The market, utilitarianism and the corruption argument

Mozaffar Qizilbash ()
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Mozaffar Qizilbash: University of York

International Review of Economics, 2019, vol. 66, issue 1, No 5, 37-55

Abstract: Abstract Some philosophers argue that if market reasoning exceeds certain limits, it may ‘corrupt’ certain cherished values; and the tendency of modern economics to encourage such ‘corruption’ has its roots in its normative foundations. Michael Sandel goes further and suggests that this tendency can be traced to utilitarian reasoning. I argue that the desire to restrict the scope of economics can be found in the utilitarian origins of neoclassical economics. The argument that market reasoning may ‘corrupt’ various values has gained credence from the work of market enthusiasts like Gary Becker but does not apply to the traditional framework of welfare economics. Furthermore, if economists adopt the informed desire or preference view of welfare endorsed by some utilitarians, certain arguments advanced by these philosophers can be rebutted.

Keywords: Market; Welfare economics; Utilitarianism; Preferences; Information (search for similar items in EconPapers)
JEL-codes: A12 A13 B13 D61 D63 I30 I31 I38 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s12232-018-0302-2

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