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Not by P Alone: A Virtuous Economy

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  • Deirdre Mccloskey

Abstract

Samuelsonian (mainstream) economics cannot even think of stepping beyond its Max U, prudence-only model. But if we are going to have an economics that works and that matters, as economists like Sen and Akerlof and Hirschman have been saying, we need to admit that people do not live by prudence alone. They love and hope, they are just or unjust, they are temperate and courageous, faithless or faithful. Recognizing such virtues and vices is not a betrayal of economics. It is a fulfillment of the political economy of Adam Smith.

Suggested Citation

  • Deirdre Mccloskey, 2008. "Not by P Alone: A Virtuous Economy," Review of Political Economy, Taylor & Francis Journals, vol. 20(2), pages 181-197.
    • Handle: RePEc:taf:revpoe:v:20:y:2008:i:2:p:181-197
    DOI: 10.1080/09538250701819636
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    References listed on IDEAS

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    1. McCloskey, Deirdre Nansen, 2006. "The Bourgeois Virtues," University of Chicago Press Economics Books, University of Chicago Press, number 9780226556635, January.
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    Cited by:

    1. Rosanas, Josep Mª & Cugueró-Escofet, Natalia, 2016. "Leadership, Ethics, Prudence and Justice: Prudence Alone Is not Enough for Decision-Makers," IESE Research Papers D/1144, IESE Business School.
    2. Surendra Arjoon & Alvaro Turriago-Hoyos & Ulf Thoene, 2018. "Virtuousness and the Common Good as a Conceptual Framework for Harmonizing the Goals of the Individual, Organizations, and the Economy," Journal of Business Ethics, Springer, vol. 147(1), pages 143-163, January.
    3. Murphy Ryan H., 2020. "Corporations as the Outgroup?," Man and the Economy, De Gruyter, vol. 7(1), pages 1-8, June.
    4. Emmanuel Petit, 2024. "L’espoir dans l’analyse économique : de l’approche psychologique à une conception transactionnelle et institutionnelle," Post-Print hal-04715066, HAL.
    5. David Lipka, 2013. "The Max U Approach: Prudence Only, or Not Even Prudence? A Smithian Perspective," Econ Journal Watch, Econ Journal Watch, vol. 10(1), pages 2-14, January.

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