The Moral Conditions of Economic Efficiency [Paperback]

Schultz argues that markets are not moral-free zones, and that achieving the economic common good does indeed require morality.Schultz illustrates the deficiencies of theories which 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 which make these positive outcomes possible.Schultz illustrates the deficiencies of theories which 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 which make these positive outcomes possible.Walter J. 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.Preface and acknowledgements; 1. Introduction and synopsis; 2. A contextualized proof of the first fundamental theorem of welfare economics; 3. The moral thesis: moral normative constraints are necessary conditions of pareto-optimal equilibrium allocations of commodities achieved through market interaction; 4. A spontaneous order objection; 5. The roles of normative constraints in relation to externalities; 6. The moral conditions of economic eflÓù