that kidney exchange may increase the motivation for altruistic donations, because the donation of one kidney may trigger > 1 life savings. The final chapter identifies questions for future research and it closes with some thoughts about the future trajectory of economic design. (shrink)
This book provides an introduction to the relationship between economics and ethics, explaining why ethics enters economics, how ethics affects individual economic behavior and the interactions of individuals, and how ethics is important in evaluating the performance of economies and of economic policies.
This book shows through argument and numerous policy-related examples how understanding moral philosophy can improve economic analysis, how moral philosophy can benefit from economists' analytical tools, and how economic analysis and moral philosophy together can inform public policy. Part I explores the idea of rationality and its connections to ethics, arguing that when they defend their formal model of rationality, most economists implicitly espouse contestable moral principles. Part II addresses the nature and measurement of welfare, utilitarianism (...) and cost-benefit analysis. Part III discusses freedom, rights, equality, and justice - moral notions that are relevant to evaluating policies, but which have played little if any role in conventional welfare economics. Finally, Part IV explores work in social choice theory and game theory that is relevant to moral decision making. Each chapter includes recommended reading and discussion questions. (shrink)
The entwined history of humans and elephants is fascinating but often sad. People have used elephants as beasts of burden and war machines, slaughtered them for their ivory, exterminated them as threats to people and ecosystems, turned them into objects of entertainment at circuses, employed them as both curiosities and conservation ambassadors in zoos, and deified and honored them in religious rites. How have such actions affected these pachyderms? What ethical and moral imperatives should humans follow to ensure (...) that elephants are treated with dignity and saved from extinction? In Elephants and Ethics, Christen Wemmer and Catherine A. Christen assemble an international cohort of experts to review the history of human-elephant relations, discuss current issues of vital concern to elephant welfare, and assess the prospects for the ethical coexistence of both species. Part I provides an overview of the vexatious human-elephant relationship, from the history of our interactions to understanding elephant intelligence and sense of self. It concludes with a discussion of the issues of stress, pain, and suffering as experienced by elephants in human care and the problems inherent in assessing these subjectively. The second part explores how humans use elephants as tools and entertainment. It reviews domestic uses in Asia, examines the history and roles of elephants in zoos and circuses, and discusses the methods and ethics of training and caring for captive elephants. In Part III the contributors examine the fragile and conflict-filled world of human-elephant interactions in the wild. Each chapter delves into a different angle of the "elephant problem" -- the all-too-human problem of our growing populations taking over space that was historically the domain of these pachyderms. The chapters explore attempts to tame and "train" elephants in populous areas, the struggle over balancing species preservation while maintaining biodiversity in protected areas, and the conundrums posed by hunting, tourism, and human-elephant competition on rural land. That the future health and survival of elephants is dependent on human actions is irrefutable. In addressing these issues from multiple perspectives, Elephants and Ethics promotes mutual understanding of the cultural, conservation, and economic difficulties at the root of the many troublesome human-elephant interactions and poses new questions about our responsibility toward these largest of land mammals. (shrink)
Many economic problems are also ethical problems: should we value economic equality? how much should we care about preserving the environment? how should medical resources be divided between saving life and enhancing life? This book examines some of the practical issues that lie between economics and ethics, and shows how utility theory can contribute to ethics. John Broome's work has, unusually, combined sophisticated economic and philosophical expertise, and Ethics Out of Economics brings together some of his most (...) important essays, augmented with an updated introduction. The first group of essays deals with the relation between preference and value, the second with various questions about the formal structure of good, and the concluding section with the value of life. This work is of interest and importance for both economists and philosophers, and shows powerfully how economic methods can contribute to moral philosophy. (shrink)
The primary aim of the text is to introduce the reader to the relationship between economics and ethics and to the application of economic ethics in the evaluation of the market. The reader will gain insight into: * The ethical and methodological strategy of economics and criticism of the core assumptions that underpin the economic defense of free market operation. * The characteristics of different ethical theories (utilitarianism, duty and rights ethics, justice and virtue ethics) that (...) can be used to evaluate the free market. * How to apply economics in conjunction with ethical theories to evaluate economic trends and policies that promote the free operation of the market and are subject to public debate. These insights will help to develop the reasoning and analytical skills needed to criticize economic analysis as well as to apply ethical concepts to moral issues in economic policy. (shrink)
