In the late eighteenth century, Adam Smith significantly shaped the modern world by claiming that when people individually pursue their own interests, they are together led towards achieving the common good. But can a population of selfish people achieve the economic common good in the absence of mo...

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Bibliographic Details

Main Author:	Schultz, Walter J. 1950- (Author)
Format:	Electronic eBook
Language:	English
Published:	Cambridge Cambridge University Press 2001
Series:	Cambridge studies in philosophy and law
Subjects:	Ethik Wirtschaft Economics / Moral and ethical aspects Markteffizienz Wirtschaftsethik
Online Access:	BSB01 UBG01 Volltext
Summary:	In the late eighteenth century, Adam Smith significantly shaped the modern world by claiming that when people individually pursue their own interests, they are together led towards achieving the common good. But can a population of selfish people achieve the economic common good in the absence of moral constraints on their behavior? If not, then what are the moral conditions of market interaction which lead to economically efficient outcomes of trade? Answers to these questions profoundly affect basic concepts and principles of economic theory, legal theory, moral philosophy, political theory, and even judicial decisions at the appellate level. Walter Schultz illustrates the deficiencies of theories which purport to show that markets alone can provide the basis for efficiency. He demonstrates that efficient outcomes of market interaction cannot be achieved without moral normative constraints and then goes on to specify a set of normative conditions which make these positive outcomes possible
Item Description:	Title from publisher's bibliographic system (viewed on 05 Oct 2015)
Physical Description:	1 online resource (xii, 144 pages)
ISBN:	9780511549649
DOI:	10.1017/CBO9780511549649