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Markets and Morality

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  • Jagdish Bhagwati

Abstract

The paper addresses two issues. First, economics has evolved both as a positive science and, from moral philosophy, also as a normative discipline. Advancing the public good requires that public policy walk on both these legs. Second, the criticism has been forcefully made that markets undermine morality. This contention is refuted in several ways.

Suggested Citation

  • Jagdish Bhagwati, 2011. "Markets and Morality," American Economic Review, American Economic Association, vol. 101(3), pages 162-165, May.
    • Handle: RePEc:aea:aecrev:v:101:y:2011:i:3:p:162-65
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.101.3.162
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    Cited by:

    1. Zakaria Ali Aribi & Thankom Arun, 2015. "Corporate Social Responsibility and Islamic Financial Institutions (IFIs): Management Perceptions from IFIs in Bahrain," Journal of Business Ethics, Springer, vol. 129(4), pages 785-794, July.
    2. Cheng Li, 2019. "Morality and value neutrality in economics: a dualist view," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 12(2), pages 97-118, May.
    3. Amavilah, Voxi Heinrich, 2011. "The Full Value of the Nobel Prize - Part 1: Mining “Data Without Theory”," MPRA Paper 33483, University Library of Munich, Germany.

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