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The ethics of care and the tragedy of the commons

Author

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  • Vicente Moreno-Casas

    (Rey Juan Carlos University)

  • Philipp Bagus

    (Rey Juan Carlos University)

Abstract

In this paper, we argue that the ethics of care can offer solutions to diverse tragedies of the commons. Building on Hayek’s (Law, legislation and liberty, Abingdon, Routledge, 1982) theory on the emergence of rules and norms, we outline the spheres of application of the ethics of care and the ethics of justice and outline how the two interact. We apply our analysis of the interaction of the ethics of care and the ethics of justice to the problem of the tragedy of the commons. The morality of care allows people to establish rules in small groups and to ensure the compliance with theoretically defined rules in the Great Society, thus potentially avoiding any tragedy of the commons in either realm. We illustrate our argument with two examples of the tragedy of the commons: fractional-reserve banking and environmental tragedies.

Suggested Citation

  • Vicente Moreno-Casas & Philipp Bagus, 2021. "The ethics of care and the tragedy of the commons," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 68(4), pages 405-422, December.
    • Handle: RePEc:spr:inrvec:v:68:y:2021:i:4:d:10.1007_s12232-021-00376-y
    DOI: 10.1007/s12232-021-00376-y
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    References listed on IDEAS

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    1. Irene van Staveren, 2013. "Caring Finance Practices," Journal of Economic Issues, Taylor & Francis Journals, vol. 47(2), pages 419-426.
    2. Emmanuel Petit, 2014. "Ethique du care et comportement pro-environnemental," Revue d'économie politique, Dalloz, vol. 124(2), pages 243-267.
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    6. Philipp Bagus & David Howden & Walter Block, 2013. "Deposits, Loans, and Banking: Clarifying the Debate," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(3), pages 627-644, July.
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    9. de Soto, Jesus Huerta, 1995. "A Critical Analysis of Central Banks and Fractional-Reserve Free Banking from the Austrian School Perspective," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 8(2), pages 25-38.
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    13. Walter Block & Ivan Jankovic, 2016. "Tragedy of the Partnership: A Critique of Elinor Ostrom," American Journal of Economics and Sociology, Wiley Blackwell, vol. 75(2), pages 289-318, March.
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    Cited by:

    1. Víctor I. Espinosa & Miguel A. Alonso-Neira & Jesús Huerta de Soto, 2023. "The Ethics of Fractional-Reserve Banking System: A Private Property Rights Approach," Economies, MDPI, vol. 11(9), pages 1-15, August.

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    More about this item

    Keywords

    Ethics of care; Tragedy of the commons; Limitations of knowledge; Fractional-reserve banking; Environmental management;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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