Hostname: page-component-78c5997874-g7gxr Total loading time: 0 Render date: 2024-11-15T22:29:43.902Z Has data issue: false hasContentIssue false
  • English
  • Français

Ethics and Economics: Growing Opportunities for Joint Research

Published online by Cambridge University Press:  23 January 2015

LaRue Tone Hosmer  and
Feng Chen
Get access Rights & Permissions [Opens in a new window]

Abstract

A group of economists has recently begun addressing questions at the intersection of ethics and economics. They are preparing new definitions of individual choice that combine self-interest and other-interest, new processes of interpersonal exchange that result in cooperation rather than conflict, and new measures of social well-being that include rights as well as outcomes. This article surveys that work, and suggests areas where conceptual inputs from business ethicists are clearly needed, and where multiple opportunities for interactive research are obviously present.

Type
Articles
Information
Business Ethics Quarterly , Volume 11 , Issue 4 , October 2001 , pp. 599 - 622
Copyright
Copyright © Society for Business Ethics 2001

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Andreoni, James, 1990. “Impure Altruism and Donations to Public Goods: A Theory of Warm Glow Giving,” The Economic Journal, vol. 100, pp. 464–477.Google Scholar
Andreoni, James, 1995. “Cooperation in Public-Goods Experiments: Kindness or Confusion?” American Economic Review, vol. 85, pp. 891–904.Google Scholar
Arrow, Kenneth, 1951. Social Choice and Individual Values, 1st ed., New York: John Wiley and Sons.Google Scholar
Axelrod, Robert, 1981. “The Emergence of Cooperation among Egoists,” The American Political Science Review, vol. 75, pp. 306–318.CrossRefGoogle Scholar
Barney, Jay E., 1990. “The Debate Between Traditional Management Theory and Organizational Economics: Substantive Differences or Intergroup Conflict?” Academy of Management Review, vol. 15, pp. 382–393.Google Scholar
Blinder, Alan S., 1987. Hard Heads, Soft Hearts: Tough-Minded Economics for a Just Society, Reading, Mass.: Addison-Wesley Publishing Co.Google Scholar
Boatright, John R., 1994. “What’s So Special About Shareholders?” Business Ethics Quarterly, vol. 4., no. 4, pp. 393–408.Google Scholar
Bowie, Norman B., 1991. “Challenging the Egoistic Paradigm,” Business Ethics Quarterly, vol. 1, no. 1, pp. 1–22.Google Scholar
Brittan, Samuel and Hamlin, Alan (eds.), 1995. Market Capitalism and Moral Values, Adlershot, U.K.: Edward Elgar.Google Scholar
Clark, A., 1989. Microrecognition: Philosophy, Cognitive Science and Parallel Distributed Processing, Cambridge, Mass.: MIT Press.Google Scholar
Cudd, Ann E., 1993. “Game Theory and the History of Ideas about Rationality: An Introductory Survey,” Economics and Philosophy, vol. 3, pp. 101–133.CrossRefGoogle Scholar
Dasgupta, Partha, 1974. “On Some Problems Arising from Professor Rawls’ Conception of Distributive Justice,” Theory and Decision, vol. 4, pp. 325–344.Google Scholar
Denzau, A. and North, D. C., 1996. “Shared Mental Models: Ideologies and Institutions,” Mimeo.Google Scholar
Donaldson, Thomas, 1990. “The Ethereal Hand: Organizational Economics and Management Theory,” Academy of Management Review, vol. 15, pp. 369–381.Google Scholar
Ellsburg, Daniel, 1961. “Risk, Ambiguity and the Savage Axioms,” Quarterly Journal of Economics, vol. 75, pp. 643–669.Google Scholar
Etzioni, Amitai, 1988. The Moral Dimension: Toward a New Economics, New York: Free Press.Google Scholar
Feldman, Alan and Kirman, Alan, 1974. “Fairness and Envy,” American Economic Review, vol. 64, no. 2, pp. 995–1005.Google Scholar
Forsythe, Robert, J., Horowitz, N. Savin, and Sefton, M., 1994. “Fairness in Simple Bargaining Experiments,” Games and Economic Behavior, vol. 3, pp. 347–369.Google Scholar
Freeman, R. Edward, 1984. Strategic Management: A Stakeholder Approach, Marshfield, Mass.: Pitman Publishing.Google Scholar
