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The common good and economics

Author

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  • Ricardo F. Crespo

    (Universidad Austral and CONICET, Mariano Acosta s/n y Ruta 8, B1629WWA Pilar, Provincia de Buenos Aires, Argentina)

Abstract

This paper analyzes the meaning of the ‘common good’ and its impact on economics. It adopts the ‘classical notion of the common good’ which, conceived by Aristotle and further developed by Thomas Aquinas, has been widely used for centuries. Sections 2 and 3 introduce Aristotle's view on this notion, followed by Aquinas’ developments. Section 4 addresses the different meanings of common good in the 20th century. Given that the classical version of the common good implies an anthropological position and a theory of the good, Section 5 extracts them from Aristotle's works, while Section 6 deduces policy implications from the previous definitions. Finally, Section 7 analyzes two current economic theories from the point of view of their relation with the common good: economics of happiness and the capability approach. The final section presents a brief conclusion.

Suggested Citation

  • Ricardo F. Crespo, 2016. "The common good and economics," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 39(109), pages 23-33, Enero.
    • Handle: RePEc:cud:journl:v:39:y:2016:i:109:p:23-33
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    File URL: https://repositorio.uam.es/bitstream/handle/10486/685350/CE_109_3.pdf
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    Cited by:

    1. Giovanna Centorrino, 2020. "Covid-19 and the Search for the Common Good: The Case of Parmon Spa (Italy)," Sustainability, MDPI, vol. 12(16), pages 1-23, August.

    More about this item

    Keywords

    Common good; Happiness economics; Capability approach;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other

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