American Economic Review: Vol. 101 No. 3 (May 2011)
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Markets and Morality
Bhagwati, Jagdish. 2011. "Markets and Morality." American Economic Review, 101(3): 162-65.
The paper addresses two issues. First, economics has evolved both as a positive science and, from moral philosophy, also as a normative discipline. Advancing the public good requires that public policy walk on both these legs. Second, the criticism has been forcefully made that markets undermine morality. This contention is refuted in several ways.
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Bhagwati, Jagdish (Council on Foreign Relations)
A13: Relation of Economics to Social Values