This book introduces the moral philosophy of Immanuel Kant—in particular, the concepts of autonomy, dignity, and character—to economic theory, explaining the importance of integrating these two streams of intellectual thought. Mainstream economics is rooted in classical utilitarianism, recommending that decision makers choose the options that are expected to generate the largest net benefits. For individuals, the standard economic model fails to incorporate the role of principles in decision-making, and also denies the possibility of true choice, which can be (...) independent of preferences and principles altogether. For policymakers, standard decision-making frameworks recommend tradeoffs that are beneficial in terms of material goods or wealth, but may be morally questionable from a more person-centered perspective. Integrating Kantian ethics affects economics in three important ways. This integration allows for a more complete understanding of human choice, incorporating not just preferences and constraints, but also principles and strength of will or character. It demonstrates the broader impact of welfare economics, which generates policies that affect not only persons' well-being, but also their dignity and autonomy. Finally, it reconciles the traditional, individualist stance in economic models of choice with the social responsibility emphasized by many systems of philosophical ethics and heterodox schools of economics. (shrink)
Economist and evolutionary game theorist Daniel Friedman demonstrates that our moral codes and our market systems-while often in conflict-are really devices evolved to achieve similar ends, and that society functions best when morals and markets are in balance with each other.
Economic concepts and methods are used to throw light on some aspects of common-sense ethics and the difference between it and Utilitarianism. (1) Very few exceptions are allowed to the rules of common-sense ethics, because of the cost of information required to justify an exception to Conscience and to other people. No such stringency characterizes Utilitarianism, an abstract system constructed by philosophers. (2) Rule Utilitarianism is neither consistent with common-sense ethics, nor does it maximize utility as has been claimed (...) for it. The same is true of more recent variants of Utilitarianism. (3) Second best and first best are usually identical in common-sense ethics. They are often identical in Utilitarianism when a moral situation can be represented by a Prisoner's Dilemma. However, problems arise in permissive forms of Utilitarianism when it is not obvious that second best should be applied. (shrink)
In four new and nine previously published essays, Joseph Heath provides a compelling new framework for thinking about the moral obligations of economic actors. The "market failures" approach to business ethics that he develops provides the basis for a unified theory of business ethics, corporate law, economic regulation, and the welfare state.
Much existing economic theory overlooks ethics. Rather than situating the market and values at separate extremes of a continuum, Ethics and the Market contends that the two are necessarily and intimately related. This volume brings together some of the best work in the social economics tradition, with contributions on the social economy, social capital, identity, ethnicity and development, the household, externalities, international finance, capability, and pedagogy. Proceeding from an examination of the moral implications of markets, the book goes (...) on to explore such themes as the institutional arrangements of social economies, individual and household decision-making, and economic development in a global context. Ethics and the Market illuminates the diverse and dynamic theoretical approaches that are employed in social economics, reflecting on their continuously evolving relationship with neoclassical economics. This book will prove vital reading for students and academics in the fields of Economics, Sociology, Gender Studies, and Public Policy. (shrink)
Reform of the economic structure is a profound revolution that not only affects every aspect of China's political and economic life but stimulates changes in the way of social life, the mode of thought, and the concepts of social ethics and morality. The relationship between people reflected by these changes is closely related to the basic issues, principles, and standards of morality. Ethically, the changes themselves contain moral issues. The current economic reforms are changing and enriching people's concepts of (...) morality and will doubtless enhance their development. (shrink)
This paper discusses the economic, legal, moral, and political difficulties in developing drugs for the developing world. It argues that large, global pharmaceutical companies have social responsibilities to the developing world, and that they may exercise these responsibilities by investing in research and development related to diseases that affect developing nations, offering discounts on drug prices, and initiating drug giveaways. However, these social responsibilities are not absolute requirements and may be balanced against other obligations and commitments in light of (...) economic, social, legal, political, and other conditions. How a company decides to exercise its social responsibilities to the developing world depends on the prospects for a reasonable profit and the prospects for a productive business environment. Developing nations can either help or hinder the pharmaceutical industry’s efforts to exercise social responsibility through various policies and practices. To insure that companies can make a reasonable profit, developing nations should honor pharmaceutical product patents and adhere to