{"title":"The Tragedy of Economics: On the Nature of Economic Harm and the Responsibilities of Economists","authors":"G. DeMartino","doi":"10.1093/oxfordhb/9780198793991.013.29","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198793991.013.29","url":null,"abstract":"Economists cause harm as they try to do good: that is the tragedy of economics. That claim is a non-normative description, not an indictment of the profession. Harm arises because of the uneven impact across society of most economic policy interventions, and because of the irreparable ignorance economists face in their work. But the profession gives inadequate attention to the harm its practice induces—a claim that is both positive and normative. Standard approaches to harm in economics present harms as fully reparable through monetary compensation, even though many harms are not in fact reparable or compensable. Given its prevalence and depth, economists should foreground economic harm in their assessment of economic systems. The paper offers one such approach: “economy harm profile analysis.”","PeriodicalId":135734,"journal":{"name":"The Oxford Handbook of Ethics and Economics","volume":"262 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132929077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Civil Rights, Employment, and Race","authors":"B. O'Flaherty","doi":"10.1093/OXFORDHB/9780198793991.013.27","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793991.013.27","url":null,"abstract":"Why are there civil rights laws? What should their scope and coverage be? What are their weaknesses? How can they be improved? In answering these questions, I concentrate on employment and on race in the United States. Following Sophia Moreau, I argue that civil rights laws are ways of assigning rights that are needed when groups are victims of pervasive discrimination. Empirical economic work shows that blacks and Hispanics probably meet the relevant conditions for coverage under these laws, but whites (at least white males) do not. Civil rights laws are hard to enforce, and should cover as many different domains of life as possible because coverage in each domain is complementary with coverage in others. Existing laws do not seem sufficient to assure blacks and Hispanics of the deliberative freedoms that Moreau enunciates, and so I speculate on alternative approaches.","PeriodicalId":135734,"journal":{"name":"The Oxford Handbook of Ethics and Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128625035","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Evolution and Moral Motivation in Economics","authors":"G. Hodgson","doi":"10.1093/OXFORDHB/9780198793991.013.13","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793991.013.13","url":null,"abstract":"Adam Smith argued that humans were motivated by both self-interest and moral concerns. Economics has since moved towards a contrasting utilitarian view where behavior is understood in terms of unifying preference functions. Also most economists have presumed that these preferences are “self-regarding.” Two major treatises in economics were published in 1871, with self-seeking economic man at their center. In the same year Darwin published The Descent of Man, which emphasized sympathy and cooperation as well as self-interest, and argued that morality has evolved in humans by natural selection. This stance is supported by modern research. This article reconciles Darwin’s view that developed morality requires language and deliberation (and is thus unique to humans), with his other claim that moral feelings have a long-evolved and biologically inherited basis. It also questions whether the recent addition of “other-regarding” preferences is adequate, and whether morality and altruism are reducible to preferences or utility maximization.","PeriodicalId":135734,"journal":{"name":"The Oxford Handbook of Ethics and Economics","volume":"51-52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123011618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economy and Culture","authors":"A. Klamer","doi":"10.1093/oxfordhb/9780198793991.013.17","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198793991.013.17","url":null,"abstract":"Culture matters in the economy. An increasing number of economists acknowledge the role of culture in economic processes, yet they disagree on what that role is. This chapter reviews the most important contributions to the discussion about the interaction between cultural and economic phenomena on the basis of a five-spheres model. The conclusion stands: culture matters. Yet the complexity of the interaction renders causal claims almost impossible. Furthermore, culture is not an instrument to change at will in order to achieve certain results. The outcome of the discussion is rather a reorientation of what economics is about, and a realization that sense-making is part of the economic process. Economists may conclude that they pay better attention to the qualitative aspects of the economy, and adjust their mode of analysis to allow for such attention.","PeriodicalId":135734,"journal":{"name":"The Oxford Handbook of Ethics and Economics","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114797271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Ethics of Money and Finance","authors":"J. Sandberg","doi":"10.1093/OXFORDHB/9780198793991.013.31","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793991.013.31","url":null,"abstract":"This chapter gives an overview of the many compelling ethical issues and debates among moral philosophers that pertain to money in general and financial activities in particular. It gives some background by way of introducing ontological ideas about what money and finance is. Thereafter, the chapter starts by discussing some of the classic and sweeping criticisms to the effect that all (or at least most) financial activities are morally suspect, for example criticisms of usury and speculation. The following section assumes that the existence of financial markets can be acceptable and discusses some of the ethical issues involved in making them honest and fair, for example the challenges of deception and insider trading. Finally, the chapter discusses ideas to the effect that financial agents have social responsibilities that go beyond their role as market participants, for example an extended responsibility to promote social welfare. The overarching aim of the chapter is to help further establish the new field of “financial ethics.”","PeriodicalId":135734,"journal":{"name":"The Oxford Handbook of Ethics and Economics","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124814511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Ethics of Making