The Economics of Ethics and the Ethics of Economics: Values, Markets and the State

`Economics and ethics are succumbing to the pull of disciplinary specialisation at their own peril. This volume represents a necessary and most welcome reminder of some ways in which the two are intertwined. How do economic preferences relate to ethical values? What are the motivational underpinnings on which we should base a theory of choice? What explains compliance with rules, and with tax legislation in particular? Any economist or political philosopher interested in these questions must read this book.' - Peter Dietsch, Université de Montréal, Canada `Do market prices reflect values? What is the relation between social norms and economic incentives? Do economic agents respond to ethical arguments? By probing the boundaries between positive and normative theorizing and by bridging ethics, economics, and political science, this book is able to address a fascinating set of questions. I strongly recommend this book to anyone interested in normative issues in public policy - to academics and practitioners alike.' - Fabienne Peter, University of Warwick, UK This book makes a rational and eloquent case for the closer integration of ethics and economics. It expands upon themes concerned with esteem, self-esteem, emotional bonding between agents, expressive concerns, and moral requirements. Economists have long assumed that `value' and `price' are synonymous and interchangeable. The authors show how disregarding this false assumption and adopting an interdisciplinary approach could improve the economics profession by distinguishing economic values from ethical values. Replete with discussions that will challenge conventional economics, this book offers a corrective argument against the rigid separation of agents' motivation and the purely normative aspects of economic analysis. The various contributions explore the different dimensions at the frontier between the rational and the moral in political economy, ethics and philosophy. Containing a variety of cross-border analyses, this innovative book will be a must-read for economists, political scientists and philosophers. It will also be an invaluable resource for students in the fields of economics and philosophy.