Economics and the Virtues: Building a New Moral Foundation

Hardcover | February 6, 2016

EditorJennifer A. Baker, Mark D. White

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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 ofthe 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 aneconomics 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 specifictopics 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, andmakes an invaluable contribution to the ongoing discussion over the role of ethics in economics.

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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 ofthe importance of ethics to economics, incl...

Jennifer A. Baker is Associate Professor in the Department of Philosophy at the College of Charleston. She has published over a dozen articles and chapters on ethics, with a particular focus on practical-rationality based accounts of virtue. Her most recent publications are Visible Hands: The Justification of the Market and Moral Agenc...

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Format:HardcoverDimensions:288 pages, 9.21 × 6.14 × 0.1 inPublished:February 6, 2016Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:019870139X

ISBN - 13:9780198701392

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Table of Contents

IntroductionPart I: Approaches to Virtue and Economics1. Christian Becker: Aristotelian Virtue Ethics and Economic Rationality2. Timothy O'Keefe: The Epicureans on Happiness, Wealth, and the Deviant Craft of Property Management3. Jennifer A. Baker: Economic Good as Indifferent: The Stoics' Radical Approach4. James Otteson: Adam Smith on Virtue, Prosperity, and Justice5. Mark D. White: The Virtues of a Kantian EconomicsPart II: Virtue and Economics in Theory6. Michael Baurmann and Geoffery Brennan: On Virtue Economics7. Eric Schliesser: The Separation of Economics from Virtue: A Historical-Conceptual Introduction8. Andrew Yuengert: The Space Between Choice and Our Models of It: Practical Wisdom and Normative EconomicsPart III: Virtue and Economics in Practice9. Christine Swanton: Virtues of Productivity versus Technicist Rationality10. David Rose: Virtues as Social Capital11. Seung (Ginny) Choi and Virgil Storr: Can Trust, Reciprocity, and Friendships Survive Contact with the Market?12. Jason Brennan: Do Markets Corrupt?