The markets' evaluation triangle

Ioannis Katselidis, George Daflos and Stelios Fetanis

International Journal of Social Economics, 2020, vol. 47, issue 12, 1499-1512

Abstract: Purpose - The main goal of this paper is to provide us with a more systematic framework for examining the moral background of markets. Design/methodology/approach - The paper makes an attempt to put forward a way of market evaluation relying upon the three major moral theories of utilitarianism, deontology (Kantianism) and virtue ethics. Specifically, by using these three basic pillars, an “evaluation triangle” is constructed in order to examine various crucial moral aspects of markets' functioning. Findings - The paper examines some significant distortions with respect to the three above-mentioned triangle's sides, using also examples from the real world. The paper also discusses the main findings from the previous analysis, stressing also emphasis on some crucial factors with respect to the triangle's functioning, such as the role of culture and time. Originality/value - Mainstream economic theory, with a very few exceptions, does not acknowledge the interwovenness of economic behavior and morality, adopting the fact/value dichotomy underlying modern science. Accordingly, most economists usually avoid answering questions concerning ethical topics. The market system, however, has a direct effect on our everyday lives, so it is crucial that a systematic method of moral assessment can be proposed. Thus, this paper seeks to promote the dialogue with respect to the interconnection between economic and moral issues.

Keywords: Ethics; Markets; Economics; Moral norms; A12; A13 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijsepp:ijse-09-2019-0580

DOI: 10.1108/IJSE-09-2019-0580

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