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This 2006 book shows through accessible argument and numerous examples how understanding moral philosophy can improve economic analysis, how moral philosophy can benefit from economists' analytical tools, and how economic analysis and moral philosophy together can inform public policy. Part I explores rationality and its connections to morality. It argues that in defending their model of rationality, mainstream economists implicitly espouse contestable moral principles. Part II concerns welfare, utilitarianism and standard welfare economics, while Part III considers important moral notions that are left out of standard welfare economics, such as freedom, rights, equality, and justice. Part III also emphasizes the variety of moral considerations that are relevant to evaluating policies. Part IV then introduces technical work in social choice theory and game theory that is guided by ethical concepts and relevant to moral theorizing. Chapters include recommended readings and the book includes a glossary of relevant terms.
- Published on: 2010-07-06
- Original language: English
- Binding: Printed Access Code
Review
“Excellent guides to further reading: comprehensive references and index. Highly recommended.” -- Choice
From the Back Cover
Economic analysis and moral philosophy shows how understanding moral philosophy can improve economic analysis, and how moral philosophy can benefit by drawing on insights and analytical tools from economics.
About the Author
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.
Michael McPherson, President of the Spencer Foundation in Chicago, Illinois, is past President of Macalester College, St. Paul, Minnesota, and served as Dean of Faculty and Professor of Economics at Williams College. He has been a Fellow of the Institute for Advanced Study in Princeton and Senior Fellow at the Brookings Institution. Jointly with Daniel M. Hausman he founded and edited the Cambridge University Press journal Economics and Philosophy. Dr. McPherson is co-author of five books. His articles have appeared in the Journal for Economic Literature, American Economic Review, Philosophy and Public Affairs, and Ethics. He has served as a trustee at the College Board and the American Council for Education, and is a member of the National Academy of Education.
Most helpful customer reviews
20 of 24 people found the following review helpful.
Short on argument...
By Kareem Khalifa
I decided to use parts of this book for an undergraduate course that examines social issues from both a philosophical and economic perspective. For those teaching courses similar to mine, I'd suggest using this book only as a supplement. As a philosopher, I was particularly disappointed with the lack of rigorous argumentation in the book. The chapters tend to be structured as, "Economists typically do X. However, X involves takes many philosophical ideas Y for granted. Here is Y, and here are some alternatives to Y." Pedagogically, I would have liked to have seen deeper discussion as to the arguments for and against Y and its alternatives. Right now, the book requires its readers to do a lot of work to figure out: (a) why the differences between rival conceptions of welfare, liberty, equality, and justice really matter, and (b) the relative strengths and weaknesses of these rival conceptions. All this being said, this book might work better for economists trying to get their feet wet in social and political philosophy than for philosophers trying to do the opposite.
0 of 1 people found the following review helpful.
Five Stars
By Alexander
Great book
0 of 2 people found the following review helpful.
Great applications of moral thinking to real issues and complex ...
By shirley
Great applications of moral thinking to real issues and complex problems requiring serious analysis and policy.
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