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The Morality of Markets

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  • Mathias Dewatripont
  • Jean Tirole

Abstract

Scholars and civil society have argued that competition erodes supplier morality. This paper establishes a robust irrelevance result, whereby intense market competition does not crowd out consequentialist ethics; it thereby issues a strong warning against the wholesale moral condemnation of markets and procompetitive institutions. Intense competition, while not altering the behavior of profitable suppliers, may, however, reduce the standards of highly ethical suppliers or not-for-profits, raising the potential need to protect the latter in the marketplace.

Suggested Citation

  • Mathias Dewatripont & Jean Tirole, 2024. "The Morality of Markets," Journal of Political Economy, University of Chicago Press, vol. 132(8), pages 2655-2694.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/729445
    DOI: 10.1086/729445
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    Cited by:

    1. Federico M. Accursi & Raúl Bajo-Buenestado & Raul Bajo-Buenestado, 2024. "Do Cooperatives Exercise Market Power? Evidence from Pass-Through to Retail Prices," CESifo Working Paper Series 11473, CESifo.

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