Whether or not capitalism is compatible with ethics is a long standing dispute. We take up an approach to virtue ethics inspired by Adam Smith and consider how market competition influences the virtues most associated with modern commercial society. Up to a point, competition nurtures and supports such virtues as prudence, temperance, civility, industriousness and honesty. But there are also various mechanisms by which competition can have deleterious effects on the institutions and incentives necessary for sustaining even these most commercially (...) friendly of virtues. It is often supposed that if competitive markets are good, more competition must always be better. However, in the long run competition enhancing policies that neglect the nurturing and support of the bourgeois virtues may undermine the continued flourishing of modern commercial society. (shrink)

Adam Smith is respected as the father of contemporary economics for his work on systemizing classical economics as an independent field of study in The Wealth of Nations. But he was also a significant moral philosopher of the Scottish Enlightenment, with its characteristic concern for integrating sentiments and rationality. This article considers Adam Smith as a key moral philosopher of commercial society whose critical reflection upon the particular ethical challenges posed by the new pressures and possibilities of commercial society remains (...) relevant today. The discussion has three parts. First I address the artificial separation between self-interest and morality often attributed to Smith, in which his work on economics is stripped of its ethical context. Second I outline Smith’s ethical approach to economics, focusing on his vigorous but qualified defence of commercial society for its contributions to prosperity, justice, and freedom. Third I outline Smith’s moral philosophy proper as combining a naturalistic account of moral psychology with a virtue ethics based on propriety in commercial society. (shrink)

Hühn and Dierksmeier argue that a better understanding of Adam Smith’s work would improve business ethics research and education. I worry that their approach encourages two scholarly sins. First, anachronistic historiography in which we distort Smith’s ideas by making him answer questions about contemporary debates in CSR theory. Second, treating him as a prophet by assuming that finding out what Smith would have thought about it is the right way to answer such questions.

This article focuses on the philosophical aspects of the Capability Approach and its foundations in the work of Amartya Sen. It discusses the development and structure of Sen’s account, how it relates to other ethical approaches, and its main contributions and criticisms. It also outlines various capability theories developed within the Capability Approach, with particular attention to that of Martha Nussbaum.

Among business ethicists, Adam Smith is widely viewed as the defender of an amoral if not anti-moral economics in which individuals’ pursuit of their private self-interest is converted by an ‘invisible hand’ into shared economic prosperity. This is often justified by reference to a select few quotations from The Wealth of Nations. We use new empirical methods to investigate what Smith actually had to say, firstly about the relationship between free market institutions and individuals’ moral virtues, and secondly about the (...) further relationship between virtues and societal flourishing. We show with more quantitative precision than traditional scholarship that the invisible hand reading dramatically misrepresents both the nuance and the sum of Smith’s analysis. Smith paid a great deal of attention to a flourishing society’s dependence on virtues, including the non-self-regarding virtues of justice and benevolence, and he worried also about their fragility in the face of the changed incentives and social conditions of commercial society. (shrink)

Over the last 30 years the Indian philosopher-economist Amartya Sen has developed an original normative approach to the evaluation of individual and social well-being. The foundational concern of this ‘capability approach’ is the real freedom of individuals to achieve the kind of lives they have reason to value. This freedom is analysed in terms of an individual’s ‘capability’ to achieve combinations of such intrinsically valuable ‘beings and doings’ (‘functionings’) as being sufficiently nourished and freely expressing one’s political views. In this (...) account, ‘development’ is conceived as the expansion of individuals’ capability, and thus as a concept that goes beyond the economic growth of third world countries. My thesis is a philosophical examination of Sen’s capability approach. In the first part (chapters 1-3) I present and defend my interpretation of Sen’s work. (shrink)

Human development is meant to be transformational in that it aims to improve people's lives by enhancing their capabilities. But who does it target: people as they are or the people they will become? This paper argues that the human development approach relies on an understanding of personal identity as dynamic rather than as static collections of preferences, and that this distinguishes human development from conventional approaches to development. Nevertheless, this dynamic understanding of personal identity is presently poorly conceptualized and (...) this has implications for development practice. We identify a danger of paternalism and propose institutionalizing two procedural principles as side constraints on development policies and projects: the principle of free prior informed consent and the principle of democratic development. -/- . (shrink)

Global GDP is more than 100 trillion dollars, yet 10 % of the world’s population still live in extreme poverty on less than $1.90 per day. No one should have to live like that: alleviating poverty is a minimal moral obligation implied by nearly every secular and religious moral system. Unfortunately, neither economic growth nor conventional international aid can be relied upon to fulfil this obligation. A global basic income programme that transferred $1 per day from the rich world to (...) each poor person would eliminate extreme poverty directly and at negligible cost. It is the least we should do. (shrink)

This essay argues that gun control in America is a philosophical as well as a policy debate. This explains the depth of acrimony it causes. It also explains why the technocratic public health argument favored by the gun control movement has been so unsuccessful in persuading opponents and motivating supporters. My analysis also yields some positive advice for advocates of gun control: take the political philosophy of the gun rights movement seriously and take up the challenge of showing that a (...) society without guns is a better society, not merely a safer one. (shrink)

