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Economic Analysis, Moral Philosophy and Public Policy

ISBN-10: 052160866X
ISBN-13: 9780521608664
Edition: 2nd 2006 (Revised)
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Description: An examination of how understanding moral philosophy can improve economic analysis and how moral philosophy can benefit from economists' analytical tools and how they can together inform public policy.

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Book details

List price: $40.99
Edition: 2nd
Copyright year: 2006
Publisher: Cambridge University Press
Publication date: 3/20/2006
Binding: Paperback
Pages: 354
Size: 5.75" wide x 8.75" long x 0.50" tall
Weight: 1.034
Language: English

An examination of how understanding moral philosophy can improve economic analysis and how moral philosophy can benefit from economists' analytical tools and how they can together inform public policy.

Daniel M. Hausman is Herbert A. Simon Professor of Philosophy at the University of Wisconsin, Madison. He is the author or editor of seven books, including Causal Asymmetries (1998), Essays on Philosophy and Economic Methodology (1992), The Separate and Inexact Science of Economics (1992), both editions of The Philosophy of Economics: An Anthology (1984, 1994), and the first edition of Economic Analysis and Moral Philosophy (Cambridge Surveys in Economic Literature, 1996, with Michael McPherson), all published by Cambridge University Press. Professor Hausman has worked on issues concerning ethics and economics, foundational questions concerning the nature of rationality, economic methodology, and causation. He is currently investigating questions concerning the relations between health, welfare, and preferences.

Preface
Introduction
Ethics and Economics?
What Are Moral Questions and How Can They Be Answered?
How Is Moral Philosophy Relevant to Economics?
Organization
Ethics in Welfare Economics: Two Examples
A Shocking Memorandum
Eight Distinctive Features of Welfare Economics
The Economic Benefits of Exporting Pollution to LDCs
Summers's Argument and a Further Feature of Welfare Economics
Is Summers Right? Should the World Bank Encourage Migration of Dirty Industries to LDCs?
School Vouchers
Conclusions
Ethics in Positive Economics: Two Examples
Is Unemployment Involuntary?
Overlapping Generations
Conclusions
Rationality and Morality
Rationality
Certainty and Ordinal Utility Theory
Expected Utility Theory
Questions about Utility Theory
Rationality in Positive and Normative Economics
Rationality and Positive Economics
Preference Satisfaction and Pareto Efficiency
Rationality and Ethics in Positive Economics
Self-Interest and Moral Motivation
Conclusions
Rationality, Norms, and Morality
Rationality and Self-Interest
The Influence of Moral Norms on Economic Behavior
How Do Norms Motivate and What Sustains Them?
Philosophical Implications
Morality and Utility Theory
Conclusion: On the Rationality of Morality
Welfare and Consequences
Utilitarianism and Consequentialism
Clarifying Utilitarianism
Interpersonal Comparisons of Well-Being
Justifying Utilitarianism
Contemporary Consequentialism
Is Utilitarianism Plausible?
Consequentialism and Deontology
Conclusion: Should Economists Embrace Utilitarianism?
Welfare
Theories of Well-Being
Is the Standard View of Welfare Plausible?
Equating Well-Being and Preference Satisfaction
Changing and Conflicting Preferences and Preferences Based on False Beliefs
Assessing Preferences
Modifying the Preference Satisfaction View
Alternative Theories of Welfare
Conclusions
Efficiency
"Efficiency" as Pareto Optimality
How Welfare Economics Narrows Normative Questions
Cost-Benefit Analysis
Objections to Cost-Benefit Analysis
Cost-Benefit Analysis as a Social Practice
Conclusion: Welfare Economics in Limbo
Liberty, Rights, Equality, and Justice
Liberty, Rights, and Libertarianism
Freedom
What Are Rights?
The Importance of Rights
The Justification of Rights
Weighing Rights, Liberties, and Welfare
Libertarianism
Equality and Egalitarianism
Why Equalize?
Equality Is Intrinsically Good
Equality and Priority for the Worst-Off
Intrinsic Connections between Equality and Other Ends
Equality of What?
Equality of Welfare
Equality of Resources
Equality of Opportunity for Welfare
Equality of Capabilities
Complex Equality and Equality of Moral Status
The Measurement and Importance of Inequality
Justice and Contractualism
The Social Contract Idea
Justice as Reciprocity: Rawls's Theory of Justice
Contractualism and the Original Position
Rawls's Principles of Justice
Implications of Rawls's Principles
Justice and Pluralism
Justice as Mutual Advantage: David Gauthier
Other Contractualist Views
Conclusion: Social Contract Reasoning and Economics
Moral Mathematics
Social Choice Theory
The Social Welfare Function and Arrow's Theorem
The Interpretation of Arrow's Theorem
Social Choice Theory and Moral Philosophy
The Paradox of the Paretian Liberal
The Range of Social Choice Theory
The Logical Coherence of Social Judgments
Formal Representations of Freedom and Opportunity
Should Egalitarians Aim to Equalize Welfare?
Conclusions
Game Theory
What Is a Game?
Moral Philosophy and Some Simple Games
Cooperation and Justice
Paradoxes and Difficulties
Bargaining Theory and the Social Contract
Conclusions
Pollution Transfers and School Vouchers: Normative Economics Reconsidered
Do Vouchers and Pollution Transfers Make People Better-Off?
A Utilitarian Perspective on Pollution Transfers
Other Ways of Evaluating Vouchers and Pollution Transfers
Rights, Freedoms, Pollution, and Vouchers
Equality, Pollution, and Vouchers
Justice, Pollution, and Vouchers
Conclusions
Economics and Ethics, Hand in Hand
Involuntary Unemployment and Moral Baselines
The Overlapping Generations Example
Pressing Problems
Ethnic and Religious Conflict
Global Inequalities
Environmental Protection and Global Warming
Conclusions
How Could Ethics Matter to Economics?
Objection 1: Economists as Engineers
Objection 2: Positive Economics Is Value Free
Positive and Normative Economics
On the Independence of Ethics and Economics
The Rationality of Normative Inquiry
How Knowing Ethics Contributes to Positive Economics
Conclusions
Glossary
References
Index

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