international intellectual property treaties, such as the Trade‐Related Aspects of Intellectual Property Rights agreement. To insure the companies have a good business environment, developing nations should try to promote the rule of law, ethical business practices, stable currencies, reliable banking systems, free and open markets, democracy, and other conditions conducive to business. Overall, this paper advocates for reciprocity and cooperation between pharmaceutical companies and developing nations to address the problem of developing drugs for the developing world. In pursuing this cooperative approach, developing nations may use a variety of other techniques to encourage pharmaceutical companies to act responsibly, such as subsidizing pharmaceutical research, helping to design and implement research protocols, providing a guaranteed market, and bulk buying. (shrink)
"I do solemnly swear" -- Economics in practice : what do economists do? -- Ethical challenges confronting the applied economist -- Historical perspective : "don't predict the interest rate!" -- Interpreting the silence : the economic case against professional economic ethics -- The economic case against professional economic ethics : a rebuttal -- The positive case for professional economic ethics -- Learning from others : ethical thought across the professions -- Economists as social engineers : an (...) class='Hi'>ethical evaluation of market liberalization in the south and transition economies -- Global economic crisis and the crisis in economics -- On sleeping too well : in search of professional economic ethics -- Training the "ethical economist" -- The economist's oath. (shrink)
Business, Institutions, and Ethics: A Text with Cases and Readings is the first text to use the analysis of social institutions to examine business ethics. It explains fundamental concepts in ethics and how to apply them to business and economics. The author shows how social institutions are constituted by an integrated set of ethical, economic, and legal principles, and then uses these principles to study the ethics of commerce at the individual, organizational, and market levels. This unique work (...) features thirty-four cases and articles that are organized into economic categories, providing a conceptual unity and flexibility not found in similar texts. The first half of the text focuses on theory, beginning with a case study that illustrates and unifies the theoretical discussions that follow. It examines market institutions, organizational structure, and individual decision making; interprets moral development as a process within institutional settings; and explains egoism, care, utilitarianism, right, and pluralistic ethical theories. It also discusses how economic analyses of markets and firms incorporate ethical principles, and argues that law reinforces ethical and economic aspects of social institutions important to the continued existence and well-being of society. The second half of the text consists of cases and articles organized by the economic categories of property, risk-reward relationships, information, and competition. Topics covered include corporate control, workplace dangers, marketing, and manufacturing relocation. Applicable in both business schools and philosophy departments, Business, Institutions, and Ethics shows how ethical principles can help us gather, sort, and interpret information necessary for making sound business decisions. Ideal for courses in business ethics and business and society, it is also a valuable reference for business professionals and philosophers. (shrink)
In Ethics, Economics, and Politics Ian Little returns to offer a new defence of a rule-based utilitarianism as a basis for assessing the role of the State. Lucidly and elegantly he explains how the three disiplines of philosophy, economics and politics can be integrated to provide guidance on issues of public policy.
"Written in a racy, persuasive style, the book impresses the reader as a work of significant scholarship...I encourage students of comparative religions- and especially those of Islamic economics- to read it with great care."&$151; Islamic Studies The worlds of economics and theology rarely intersect. The former appears occupied exclusively with the concrete equations of supply and demand, while the latter revolves largely around the less tangible concerns of the soul and spirit. Intended as an interfaith clarification of the (...) relationship between the material and the spiritual worlds, this volume first inspects secular beliefs about the relationship between economics and ethics. Exploring the differences and similarities between the treatment of economic issues in each of the great monotheistic religions, Rodney Wilson reveals how each tradition considers such subjects as individual wealth, lending, economic regulation, usury, insurance capitalism, socialism, and banking. He concludes with an intriguing epilogue on the rapidly expanding field of business ethics. (shrink)
This article examines Adam Smith’s views on animals, centering on the singularity of his economic perspective in the context of the general early ethical debate about animals. Particular emphasis is placed on his discussions of animals as property. The article highlights the tension between Smith’s moral sensitivity to animal suffering on the one hand, and his emphasis on the constitutive role that the utilization of animals played in the progress of civilization on the other. This tension is depicted (...) as a precursor of problematic aspects of the modern environmental crisis. (shrink)
This is a systematic evaluation of the main arguments for and against the market as an instrument of social organization, balancing efficiency and justice. It links the distinctive approaches of philosophy and economics to this evaluation.
