The Moral Conditions of Economic Efficiency

Book Name : The Moral Conditions of Economic Efficiency

By by Walter J. Schultz

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Written by : by Walter J. Schultz

Subject Category : Economics

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In the late eighteenth century, Adam Smith significantly shaped the modern world by claiming that when people individually pursue their own interests, they are together led towards achieving the common good. But can a population of selfish people achieve the economic common good in the absence of moral constraints on their behavior? If not, then what are the moral conditions of market interaction which lead to economically efficient outcomes of trade? Answers to these questions profoundly affect basic concepts and principles of economic theory, legal theory, moral philosophy, political theory, and even judicial decisions at the appellate level. Walter Schultz illustrates the deficiencies of theories which purport to show that markets alone can provide the basis for efficiency. He demonstrates that efficient outcomes of market interaction cannot be achieved without moral normative constraints and then goes on to specify a set of normative conditions which make these positive outcomes possible. Cambridge University Press; June 2001 ISBN 9780511838224 Read online, or download in secure PDF format Title: The Moral Conditions of Economic Efficiency Author: Walter J. Schultz Imprint: Cambridge University Press Subject categories Economics > Economics as a science Law > Ethics Philosophy > Ethics & Moral Philosophy Social Science Business > Economics > Theory ISBNs 0511838220 9780521801782 9780511838224

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Related subjects

Economics - Economics as a science Law - Ethics Philosophy - Ethics & Moral Philosophy Social Science Business - Economics - Theory

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0511838220 - 9780521801782 - 9780511838224

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Cambridge University Press