Bhagwati Jagdish N. author Columbia University. Economics Columbia University. Political Science Columbia University. Economics originator text Articles 2011 English The paper addresses two issues. First, economics has evolved both as a positive science and, from moral philosophy, also as a normative discipline. Advancing the public good requires that public policy walk on both these legs. Second, the criticism has been forcefully made that markets undermine morality. This contention is refuted in several ways. Economics 101 3 162 165 2011-05 http://dx.doi.org/10.1257/aer.101.3.162 http://hdl.handle.net/10022/AC:P:14608 NNC NNC 2012-09-05 15:39:24 -0400 2012-09-05 16:50:38 -0400 8630 eng