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