As the twentieth century draws to a close and the rush to globalization gathers momentum, political and economic considerations are crowding out vital ethical questions about the shape of our future. Now, Hans Kung, one of the world's preeminent Christian theologians, explores these issues in a visionary and cautionary look at the coming global society. How can the new world order of the twenty first century avoid the horrors of the twentieth? Will nations form a real community or continue (...) to aggressively pursue their own interests? Will the Machiavellian approaches of the past prevail over idealism and a more humanitarian politics? What role can religion play in a world increasingly dominated by transnational corporations? Kung tackles these and many other questions with the insight and moral authority that comes from a lifetime's devotion to the search for justice and human dignity. Arguing against both an amoral realpolitik and an immoral resurgence of laissez faire economics, Kung defines a comprehensive ethicfounded on the bedrock of mutual respect and humane treatment of all beingsthat would encompass the ecological, legal, technological, and social patterns that are reshaping civilization. If we are going to have a global economy, a global technology, a global media, Kung argues, we must also have a global ethic to which all nations, and peoples of the most varied backgrounds and beliefs, can commit themselves. "The world," he says, "is not going to be held together by the Internet." For anyone concerned about the world we are creating, A Global Ethic for Global Politics and Economics offers equal measures of informed analysis, compassionate foresight, and wise counsel. (shrink)
In launching modern economics, Adam Smith paved the way for laissez-faire capitalism, Marxism, and contemporary social science. This book scrutinizes Smith's disparagement of politics and religion to illuminate the subtlety of his rhetoric, the depth of his thought, and the ultimate shortcomings of his project. The author analyzes Smith's ideas on government, justice, human psychology, and international relations, stressing Smith's efforts to elevate wealth at the expense of citizenship and to replace normative political philosophy with historical theorizing and empirical (...) modeling that emphasize economic causes. The book also provides the most comprehensive interpretation available of Smith's views on religion, examining the discrepancies between The Wealth of Nations and The Theory of Moral Sentiments. The concluding chapter appraises the demise of communism in light of the Marxian emancipation of economics from politics and religion. (shrink)
Postmerger integration is a highly challenging and demanding task. Its success depends not only on economic factors but also on the organisational members' feelings and their personal contribution to the new entity. Mergers are usually made for the sake of profitability in the first place, whereas less attention is paid to employees in such situations. This article describes various ethical observations made in our study on corporate mergers in the Nordic Electro-business industry. We examine how the organisational change was (...) experienced by personnel, what kinds of ethical reflections surfaced in different phases of the process, and what conclusions might be drawn from them. The main focus is on the ethical meanings that emerged in our interviewees' stories spontaneously, without the topic of ethics having been separately brought up in the interview situation. The organisational members: we interviewed 35 electro-business employees who were either transferred from Vattenfall's contracting unit to the acquiring company or were already working there at the time of the merger. These persons were interviewed twice: first in 2001, the year of the initial merger, and again in 2005, 4 years from the start of the process and 1 year from the final ownership change. The merger process seemed to lead to decreased responsibility among the organisational members, which highlights the discrepancy between genuine ethical thinking and executive talk. Our study also revealed a dramatic shift in the moral attitudes of the managers who fell from power in the turmoil of organisational change. This moral dimension is evident in their sharply critical argumentation against the new operating model and new corporate management, as well as in their eventual indifference and non-commitment to the organisation. The ethical meanings of 'the good life' and a happy work community slowly disintegrated and were replaced by a longing for the earlier communality and sense of togetherness in their old organisation. This meant that 'the good life' would have to be sought elsewhere. (shrink)
Institutionalized and internalized, competence intersubjectivity contain many user-illusions and an imaginary or manifest image of reality, including of themselves (Dennett and Sellars),. This can be contrasted we a comprehension or comprehensive, understanding intersubjectivity. It is possible and perhaps even necessary to transform or replace the competence intersubjectivity to a comprehension or understanding (scientific, Dennett and Sellars) image of reality and themselves.Ethics and morality and studies of ethics and morality deal with the reality of competence intersubjectivity (by means of socio-cultural practices (...) that are derived from, based on an created by means of this restrictive, misleading, unreal, illusory, unrealistic intersubjectivity and the life-worlds associated with it) and human life-worlds constituted on the basis of and in terms