Economics and the Virtues

While ethics has been an integral part of economics since the days of Adam Smith (if not Aristotle), many modern economists dismiss ethical concerns in favor of increasing formal mathematical and computational methods. But recent financial crises in the real world have reignited discussions of the importance of ethics to economics, including growing calls for a new approach to incorporating moral philosophy in economic theory, practice, and policy. Ironically, it isthe ethics of virtue advocated by Aristotle and Adam Smith that may lead to the most promising way to developing an economics that emphasizes the virtues, character, and judgment of the agents it models. In Economics and the Virtues, editors Jennifer A. Baker and Mark D. White have brought together fifteen leading scholars in economics and philosophy to offer fresh perspectives on integrating virtue into economics. The first section covers five major thinkers and schools in the virtue tradition, tracing historical connections and suggesting new areas of cooperation. The second section applies the ethics of virtue to modern economic theory, delving into its current practices andmethodology to suggest areas for integration with moral philosophy. Finally, the third section addresses specific topics such as markets, profits, and justice in the context of virtue and vice, offering valuable applications of virtue to economics. With insights that are novel as well as rooted in time-tested ethical thought, Economics and the Virtues will be of interest to economists, philosophers, and other scholars in the social sciences and humanities, as well as professionals and policymakers in the fields of economics and finance, and makes an invaluable contribution to the ongoing discussion over the role of ethics in economics.

"What kinds of habits do markets engender? Does capitalism corrupt, or does it promote trust, cooperation, and the development of human excellance? Can economists really make sense of human behaviour without paying attention to questions of character? Jennifer A.Baker and Mark D.White's fascinating volume assembles a wide-raning roster of scholars who lay out the best current thinking on these questions in erudite yet readable prose. It turns out that economists do have much to learn from the rich moral psychology of Aristotle, the Stoics, Adam Smith, and Kant. It turns out that markets aren't so bad for the soul. This is an indispensable collection for anyone interested in moral psychology, economic theory, or the morality of markets.", "Twentieth century economics sought rigour in models of rational choice, thereby bracketing concern with the goods that economic action can seek or undermine, and distancing economics from ethics. Economics and the Virtues is a rich and rewarding collection that brings together stimulating accounts of this loss and of some possibilities for retrieval. It explore classical accounts of the virtues, and argues that they remain essential not only to character but to culture, including the culture of markets'."

Jennifer A. Baker is Associate Professor in the Department of Philosophy at the College of Charleston. She has published over a dozen articles and chapters on ethics, with a particular focus on practical-rationality based accounts of virtue. Her recent publications include: 'Visible Hands: The Justification of the Market and Moral Agency', 'Children's Agency, Interests, and Medical Consent', 'Virtue Ethics and Practical Guidance', and 'Who's Afraid of a Final End?The Omission of Traditional Practical Rationality from Contemporary Virtue Ethics.' Mark D. White is Chair and Professor in the Department of Philosophy at the College of Staten Island/CUNY, where he teaches courses in philosophy, law, and economics. He is the author of four books, including Kantian Ethics and Economics: Autonomy, Dignity, and Character (Stanford University Press) and The Illusion of Well-Being: Economic Policymaking Based on Respect and Responsiveness (Palgrave Macmillan), as well as over 50 journal articles and book chapters. He has alsoedited or coedited a number of books, including The Thief of Time: Philosophical Essays on Procrastination (with Chrisoula Andreou) and Retributivism: Essays on Theory and Policy and The Oxford Handbook of Ethics and Economics (all from Oxford University Press).