Economy and Morality: The Philosophy Of The Welfare State
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What is the purpose of the economy? To answer this intriguing and fundamental question, this book provides a systematic approach to economic ethics and constructs a relationship between the economy and morality; it expounds theoretical and practical issues of economic philosophy along two dimensions: values and institutions. On the dimension of values, Yuichi Shionoya explores the connections between the economy and morality by reconstructing a coherent system of ethics that coordinates the 'good, right, and virtue'. Based on this system of ethics, the book goes on to discuss the dimension of institutions and presents the philosophy of the welfare state, consisting of a tripartite contemporary institution of 'capitalism, democracy, and social security'. "Economy and Morality" is a remarkable contribution to economic ethics exploring key philosophical issues including efficiency versus justice and liberty versus excellence. Its unique emphasis is the economics of virtue, which is concerned with the virtuous utilization of economic resources for human development, and applied to the reform of the welfare state. Economists, philosophers and scholars of social policy and the welfare state will all find this book of great interest - part of its appeal lying in its interdisciplinary approach to contemporary economic, political and social systems based on the synthesis of moral values.
from the same condition of scarcity, for scarce income and wealth produced under scarce conditions must be distributed justly. Economics, however, has avoided dealing with the problem of distribution and left it to deliberation in ethics. Whatever the division of labor in economics and ethics, any economic institution should define the methods for distributing scarce goods produced from scarce resources. In other words, just as economic institutions should be concerned with eﬃcient resource
economics. But the claim of justice alone over eﬃciency does not indicate a desirable state of an economy. Although justice is a strong ethical position, it only prescribes the allocation of rights. It is the function of excellence as a moral standard to evaluate the quality of an economy and the living conditions of human beings and to indicate the ultimate direction of society to which eﬃciency and justice are to be applied. Various romantic claims of quality of life and human ﬂourishing must
significant. They relate to (1) an overlapping consensus, (2) social security as insurance, (3) the distribution of natural talents as a collective asset, and (4) property-owning democracy. An Overlapping Consensus In A Theory of Justice Rawls initially tried to formulate a conception of justice that would be acceptable to everyone. He did so by postulating that primary goods would oﬀer the all-purpose means for advancing their wellbeing in spite of their diﬀerent interests. Later he revised the
political attempts to attain world hegemony evoke dangerous emotions that caused nations to deviate from their framework of peace and prudence in order to eliminate economic constraints at one fell swoop. In the last century these attempts repressed individual liberties and resulted in the dominance of a detested totalitarian ideology. The minimum significance of democracy is to be found in refuting the ideology of madness, destruction, and oppression by citizens’ participation in the governance
application, is likely to produce for them the best conditions for achieving their aims’ (Hayek 1973, p. 55). His characteristic view is that the value of liberty lies in the eﬃcient use of knowledge or information and that an institutional device for realizing it is the impersonal price mechanism. In this way, Hayek avoids the defect in political philosophy that treats liberty in the abstract without reference to any concrete institutions, on the one hand, and sheds light on the role of