Economics within a Pluralist Ethical Tradition
Ethical pluralism is the recognition that multiple ethical frameworks operate in social settings to solve problems of moral hazard. In particular, non-consequentialist considerations of duty and virtue operate to restrain self-interest and lower transaction costs in exchange, such as when asymmetric information exists. Positive economics has tended to rely exclusively on a behavioral model that assumes utility maximization, but this approach fails to give credit to the neglected foundations of duty and virtue. Consequences, duties, and virtues all play a role in sustaining businesses, for example, and in promoting the search for truth within the economic research community. Normative welfare economics can also benefit from understanding vertical and horizontal pluralism.
Year of publication: |
2014
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Authors: | Wight, Jonathan B. |
Published in: |
Review of Social Economy. - Taylor & Francis Journals, ISSN 0034-6764. - Vol. 72.2014, 4, p. 417-435
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Publisher: |
Taylor & Francis Journals |
Saved in:
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