The Morality of Economic Behaviour: Economics as Ethics

Economics is a value-free discipline that has lost its original ethical dimension, but examining moral philosophy through the framework of economics offers new insights into both disciplines and the discussion on the origins and nature of morality. The Morality of Economic Behaviour argues that moral behaviour is a result of interactions between self-interested agents in a social environment, and that economics can be a synthesis of moral and rational choice theory, promoting moral behaviour and ethical outcomes.

Format: Paperback / softback
Length: 112 pages
Publication date: 29 April 2022
Publisher: Taylor & Francis Ltd

The relationship between self-interest and morality has been a central theme in moral philosophy since the time of Plato. However, economics, once considered a value-free discipline, has strayed from its original ethical dimension as described by Adam Smith. By examining moral philosophy through the lens of economics, we can gain fresh insights into both disciplines and contribute to the ongoing discussion on the origins and nature of morality.

In his book "The Morality of Economic Behaviour: Economics as Ethics," economist Robert A. Dahl argues that moral behaviour does not require external incentives or enforcement because morality is a natural outcome of interactions between self-interested agents. The foundation of this argument lies in two key parameters: behaviour in a social environment and the effects of intertemporal choice on rational behaviour. By considering the dynamics of social structures and repeated interactions, Dahl posits that amoral agents can still achieve moral outcomes. This perspective transforms economics into a synthesis of moral and rational choice theory, bypassing the ethical challenges associated with economic behaviour while promoting moral behaviour and ethical outcomes.

This approach holds significant implications for practical issues such as economic policy, business ethics, and social responsibility. It suggests that economic agents can be guided by moral principles while making rational choices that benefit society as a whole. It challenges the notion that self-interest is inherently immoral and promotes a more nuanced understanding of human behaviour in economic contexts.

While this book is primarily aimed at students of politics, economics, and philosophy, it will also appeal to anyone with an interest in morality and ethics, and their relationship with self-interest. It provides a thought-provoking exploration of the complex interplay between self-interest and morality, offering valuable insights into the foundations of our social and economic systems.

Dimension: 216 x 138 (mm)
ISBN-13: 9780367507626