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Markets & Morals: Ethical Issues in Economics (History of Science, Philosophy & Culture in Indian Civilisation)
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ISBN
:
9788187586517
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Publisher
:
Munshirm Manoharlal Pub Pvt Ltd
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Subject
:
Economics
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Binding
:
HARDCOVER
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Pages
:
263
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Year
:
2011
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700.0
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Description
Some of the issues that the various contributors to this volume discuss are (1) what constitutes a 'just' allocation of economic resources, (2) what is meant by 'fairness' in exchange, (3) what mechanisms exist, or can be designed, to ensure fairness at the micro-or justice at the macro-level. Part of the book is devoted to a related, but not identical, issue. Empirical evidence strongly suggests the presence in most populations of a degree of honesty and a sense of fairness well beyond what would be expected in a world of narrowly selfish maximizers. Homo economicus, it seems, does not rule in most societies. But how do values like intrinsic honesty survive the competitive environment ofthe market, an institution based, as Adam Smith famously declared, not on the benevolence of the participants but not their self-interest?
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