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This material has been published in The Moral Conditions of Economic Efficiency by Walter J. Schultz. This version is free to view and download for personal use only. Not for re-distribution, re-sale or use in derivative works. ©Walter J. Schultz, 2001.
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.
Cambridge University Press
Behavioral Economics | Economics | Economic Theory
Schultz, Walter J., "The Moral Conditions of Economic Efficiency" (2001). Faculty Books. 93.