Ethics in Economics

Introduction

"This outstanding book" looks at the role of ethics within economic debates, going beyond welfare outcomes to examine our moral norms (Choice).

Overview of Ethics and Economics

In Ethics and Economics, Jonathan B. Wight argues that economic life relies on three interrelated ethical systems: outcome-based, duty- and rule-based, and virtue-based. Integrating contemporary research on ethics within a historical framework, Wight provides a thorough and accessible outline of all three schools, explaining how they fit or contrast with the economic welfare model.

Application of Ethical Systems

Wight uses these conceptual underpinnings to examine a range of topics, such as the 2008 financial crisis, the moral limits to markets, the findings of experimental economics, and the nature of economic justice. Wight's analysis is guided by the innovative concept of ethical pluralism—the recognition that each system has appropriate applications, and that no single framework prevails.

Conclusion

He makes the case that moving beyond utility maximization can lead to a richer understanding of human behavior and better policy decisions.