of this intersubjectivity. This is why I am a nihilist, a libertarian, at least a minarchist or rather an anarchist and epistemologically a sceptic. Kant’s things in themselves are similar to Dennett and Searle’s notions of manifest and scientific image. With my addition that we are socialized and internalize the competent, know how to do it, institutionalized manifest, everyday intersubjectivity, instead of the comprehension, insights and understanding knowing that, scientific intersubjectivity of all scientific disciplines. This piece can be read as independent as comments on meta-ethics, or it can be read as a chapter in my Book ‘Intersubjectivity (continued)’, or it can be read as an introduction to my thoughts on philosophy and more specifically Intersubjectivity as – Determining the nature of philosophy Determining the nature of the subject-matter of philosophy, sociology, social psychology, aspects of cognitive sciences, ethics, epistemology, etc, Determining the nature of philosophical methodology and approaches. (shrink)
Many reports independently confirm that even more than a quarter of a century after the collapse of the Soviet Union, the results of research and development in those countries that were under its influence are insufficient in comparison to the rest of the world. Given that human intelligence is not distributed unevenly and that science is a powerful driving force for the future of an economy, there is a hidden problem, which, if it can be resolved, may release great economic (...) potential. The first generation of researchers from Armenia, Czech Republic, Georgia, Slovakia and Ukraine, who successfully completed their education after the political revolution, were surveyed. The survey revealed many similarities with regards to ethics, but that there is mounting evidence that the main cause of the current situation is the state of the local legal systems. The conclusion was drawn that a conceptual change in staffing within the relevant legal systems is required to release potential and stimulate wealth creation. (shrink)
The neoclassical paradigm assumes that shareholders'' utility is solely a function of their wealth, and prescribes that management should act in a manner consistent with share price maximization. The stakeholder view also assumes that shareholders'' utility derives from wealth, but prescribes that managers must balance the shareholder wealth maximization objective against the rights of other constituencies. Thus, while neoclassicists and stakeholder theorists have different prescriptives for management behavior, their definitions of the shareholders'' interest are consistent — shareholders are self-interested economic (...) agents whose utility is best served by share price maximization. However, if shareholders are other-interested, and attack importance to ethical and moral values, then both the neoclassical and stakeholder view derive from invalid assumptions. In this paper, I present evidence that much shareholder behavior is ethically motivated. As a result, the basis for both the neoclassical and the stakeholder view are weakened. (shrink)
This book traces the collapse of integrity, the abandonment of responsibility, and the failures of moral courage that underlie the financial numbers - and identifies the changes in thinking needed to bring us back into balance.
Introduction : ethicaleconomics? -- The sovereign consumer -- Two myths about economic growth -- The politics of pay -- Happiness -- Pricing life and nature -- New worlds of money : public services and beyond -- Conclusion.
As a consequence of the collapse of a building in Barcelona, in December 1990, it was discovered that a large number of dwellings, mainly in Barcelona but also in other towns of Catalonia, were affected by a structural defect known as aluminosis, consisting of a deterioration of the reinforced concrete manufactured using aluminous cement, which considerably reduced its strength and that of the steel embedded in the concrete. This brought to light a series of economic, social, political and also (...) class='Hi'>moral problems, such as the use of the aluminous cement itself — a quality product but which requires careful handling —, the lack of regulation concerning the product and its use in construction, the poor state of repair of the buildings affected, the careless manner in which they had been built, the lag in technical knowledge, the financial situation of the people affected by the aluminosis, etc.This document provides a full account of the events and their historical, technical, economic and legal background, paying particular attention to the ethical problems created by the situation. (shrink)
Abstract: A significant effect of China’s rejection of a planned economy for a free market is the stimulus this has given to discussion of the relationship between morality and the market. Some Chinese believe that the introduction of a market economy has had a negative effect on public morality. Others disagree and maintain that it has had only a positive effect. Besides this particular debate there are two others. In the first of these debates, it is maintained on the one (...) side that conduct in the market is amoral and essentially contractual or transactional in nature: a boundary must be drawn between economic conduct and conduct in other spheres of social life. Against this it is argued that ethical norms apply equally to all aspects of social life including the economy. In the second debate one side holds that the market engenders its own “ethical” norms. In opposition it is argued that the moral categories articulated in moral philosophy are applicable to behaviour in the market. (shrink)
