Values and Value: Moral Economics
MORAL MARKETS: THE CRITICAL ROLE OF VALUES IN THE ECONOMY, Paul J. Zak, ed., Princeton University Press, 2007
19 Pages Posted: 15 Sep 2006
This chapter will survey neuroscientific research and discuss recent experiments from my lab on the physiologic basis for interpersonal decision-making to support the follow thesis: most people, most of the time, behave ethically, and that a set of shared values is essential to the functioning of modern economies. I call this "moral economics." Next, I will draw implications for law, institutional design, and public policy that follow from moral economics. What I would like to demonstrate is that values are a critical ingredient in producing the historically high living standards in many nations, and are a prerequisite to economic growth in the developing world.
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