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Are economists amoral? Contemporary economic thought and the distinction between values and prices

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  • Robert Prasch

Abstract

Underlying the “clash of cultures” between economists and the rest of the citizenry is a way of thinking about rationality, consumer choice and policy that periodically reveals a confusion between values and prices on the side of economists. Lawrence Summers' famous memo on the underpollution of the Third World was a case in point. Sadly, this was not an isolated incident. On the contrary, mainstream economists are conditioned, by the categories they employ, to regularly conflate value with price. This is particularly the case when it comes to theorizing about consumer choice and the meaning(s) to be ascribed to the set of market prices that emerge from the aggregate of these choices. This paper explores the dimensions of the problem and suggests other frameworks of choice that can enrich our understanding of consumer behavior and the significance of the set of prices that emerge in the market.

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  • Robert Prasch, 2003. "Are economists amoral? Contemporary economic thought and the distinction between values and prices," Forum for Social Economics, Taylor & Francis Journals, vol. 32(2), pages 13-22, January.
    • Handle: RePEc:taf:fosoec:v:32:y:2003:i:2:p:13-22
    DOI: 10.1007/BF02779076
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    1. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
    2. Geoffrey M. Hodgson, 2003. "The hidden persuaders: institutions and individuals in economic theory," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 27(2), pages 159-175, March.
    3. Philip Arestis, 1992. "The Post-Keynesian Approach to Economics," Books, Edward Elgar Publishing, number 16.
    4. Marc Lavoie, 1992. "Foundations of Post-Keynesian Economic Analysis," Books, Edward Elgar Publishing, number 275.
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    1. Wicks, Rick, 2011. "Assumption without representation: the unacknowledged abstraction from communities and social goods," MPRA Paper 51674, University Library of Munich, Germany.
    2. Rick Wicks, 2012. "Assumption Without Representation: The Unacknowledged Abstraction from Communities and Social Goods," The American Economist, Sage Publications, vol. 57(1), pages 78-95, May.

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