GILBERT JEAN FACCARELLO (Paris, 1950) is professor of economics at Université Panthéon-Assas, Paris, and a member of the Triangle research centre (École Normale Supérieure de Lyon and CNRS). He is presently chair of the ESHET Council (European Society for the History of Economic Thought). He completed his doctoral research in economics at Université de Paris X Nanterre. He has previously taught at the Université de Paris-Dauphine, Université du Maine and École Normale Supérieure de Fontenay/Saint-Cloud (now École Normale Supérieure de Lyon). (...) He is a co-founder of The European Journal of the History of Economic Thought, which he co-edited for 20 years with J. L. Cardoso, Heinz D. Kurz, and A. Murphy. With Alain Béraud, he edited the Nouvelle histoire de la pensée économique (La Découverte, 3 volumes, 1992-2000) and, together with Heinz D. Kurz, he is presently editing a Handbook of the History of Economic Analysis (3 volumes, forthcoming with Edward Elgar). -/- EJPE interviewed Gilbert Faccarello about his research career in the history of economic thought, where he has focused especially on old and new classical and Marxian political economy, and French political economy during the 18th and 19th centuries. G. Faccarello discusses his interest not only in the logical structure and context of the economic ideas of past thinkers but also the links between economic thought, philosophy, and religion. (shrink)

ExtractIn a democracy people are free to express their opinions and question those of others. This is an important personal freedom, and also essential to the very idea of government by discussion. But it has also been held to be instrumentally important because in open public debate true ideas will conquer false ones by their merit, and the people will see the truth for themselves. In other words, democracy has an epistemic function as a kind of truth machine. From this (...) it follows that in a democracy there should be no dogma: no knowledge protected from public challenge and debate. Yet this whole argument is founded on embarrassing misconceptions of the nature of truth and of the working of democracy.Send article to KindleTo send this article to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle. Find out more about sending to your Kindle. Note you can select to send to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply. Find out more about the Kindle Personal Document Service.DEMOCRACY IS NOT A TRUTH MACHINEVolume 12, Issue 33Thomas WellsDOI: https://doi.org/10.1017/S1477175612000309Your Kindle email address Please provide your Kindle [email protected]@kindle.com Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Send article to Dropbox To send this article to your Dropbox account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Dropbox. DEMOCRACY IS NOT A TRUTH MACHINEVolume 12, Issue 33Thomas WellsDOI: https://doi.org/10.1017/S1477175612000309Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Send article to Google Drive To send this article to your Google Drive account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Google Drive. DEMOCRACY IS NOT A TRUTH MACHINEVolume 12, Issue 33Thomas WellsDOI: https://doi.org/10.1017/S1477175612000309Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Export citation. (shrink)

The rich have two defining capabilities: independence from and command over others. These make being wealthy very pleasant indeed, but they are also toxic to democracy. First, I analyse the mechanisms by which the presence of very wealthy individuals undermines the two pillars of liberal democracy, equality of citizenship and legitimate social choice. Second, I make a radical proposal. If we value the preservation of democracy we must limit the amount of wealth any individual can have and still be a (...) citizen of our polity. (shrink)

Introduction to the Inaugural Issue of the Erasmus Journal for Philosophy and Economics.

Special sections are planned for forthcoming issues 20:1, 20:2 and 20:3 Issue 20:1 – submissions due 15 January, 2024Issue 20:2 – submissions due 15 MayIssue 20:3 – submissions due 15 SeptemberFor...

Journal of Political Philosophy, EarlyView.

In this interview, professor Davis discusses the evolution of his career and research interests as a philosopher-economist and gives his perspective on a number of important issues in the field. He argues that historians and methodologists of economics should be engaged in the practice of economics, and that historians should be more open to philosophical analysis of the content of economic ideas. He suggests that the history of recent economics is a particularly fruitful and important area for research exactly because (...) it is an open-ended story that is very relevant to understanding the underlying concerns and concepts of contemporary economics. He discusses his engagement with heterodox economics schools, and their engagement with a rapidly changing mainstream economics. He argues that the theory of the individual is “the central philosophical issue in economics” and discusses his extensive contributions to the issue. (shrink)

Michael Sandel’s latest book is not a scholarly work but is clearly intended as a work of public philosophy—a contribution to public rather than academic discourse. The book makes two moves. The first, which takes up most of it, is to demonstrate by means of a great many examples, mostly culled from newspaper stories, that markets and money corrupt—degrade—the goods they are used to allocate. The second follows from the first as Sandel’s proposed solution: we as a society should deliberate (...) together about the proper meaning and purpose of various goods, relationships, and activities (such as baseball and education) and how they should be valued. -/- Public philosophy is a different genre from academic philosophy, but that does not mean that it cannot be held to high standards. In my view, while this book does provide food for thought and food for conversation, it nevertheless has significant failings as a work of public philosophy rather than journalistic social activism on the model of Naomi Klein’s No logo (1999). (shrink)