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Markets and Morality

Bhagwati, Jagdish N.

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.

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Title
American Economic Review
DOI
https://doi.org/10.1257/aer.101.3.162

More About This Work

Academic Units
Economics
Published Here
September 5, 2012
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