The moral ecology of markets: on the failure of the amoral defense of markets
Many economists have defended capitalism; most have tried to do so within the self-imposed methodological constraint that economists should employ only empirical arguments, not normative ones. This essay examines three classic amoral defenses of capitalism—by Milton Friedman, James Buchanan, and Friedrich Hayek—and argues that each fails on its own terms, since each implicitly incorporates moral presumptions essential to the author's argument. Constructively, the essay proposes that no one can adequately endorse (or critique) markets without making a moral evaluation of their context—their “moral ecology.” Four issues are identified as necessarily addressed in every adequate evaluation of markets. The essay does not endorse any one position on these elements, but argues instead that seemingly incommensurable standpoints on markets—ranging from Marxist to libertarian—actually represent positions on the these four basic issues.
Volume (Year): 61 (2003)
Issue (Month): 2 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/RRSE20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/RRSE20|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Brennan, Geoffrey & Buchanan, James, 1981. "The normative purpose of economic "science": Rediscovery of an eighteenth century method," International Review of Law and Economics, Elsevier, vol. 1(2), pages 155-166, December.
- Bruce Caldwell, 1997. "Hayek and Socialism," Journal of Economic Literature, American Economic Association, vol. 35(4), pages 1856-1890, December.
- Robert Prasch & Falguni Sheth, 1999. "The Economics and Ethics of Minimum Wage Legislation," Review of Social Economy, Taylor & Francis Journals, vol. 57(4), pages 466-487.
When requesting a correction, please mention this item's handle: RePEc:taf:rsocec:v:61:y:2003:i:2:p:135-162. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If references are entirely missing, you can add them using this form.