Economics and the virtues building a new moral foundation 1st Edition by Jennifer Baker, Mark White 0191005091 9780191005091

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ISBN-10 :  0191005091 

ISBN-13 :  9780191005091

Author:   Jennifer A. Baker, Mark D White 

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.

 

Economics and the virtues : building a new moral foundation 1st Table of contents:

Part I: Approaches to Virtue and Economics
Chapter 1: Aristotelian Virtue Ethics and Economic Rationality
1. Aristotle as a reference point for further discussion
1.1 Aristotle´s conception of the economy
1.2 Aristotle on economic rationality
1.2.1 The general function of phronēsis and its relevance for ethics
1.2.2 The internal function of economic rationality in the household
1.2.3 The external function of economic rationality regarding the context and societal embedment of
1.2.4 Utilizing further rational abilities under the guidance of phronēsis
2. Reconsidering economic theory and economic virtues in light of Aristotle
3. Modern economic spheres, individual virtues, and self-identity
4. Relevant frameworks of modern economic spheres
5. Shared conceptions of excellence and the good, new challenges of the economy of the twenty-first
6. Conclusion
Notes
Chapter 2: The Epicureans on Happiness, Wealth, and the Deviant Craft of Property Management
1. The Epicureans on wealth and the good life
1.1 A quick overview of Epicurean ethics
1.2 Natural wealth and the good life
2. Philodemus on the craft of property management
2.1 What is a genuine technê?
2.2 Xenophon and Theophrastus on the craft of property management
2.3 Philodemus against Socrates, Xenophon, and Theophrastus
2.4 The expert manager of property versus the Epicurean sage
3. Conclusion
Notes
Chapter 3: Economic Good as Indifferent
1. What is Stoicism?
2. The Stoics on economic value
3. Aristotelian economics
4. Three features of markets “as they are”
4.1 Social assistance in markets
4.2 The various roles we have in markets
4.3 The values associated with success in markets
5. Conclusion
Notes
Chapter 4: Adam Smith on Virtue, Prosperity, and Justice
1. Smith’s account of morality and virtue
1.1 Sympathy
1.2 Moral objectivity
1.3 Utility
2. Smith on justice
3. A social-justice objection to Smith
3.1 First argument defending Smith´s conception: Knowledge
3.2 Second argument: Trust
3.3 Third argument: Failure to launch
4. Conclusion: Smith on virtue, prosperity, and justice
Notes
Chapter 5: The Virtues of a Kantian Economics
1. Kant and virtue
1.1 Kantian ethics and the critiques from virtue
1.2 Finding the virtue in Kant
1.2.1 Motivation
1.2.2 Agents and acts
1.2.3 Rules and character
2. Kantian ethics, economics, and the role of judgment and character
2.1 Kantian economics and the need for judgment
2.2 Judgment via Kant and Dworkin
3. Conclusion
Notes
Part II: Virtue and Economics in Theory
Chapter 6: On Virtue Economics
1. Why virtue?
1.1 Virtue as intrinsically valuable
1.2 Virtue as derivatively valuable
1.3 “Virtue” as fact
2. Applications
2.1 Invisible hands and agent virtue
2.2 Virtue and esteem
2.3 The allocation of virtue
3. Conclusion
Notes
Chapter 7: The Separation of Economics from Virtue
1. Sidgwick, Keynes, and the distinction between positive economics and ethics
2. Positive and normative economics and the technocratic conception of politics
3. Conclusion
Notes
Chapter 8: The Space Between Choice and Our Models of It
1. How the “space between” matters: The normative uses of positive models
2. Practical wisdom fills the “space between”
3. Normative insights from three sources
3.1 Plans and situated actions
3.2 Seeing like a state
3.3 Constructivist and ecological rationality
3.4 Implications for economic models and practical wisdom
4. Concluding thoughts
Notes
Part III: Virtue and Economics in Practice
Chapter 9: Virtues of Productivity versus Technicist Rationality
1. Profit as the internal goal of business
2. Technê and phronēsis
3. Productive virtue
4. Conclusion
Notes
Chapter 10: Virtues as Social Capital
1. The nature of virtues
2. Why some virtues function as social capital
2.1 Individual social capital
2.2 Network social capital
2.3 Virtues as social capital
3. Why negative virtues require the most attention
3.1 The public good problem: Non-rival and non-excludable consumption
3.2 Two specific examples of the public good problem
4. Summary and final thoughts
Notes
Chapter 11: Can Trust, Reciprocity, and Friendships Survive Contact with the Market?
1. The market’s moral limits
2. Trust and trustworthiness in market dealings
3. Fairness and reciprocity in markets
4. The sociality of commercial exchanges
4.1 The concepts of embeddedness and social capital
4.2 Social relations as economically conditioned
5. Conclusion
Notes
Chapter 12: Do Markets Corrupt?
1. The burden of proof
2. The selfishness objection
3. Does basic microeconomics predict that markets corrupt us?
4. Compared to what?
5. Markets and tolerance
6. Maybe money buys morality
7. Markets and civic virtue
8. Conclusion

 

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