Risky Decisions for Others","authors":"L. Bovens","doi":"10.1093/OXFORDHB/9780198793991.013.21","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793991.013.21","url":null,"abstract":"Utilitarianism, it has been said, is not sensitive to the distribution of welfare. In making risky decisions for others there are multiple sensitivities at work. I present examples of risky decision-making involving drug allocations, charitable giving, breast-cancer screening and Caesarian sections. In each of these examples there is a different sensitivity at work that pulls away from the utilitarian prescription. Instances of saving fewer people at a greater risk to many is more complex because there are two distributional sensitivities at work that pull in opposite directions from the utilitarian calculus. I discuss objections to these sensitivities and conclude with some reflections on the value of formal modeling in thinking about societal risk.","PeriodicalId":135734,"journal":{"name":"The Oxford Handbook of Ethics and Economics","volume":"150 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115256275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economics and Ethics within the Austrian School of Economics","authors":"Peter J. Boettke, Kaitlyn Woltz","doi":"10.1093/OXFORDHB/9780198793991.013.14","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793991.013.14","url":null,"abstract":"Twentieth-century Austrian economists became known as champions of the free-market system yet claimed value-freedom in their economic analysis. However, advocacy of free markets is viewed as inherently ideological, involving ethical assumptions within the economic analysis. In this chapter, we discuss the connection between economics and ethics in the Austrian school of economics. We explore what value-freedom in the Austrian school entails and how twentieth-century Austrian economists were able to hold dual positions as value-free economists and advocates of free markets. We argue that Austrian economists separate ethical assumptions from their economic analysis. They maintain strict adherence to value-free analysis through an emphasis on social cooperation, which allows them to maintain their objectivity with respect to individuals’ ends. This combination allows Austrian economists to maintain their positions as value-free scientists while arguing that a free-market, capitalist system will best achieve peoples’ diverse ends.","PeriodicalId":135734,"journal":{"name":"The Oxford Handbook of Ethics and Economics","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115842814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Morality as a Complex Adaptive System","authors":"G. Gaus","doi":"10.1093/oxfordhb/9780198793991.013.8","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198793991.013.8","url":null,"abstract":"This chapter focuses on Hayek’s analysis of morality as an evolved spontaneous order while updating and revising it, taking account of current research and models. While his path-breaking work requires revision, Hayek presents an analysis of a complex adaptive moral order that is far more in tune with current science than are the highly rationalistic analyses of contemporary political philosophy, which often seek to present utopian plans for the perfect justice. Yet, I argue, we need to rethink important claims. Hayek puts great weight on group-level selection to maintain the functionality of the complex adaptive system of social morality, a claim that has been buttressed by the recent work of David Sloan Wilson. I question this, showing how an “invisible hand” can maintain functional cooperation among current humans without strong group-level selection.","PeriodicalId":135734,"journal":{"name":"The Oxford Handbook of Ethics and Economics","volume":"118 7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122427746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Ethical Pluralism in Economics","authors":"J. Wight","doi":"10.1093/oxfordhb/9780198793991.013.7","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198793991.013.7","url":null,"abstract":"Traditional approaches to understanding morality, through evaluating outcomes, analyzing rules, principles, and duty, and adhering to notions of virtue and character, offer competing but also complementary ways of framing conduct in a social setting. Ethical pluralism is the claim that all three methods are, to some degree, useful to positive economics because each provides distinctive insights into human behavior. Each is also useful in normative economics because a single framework has limitations that are solved by introducing elements from the others. The neoclassical economic approach, concerned ostensibly with outcome goals, must consider how economic agents are motivated by duty and virtue ethics considerations. Adam Smith’s virtue ethics, for example, arise from moral sentiments, not rational calculation. In considering the morality of efficiency, a Paretian approach derives ultimately from Kantian considerations, and the Kaldor-Hicks approach relies on background conditions of human rights and other non-outcome based elements.","PeriodicalId":135734,"journal":{"name":"The Oxford Handbook of Ethics and Economics","volume":"26 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115698048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Feminist Economics and Ethics","authors":"U. Knobloch","doi":"10.1093/OXFORDHB/9780198793991.013.16","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793991.013.16","url":null,"abstract":"Based on different normative foundations, a plurality of approaches to feminist economics has developed since the 1980s. The major tasks of an ethics of feminist economics, feminist economic ethics, are to make visible these normative foundations and to critically reflect them from a non-androcentric moral point of view that has first to be unfolded. Therefore, the first section on feminist ethics looks beyond androcentric ethics, reflects critically the existing gender norms and asks, “care justice for whom?” The second section degenders economic terms and makes explicit the normative foundations of feminist economics and economic ethics. The third section is dedicated to the method, subject matter, and agency model of a contemporary feminist economic ethics taking queer and postcolonial ethics into account. The conclusion summarizes the challenges a critical reflexive feminist economic ethics of paid and unpaid work as an ethics of caring provisioning is facing.","PeriodicalId":135734,"journal":{"name":"The Oxford Handbook of Ethics and Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130284915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}