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Judgment: Balancing Principle and Policy

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  • Mark D. White

Abstract

Judgment is an element of decision-making that is of critical importance to both ethics and economics but remains underappreciated in both. In this paper, I describe one conception of moral judgment, drawn from the moral philosophy of Immanuel Kant and the legal philosophy of Ronald Dworkin, in which an agent weighs and balances the various moral duties and principles relevant to a choice situation in a way that maintains the integrity of her moral character. After explaining the foundations and uses of judgment in ethics, I discuss its importance to two areas of economic modeling, individual choice and policy-making, both of which can be enhanced by incorporating judgment alongside more basic ethical motivations and concerns.

Suggested Citation

  • Mark D. White, 2015. "Judgment: Balancing Principle and Policy," Review of Social Economy, Taylor & Francis Journals, vol. 73(3), pages 223-241, September.
    • Handle: RePEc:taf:rsocec:v:73:y:2015:i:3:p:223-241
    DOI: 10.1080/00346764.2015.1044842
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    References listed on IDEAS

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    1. Smith, Adam, 1759. "The Theory of Moral Sentiments," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1759.
    2. Lanse Minkler, 2007. "Integrity and Agreement: Economics When Principles Also Matter," Working papers 2007-27, University of Connecticut, Department of Economics.
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