The Morality of Markets

Mathias Dewatripont and Jean Tirole

No 2023-23, Working Papers ECARES from ULB -- Universite Libre de Bruxelles

Abstract: Scholars and civil society have argued that competition erodes supplier morality. This paper establishes a robust irrelevance result, whereby intense market competition does not crowd out consequentialist ethics; it thereby issues a strong warning against the wholesale moral condemnation of markets and pro-competitive institutions. Intense competition, while not altering the behavior of profitable suppliers, however may reduce the standards of highly ethical suppliers or not-for-profits, raising the potential need to protect the latter in the marketplace.

Keywords: Competition; consequentialism; replacement logic; non-profits; corporate social responsability; race to the ethical bottom (search for similar items in EconPapers)
Pages: 60 p.
Date: 2023-11
New Economics Papers: this item is included in nep-com, nep-hpe, nep-mic and nep-reg
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Related works:
Working Paper: The Morality of Markets (2022)
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