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This paper demonstrates that economic efficiency is enhanced when market participants adhere to certain ethical … constraints. These ethical constraints are implicit in the neoclassical economics models, but are rarely emphasized by the … that individual self-interest plays in promoting economic success. This paper applies the ethical principles identified …
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I provide a formal explanation of the relationship between the virtues of prudence, justice, and benevolence described by Adam Smith in the Theory of moral sentiments and connect these with the themes Smith subsequently discusses in the Wealth of nations. I contend that the other-regarding...
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