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The Moral Conditions of Economic Efficiency : Cambridge Studies in Philosophy and Law - Walter J. Schultz

The Moral Conditions of Economic Efficiency

Cambridge Studies in Philosophy and Law

Hardcover Published: 18th June 2001
ISBN: 9780521801782
Number Of Pages: 160

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In the late eighteenth century, Adam Smith significantly shaped the modern world by claiming that when people individually pursue their own interests, they are together led towards achieving the common good. But can a population of selfish people achieve the economic common good in the absence of moral constraints on their behavior? If not, then what are the moral conditions of market interaction which lead to economically efficient outcomes of trade? Answers to these questions profoundly affect basic concepts and principles of economic theory, legal theory, moral philosophy, political theory, and even judicial decisions at the appellate level. Walter Schultz illustrates the deficiencies of theories which purport to show that markets alone can provide the basis for efficiency. 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.

Introduction and synopsis
A contextualized proof of the first fundamental theorem of welfare economics
The Moral thesis: moral normative constraints are necessary and sufficient conditions of pareto-optimal equilibrium allocations of commodities
A Spontaneous Order objection
The roles of normative constraints in relation to externalities
The moral conditions of economic efficiency
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521801782
ISBN-10: 0521801788
Series: Cambridge Studies in Philosophy and Law
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 160
Published: 18th June 2001
Country of Publication: GB
Dimensions (cm): 22.61 x 15.75  x 1.52
Weight (kg): 0.36