The Moral Conditions of Economic Efficiency (Cambridge Studies in Philosophy and Law)

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. The Moral Conditions Of Economic Efficiency Does Not Depend On A Particular Ethical Theory Or On The Overcited Shortcomings Of Private Property Economies. Rather, It Focuses On The Process Of Market Interaction Itself To Prove That Selfishness Alone Cannot Provide For The Economic Good.--jacket. 1. Introduction And Synopsis -- 2. A Contextualized Proof Of The First Fundamental Theorem Of Welfare Economics -- 3. The Moral Thesis: Moral Normative Constraints Are Necessary Conditions Of Pareto-optimal Equilibrium Allocations Of Commodities Achieved Through Market Interaction -- 4. A Spontaneous Order Objection -- 5. The Roles Of Moral Normative Constraints In Relation To Externalities -- 6. The Moral Conditions Of Economic Efficiency -- 7. Implications. Walter J. Schultz. Includes Bibliographical References (p. [131]-135) And Index. In the late eighteenth century, Adam Smith significantly shaped the modern world by claiming that when people individually pursue their own interests, they are together led towards achieving the common good. But can a population of selfish people achieve the economic common good in the absence of moral constraints on their behavior? If not, then what are the moral conditions of market interaction which lead to economically efficient outcomes of trade? Answers to these questions profoundly affect basic concepts and principles of economic theory, legal theory, moral philosophy, political theory, and even judicial decisions at the appellate level. Walter Schultz illustrates the deficiencies of theories which purport to show that markets alone can provide the basis for efficiency. 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 which make these positive outcomes possible In the late-18th century, Adam Smith significantly shaped the modern world by claiming that when people individually pursue their own interests, they are together led towards achieving the common good. But can a population of selfish people achieve the economic common good in the absence of moral constraints on their behaviour? If not, then what are the moral conditions of market interaction which lead to economically efficient outcomes of trade? Answers to these questions profoundly affect basic concepts and principles of economic theory, legal theory, moral philosophy, political theory, and even judicial decisions at the appellate level. Walter Schultz illustrates the deficiencies of theories which purport to show that markets alone can provide the basis for efficiency. 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 which make these positive outcomes possible "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.". "The Moral Conditions of Economic Efficiency does not depend on a particular ethical theory or on the overcited shortcomings of private property economies. Rather, it focuses on the process of market interaction itself to prove that selfishness alone cannot provide for the economic good."--BOOK JACKET. Can a population of strict rational egoists achieve efficient allocations of commodities through market interaction in the absence of moral normative constrains?