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The Economics Of Ethics And The Ethics Of Economics

Values, Markets and the State
Edited by Geoffrey Brennan, Professor of Economics, Research School of Social Sciences, The Australian National University, Canberra, Professor of Philosophy, University of North Carolina, Chapel Hill, US and Professor of Political Science, Duke University, US and Giuseppe Eusepi, Professor of Public Finance, Sapienza University of Rome, Rome, Italy
This book makes a rational and eloquent case for the closer integration of ethics and economics. It expands upon themes concerned with esteem, self-esteem, emotional bonding between agents, expressive concerns, and moral requirements.
Extent: 240 pp
Hardback Price: £78.00 Online: £70.20
Publication Date: 2009
ISBN: 978 1 84844 654 0
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  • Economics and Finance
  • Political Economy
  • Public Choice Theory
  • Politics and Public Policy
  • Political Economy
  • Public Choice
This book makes a rational and eloquent case for the closer integration of ethics and economics. It expands upon themes concerned with esteem, self-esteem, emotional bonding between agents, expressive concerns, and moral requirements.

Economists have long assumed that ‘value’ and ‘price’ are synonymous and interchangeable. The authors show how disregarding this false assumption and adopting an interdisciplinary approach could improve the economics profession by distinguishing economic values from ethical values. Replete with discussions that will challenge conventional economics, this book offers a corrective argument against the rigid separation of agents’ motivation and the purely normative aspects of economic analysis. The various contributions explore the different dimensions at the frontier between the rational and the moral in political economy, ethics and philosophy.

Containing a variety of cross-border analyses, this innovative book will be a must-read for economists, political scientists and philosophers. It will also be an invaluable resource for students in the fields of economics and philosophy.
‘Economics and ethics are succumbing to the pull of disciplinary specialisation at their own peril. This volume represents a necessary and most welcome reminder of some ways in which the two are intertwined. How do economic preferences relate to ethical values? What are the motivational underpinnings on which we should base a theory of choice? What explains compliance with rules, and with tax legislation in particular? Any economist or political philosopher interested in these questions must read this book.’
– Peter Dietsch, Université de Montréal, Canada

‘Do market prices reflect values? What is the relation between social norms and economic incentives? Do economic agents respond to ethical arguments? By probing the boundaries between positive and normative theorizing and by bridging ethics, economics, and political science, this book is able to address a fascinating set of questions. I strongly recommend this book to anyone interested in normative issues in public policy – to academics and practitioners alike.’
– Fabienne Peter, University of Warwick, UK
Contributors: M. Basili, G. Brennan, J.M. Buchanan, R. Eichenberger, G. Eusepi, L.P. Feld, M. Franzini, B.S. Frey, M. Funk, L. Giuriato, S. Gorini, A. Hamlin, P. Jones, H. Kliemt, S. Neckermann
Contents:

Introduction: Ethics vs Economics – In Praise of the ‘Disciplined’ Life?
Geoffrey Brennan and Giuseppe Eusepi

PART I: PATHWAYS THROUGH PRICES AND VALUES
1. Ethics and the Extent of the Market
James M. Buchanan

2. Value and Values, Preferences and Price: An Economic Perspective on Ethical Questions
Geoffrey Brennan and Giuseppe Eusepi

3. An Economist’s Plaidoyer for a Secular Ethics: The Moral Foundation and Social Role of Critical Rationalism
Stefano Gorini

4. Conceptual Confusions, Ethics and Economics
Hartmut Kliemt

PART II: MONEY AND MEDALS: THE ROLE OF MOTIVATIONS IN COLLECTIVE CHOICES
5. Awards: A View from Economics
Bruno S. Frey and Susanne Neckermann

6. Assessing Collective Decision-making Processes: The Relevance of Motivation
Philip Jones

7. Positive Constraints on Normative Political Theory
Geoffrey Brennan and Alan Hamlin

PART III: POLITICAL MARKET PROCESSES AND LIBERAL ETHICS: TAX FAIRNESS VS TAX MORALE
8. The Deregulation of the Political Process: Towards an International Market for Good Politics
Reiner Eichenberger and Michael Funk

9. Do We Really Know Much About Tax Non-compliance?
Lars P. Feld

10. Searching for Fairness in Taxation: Lessons from the Italian School of Public Finance
Luisa Giuriato

11. Cooperation, Reciprocity and Self-esteem: A Theoretical Approach
Marcello Basili and Maurizio Franzini

Index