From an outsider's perspective, today's Popular China might appear as a self-confident and triumphant country. However, a large-scale examination of the country's recent moral controversies reveals a very different picture, one that has much to do with the widespread local public perception of an ongoing “moral crisis”, whose examination requires careful attention placed on the ethical and affective aspects of the everyday lives of today's Chinese people. In this article, I propose to examine the anguish that (...) Chinese bachelor youths and their concerned parents undergo and express, as they are confronted with the difficult process of finding a suitable mate for marriage. I examine the fears their celibacy generates, the mutual distrust that participants taking part in bachelors’ parents gatherings demonstrate, and the disputes these encounters engage. I analyze the moral world of today's urban China from the perspective of the very feelings and affects that pervade it. Highlighting the ways in which my interlocutors shared their emotions with me along the course of my fieldwork, carried out in the cities of Beijing and Chengdu, I will insist on the importance of these affects within an anthropological approach. The moral sensitivities contained in the maintenance of the economic and social situations of one's family reveal themselves as an exceptional resource for knowledge. By examining the political economy of sentiments within which parents and their children find themselves entrapped, I argue that we can gain a deeper understanding of the concrete consequences of today's societal transformations. (shrink)
In this paper, the results of a pilot interview study with 19 subjects participating in an EEG-based non-invasive brain–computer interface (BCI) research study on stroke rehabilitation and assistive technology and of a survey among 17 BCI professionals are presented and discussed in the light of ethical, legal, and social issues in research with human subjects. Most of the users were content with study participation and felt well informed. Negative aspects reported include the long and cumbersome preparation procedure, discomfort (...) with the cap and the wet electrodes, problems concerning BCI control, and strains during the training sessions. In addition, some users reflected on issues concerning system security. When asked for morally problematic issues in this field of non-invasive BCI research, the BCI professionals stressed the need for correct information transfer, the obligation to avoid unrealistic expectations in study participants, the selection of study participants, benefits and strains of participation, BCI illiteracy, the possibility of detrimental brain modifications induced by BCI use, and problems that may arise at the end of the trials. Furthermore, privacy issues were raised. Based on the results obtained, psychosocial and ethicalaspects of EEG-based non-invasive BCI research are discussed and possible implications for future research addressed. (shrink)
This collection of essays by one of America's leading legal theorists is unique in its scope: it shows how traditional problems of philosophy can be understood more clearly when considered in terms of law, economics, and political science.
Interest in Aristotelianism and in virtue ethics has been growing for half a century but as yet the strengths of the study of Aristotelian ethics in politics have not been matched in economics. This ground-breaking text fills that gap. Challenging the premises of neoclassical economic theory, the contributors take issue with neoclassicism’s foundational separation of values from facts, with its treatment of preferences as given, and with its consequent refusal to reason about final ends. Contributions critically engage with (...) class='Hi'>aspects of corporate capitalism, managerial power and neoliberal economic policy, and reflect on the recent financial crisis from the point of view of Aristotelian virtue ethics. Containing a new chapter by Alasdair MacIntyre, and deploying his arguments and conceptual scheme throughout, the book critically analyses the theoretical presuppositions and institutional reality of modern capitalism. (shrink)
What is the purpose of the economy? To answer this intriguing and fundamental question, this book provides a systematic approach to economic ethics and constructs a relationship between the economy and morality; it expounds theoretical and practical issues of economic philosophy along two dimensions: values and institutions. On the dimension of values, Yuichi Shionoya explores the connections between the economy and morality by reconstructing a coherent system of ethics that coordinates the 'good, right, and virtue'. Based on this system of (...) ethics, the book goes on to discuss the dimension of institutions and presents the philosophy of the welfare state, consisting of a tripartite contemporary institution of 'capitalism, democracy, and social security'. Economy and Morality is a remarkable contribution to economic ethics exploring key philosophical issues including efficiency versus justice and liberty versus excellence. Its unique emphasis is the economics of virtue, which is concerned with the virtuous utilization of economic resources for human development, and applied to the reform of the welfare state. will all find this book of great interest - part of its appeal lying in its interdisciplinary approach to contemporary economic, political and social systems based on the synthesis of moral values. (shrink)