Economic Analysis, Moral Philosophy and Public PolicyThis 2006 book shows through accessible argument and numerous 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 rationality and its connections to morality. It argues that in defending their model of rationality, mainstream economists implicitly espouse contestable moral principles. Part II concerns welfare, utilitarianism and standard welfare economics, while Part III considers important moral notions that are left out of standard welfare economics, such as freedom, rights, equality, and justice. Part III also emphasizes the variety of moral considerations that are relevant to evaluating policies. Part IV then introduces technical work in social choice theory and game theory that is guided by ethical concepts and relevant to moral theorizing. Chapters include recommended readings and the book includes a glossary of relevant terms. |
Contents
| 3 | |
| 12 | |
Two Examples | 30 |
Rationality | 45 |
Rationality in Positive and Normative Economics | 60 |
Rationality Norms and Morality | 78 |
WELFARE AND CONSEQUENCES | 97 |
Utilitarianism and Consequentialism | 99 |
Justice and Contractualism | 198 |
Social Choice Theory | 217 |
Game Theory | 234 |
CONCLUSIONS | 257 |
Normative Economics Reconsidered | 259 |
Economics and Ethics Hand in Hand | 274 |
How Could Ethics Matter to Economics? | 291 |
Glossary | 309 |
Welfare | 118 |
Efficiency | 135 |
Liberty Rights and Libertarianism | 159 |
Equality and Egalitarianism | 174 |
| 315 | |
| 335 | |
Common terms and phrases
accept actions agents alternatives argue argument bargaining behavior beliefs benefits better better-off Chapter claims concerning conflict consequences consequentialist cost-benefit analysis costs depend discussed distribution efficiency egalitarianism equal respect erences ethics evaluation example expected utility explain freedom game theory important income individual inequalities institutions interests involuntary Jack Jill judgments LDCs libertarians liberty matter maximize ment moral commitments moral norms moral philosophy Nash Nash equilibrium normative economics notion objective one’s ordinal utility outcomes Pareto efficient Pareto improvement Pareto optimal Pareto principle people’s perfect competition person philosophers plausible play player pollution poor countries positive economics preference satisfaction view principles of justice problems questions ranking Rawls reasons relevant satisfaction of preferences self-interested social choice theory social welfare function strategy Suppose theorem theorists theory of rationality things tion unemployment utilitarianism utility function utility theory voluntary vouchers wages welfare economics welfare economists well-being workers worse-off