Ethics, Rationality and Economic Behaviour
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Ethics, Rationality and Economic Behaviour by Francesco Farina
Book DescriptionThe connection between economics and ethics is as old as economics itself, and central to both disciplines. It is an issue that has recently attracted much interest from economists and philosophers. The connection is, in part, a result of the desire of economists to make policy prescriptions, which clearly require some normative criteria. More deeply, much economic theory is founded on the assumption of utility maximization, thereby creating an immediate connection between the foundations of economics and the philosophical literature on utilitarianism and reasons for action. In fact, some influential contemporary approaches to ethics advocate decision-theoretic or game-theoretic foundations of some sort for moral principles, while several economic theorists are now prepared to take into account the ethical dimensions of rational decisions. As a result, it appears that economics and ethics are somehow inextricably linked through theories of rational decision-making. Most of us would probably find it disturbing to concede that there are contradictions between the prescriptions of rationality and the requirements of moral 'rightness'. The essays included in the present volume provide a detailed analysis of the connections between ethics and economics as viewed from several different - sometimes conflicting - perspectives. This book, the outcome of a joint meeting of philosophers and economists, has three main themes: the validity of utilitarianism much used by economists, the notion of fairness and equity, and the coherence of the rationality postulate of economics. The book does not reach any final conclusions, but it greatly illuminates the exact areas of possible disagreement and indeed the open-ended nature of ethical reasoning. There is much that economists, and especially welfare economists, can learn from these papers - not least circumspection.
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Book DetailsISBN: 9780198289814
(242mm x 163mm x 25mm)
Imprint: Clarendon Press
Publisher: Oxford University Press
Publish Date: 18-Apr-1996
Country of Publication: United Kingdom
Books By Author Francesco Farina
Macroeconomic Policy in the European Monetary Union, Paperback (June 2014)
Providing readers with a multi-faceted assessment of the implementation of fiscal policies in the euro zone and their macroeconomic effects five years after the inception of the euro, this book is the first reliable reference source for discussions in this area for both academics and policy makers.
European Economies in Transition, Hardback (June 2000)» View all books by Francesco Farina
Focusing upon the rich interplay between ongoing institutional and technological changes, the dynamics of national industrial systems, and the modifications in policy instruments of the common market and the single currency, this text addresses key issues for growth and convergence.
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