The Moral Conditions of Economic Efficiency
(Part of the Cambridge Studies in Philosophy and Law Series)
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Book Overview
In the late eighteenth century, Adam Smith significantly shaped the modern world by claiming that when people individually pursue their own interests, they are together led towards achieving the common good. But can a population of selfish people achieve the economic common good in the absence of moral constraints on their behavior? If not, then what are the moral conditions of market interaction which lead to economically efficient outcomes of trade? Answers to these questions profoundly affect basic concepts and principles of economic theory, legal theory, moral philosophy, political theory, and even judicial decisions at the appellate level. Walter Schultz illustrates the deficiencies of theories which purport to show that markets alone can provide the basis for efficiency. He demonstrates that efficient outcomes of market interaction cannot be achieved without moral normative constraints and then goes on to specify a set of normative conditions which make these positive outcomes possible.
Format:Paperback
Language:English
ISBN:0521048273
ISBN13:9780521048279
Release Date:January 2008
Publisher:Cambridge University Press
Length:160 Pages
Weight:0.54 lbs.
Dimensions:0.4" x 6.0" x 9.0"
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