Markets and Ethical Values

Amitava Dutt and Charles K. Wilber

Chapter 6 in Economics and Ethics, 2010, pp 95-114 from Palgrave Macmillan

Abstract: Abstract Chapter 4 examined the idea that individuals are not simply self-interested, optimizing agents, but may have emotions, feelings, and in fact have ethical values. It also briefly discussed where individuals’ ethical values come from, and why they possibly change. Chapter 5 examined the relevance of ethical values for interactions between individuals, but did so in fairly general terms, to a large extent using the tools of game theory. This chapter continues with the examination of the relevance of ethics for interactions between individuals, but in the specific context of interactions in markets, arguably the most important institution of modern economies. We will explore how the fact that individuals have ethical values affects markets in which these individuals participate. It will also examine how participation in markets affects the ethical values that individuals hold.

Keywords: Real Wage; Demand Curve; Aggregate Demand; Market Transaction; Invisible Hand (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-27723-6_6

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DOI: 10.1057/9780230277236_6

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