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Economics within a Pluralist Ethical Tradition

Listed author(s):
  • Jonathan B. Wight

Ethical pluralism is the recognition that multiple ethical frameworks operate in social settings to solve problems of moral hazard. In particular, non-consequentialist considerations of duty and virtue operate to restrain self-interest and lower transaction costs in exchange, such as when asymmetric information exists. Positive economics has tended to rely exclusively on a behavioral model that assumes utility maximization, but this approach fails to give credit to the neglected foundations of duty and virtue. Consequences, duties, and virtues all play a role in sustaining businesses, for example, and in promoting the search for truth within the economic research community. Normative welfare economics can also benefit from understanding vertical and horizontal pluralism.

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File URL: http://hdl.handle.net/10.1080/00346764.2014.960661
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Article provided by Taylor & Francis Journals in its journal Review of Social Economy.

Volume (Year): 72 (2014)
Issue (Month): 4 (October)
Pages: 417-435

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Handle: RePEc:taf:rsocec:v:72:y:2014:i:4:p:417-435
DOI: 10.1080/00346764.2014.960661
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