Going Far By Going Together: James M. Buchanan’s Economics of Shared Ethics

26 Pages Posted: 10 Dec 2019 Last revised: 15 May 2021

See all articles by Art Carden

Art Carden

Brock School of Business, Samford University; Independent Institute

Greg Caskey

George Mason University

Zachary Kessler

George Mason University

Date Written: May 13, 2021

Abstract

We explore themes in Nobel Prize-winning economist James M. Buchanan’s work and apply his Ethics and Economic Progress to problems facing individuals and firms. We focus on Buchanan’s analysis of the individual work ethic, his exhortations to “pay the preacher” of the “institutions of moral-ethical communication”, and his notion of law as “public capital.” We highlight several ways people with other-regarding preferences can contribute to social flourishing and some of the ways those who have “affected to trade for the public good” might want to redirect their efforts. We show how Buchanan’s work has considerable implications for business ethics. Just as his economic analysis of politics changed how we understand government, we think his economic analysis of ethics can (and should) change how we understand business.

Keywords: James M. Buchanan, Economics, Public Choice, Business Ethics, Norms & Values

Suggested Citation

Carden, Art and Caskey, Greg and Kessler, Zachary, Going Far By Going Together: James M. Buchanan’s Economics of Shared Ethics (May 13, 2021). Available at SSRN: https://ssrn.com/abstract=3492169 or http://dx.doi.org/10.2139/ssrn.3492169

Art Carden

Brock School of Business, Samford University ( email )

800 Lakeshore Drive
Birmingham, AL 35229
United States

HOME PAGE: http://www.artcarden.com

Independent Institute ( email )

100 Swan Way
Oakland, CA 94621-1428
United States

Greg Caskey (Contact Author)

George Mason University ( email )

4400 University Drive
Fairfax, VA 22030
United States

Zachary Kessler

George Mason University ( email )

4400 University Drive
Fairfax, VA 22030
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
109
Abstract Views
1,132
rank
309,158
PlumX Metrics