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Economics within a Pluralist Ethical Tradition

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  • Jonathan B. Wight

Abstract

Ethical pluralism is the recognition that multiple ethical frameworks operate in social settings to solve problems of moral hazard. In particular, non-consequentialist considerations of duty and virtue operate to restrain self-interest and lower transaction costs in exchange, such as when asymmetric information exists. Positive economics has tended to rely exclusively on a behavioral model that assumes utility maximization, but this approach fails to give credit to the neglected foundations of duty and virtue. Consequences, duties, and virtues all play a role in sustaining businesses, for example, and in promoting the search for truth within the economic research community. Normative welfare economics can also benefit from understanding vertical and horizontal pluralism.

Suggested Citation

  • Jonathan B. Wight, 2014. "Economics within a Pluralist Ethical Tradition," Review of Social Economy, Taylor & Francis Journals, vol. 72(4), pages 417-435, October.
    • Handle: RePEc:taf:rsocec:v:72:y:2014:i:4:p:417-435
    DOI: 10.1080/00346764.2014.960661
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    Cited by:

    1. Maria-Teresa Bosch-Badia & Joan Montllor-Serrats & Maria-Antonia Tarrazon-Rodon, 2018. "Sustainability and Ethics in the Process of Price Determination in Financial Markets: A Conceptual Analysis," Sustainability, MDPI, vol. 10(5), pages 1-24, May.
    2. Michael Carr & Aurelie Charles & Wilfred Dolfsma & Robert McMaster & Tonia Warnecke, 2015. "Effective Contributions to the Review of Social Economy and Social Economics—Editorial," Review of Social Economy, Taylor & Francis Journals, vol. 73(2), pages 139-145, June.

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