The Moral Conditions of Economic Efficiency

Download or read book The Moral Conditions of Economic Efficiency written by Walter J. Schultz and published by Cambridge University Press. This book was released on 2008-01-03 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Walter J. Schultz illustrates the deficiencies of theories that purport to show that markets alone can provide the basis for efficiency. He argues that markets are not moral-free zones, and that achieving the economic common good does indeed require morality. He demonstrates that efficient outcomes of market interaction cannot be achieved without moral normative constraints and then goes on to specify a set of normative conditions that make these positive outcomes possible.