Friedman, Milton, 1970. “The Social Responsibility of Business is to Increase its Profits,” New York Times Magazine, September 13, 1970.Google Scholar
Fudenberg, D. and Maskin, E., 1986. “The Folk Theory in Repeated Games with Discounting or with Incomplete Information,” Econometrica, vol. 50, pp. 533–554.Google Scholar
Gauthier, David, 1985. Morals by Agreement, Oxford: Clarendon Press.Google Scholar
Griffiths, M. R. and Lucas, J. R. (eds.) 1996. Ethical Economics, New York: St. Martin’s Press.Google Scholar
Hamrin, Robert D., 1989. “Ethical Economics: A New Paradigm for Global Justice and Stewardship,” Futures, vol. 21, pp. 608–618.Google Scholar
Harsanyi, John, 1955. “Cardinal Welfare, Individualistic Ethics and the Interpersonal Comparisons of Utility,” Journal of Political Economy, vol. 63, pp. 309–321.Google Scholar
Harsanyi, John, 1975. “Nonlinear Social Welfare Functions,” Theory and Decision, vol. 6, pp. 311–332.Google Scholar
Harsanyi, John, 1978. “Bayesian Decision Theory and Utilitarian Ethics,” American Economic Review, vol. 68, pp. 223–238.Google Scholar
Hausman, Daniel M and McPherson, Michael S., 1993. “Taking Ethics Seriously: Economics and Contemporary Moral Philosophy,” Journal of Economic Literature, vol. 31, pp. 671–731.Google Scholar
Hausman, Daniel M and McPherson, Michael S., 1996. Economic Analysis and Moral Philosophy, Cambridge: Cambridge University Press.Google Scholar
Hayek, Frederick A. Von, 1948. Individualism and Economic Order, Chicago: University of Chicago Press.Google Scholar
Hayek, Frederick A. Von, 1976. “The Mirage of Social Justice,” vol. 2 in Law, Legislation and Liberty, Chicago: University of Chicago Press.Google Scholar
Hobbes, Thomas, 1638/1986. Leviathan, New York: Macmillan.Google Scholar
Hosmer, LaRue T., 1993. Ethics of Management, 3rd ed., Homewood, III.: Richard D.Google Scholar
Irwin. Ichiishi, Tatsuro, 1997. Microeconomic Theory. London: Blackwell.Google Scholar
Jensen, M. C. and Meckling, W. H., 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, vol. 3, pp. 305–360.Google Scholar
Kahn, Alfred E., 1981. “Economethics,” Across the Board, vol. 18, pp. 57–63.Google Scholar
Kahneman, Daniel and Tversky, Amos, 1979. “Prospect Theory: An Analysis of Decisions under Risk,” Econometricia, vol. 47, pp. 263–291.Google Scholar
Kennan, John and Wilson, Robert, 1993. “Bargaining with Private Information,” Journal of Economic Literature, vol. 31, pp. 45–104.Google Scholar
Knight, Frank, 1935. The Ethics of Competition and Other Essays, New York and London: Harper and Brothers.Google Scholar
Letwin, William, 1963. The Origins of Scientific Economics. London: Methuen.Google Scholar
Locke, John, 1685/1952. The Second Treatise on Government, Indianapolis, Ind.: Bobbs-Merrill.Google Scholar
McClennen, Edward F., 1985. “Prisoner’s Dilemma and Resolute Choice,” in Campbell, R. and Slowden, L. (eds.), Paradoxes of Rationality and Cooperation: Prisoner’s Dilemma and Newcomb’s Problem, Vancouver, B.C.: University of British Columbia Press, pp. 94–104.Google Scholar
Mueller, Dennis 1974. “Achieving the Just Polity,” American Economic Review, vol. 64, no. 2, pp. 147–162.Google Scholar
Olson, Mancur, 1965. The Logic of Collective Action, Cambridge, Mass.: Harvard University Press.Google Scholar
Putterman, Louis, Roemer, John E., and Silvestre, Joaquim, 1998. “Does Egalitarianism Have A Future?” Journal of Economic Literature, vol. 36, pp. 861–992.Google Scholar
Rabin, Matthew, 1998. “Psychology and Economics,” Journal of Economic Literature, vol. 36, pp. 11–46.Google Scholar
Rawls, John, 1971. A Theory of Justice, Cambridge, Mass.: Harvard University Press.Google Scholar
Reilly, Bernard J. and Myroslaw, Kyj, 1990. “Economics and Ethics,” Journal of Business Ethics, vol. 9, pp. 691–698.CrossRefGoogle Scholar
Robbins, Lionel, 1948. An Essay On the Nature and Significance of Economic Science, London: Macmillan.Google Scholar
Rothschild, Kurt W., 1993. Ethics and Economic Theory: Ideas, Models and Dilemmas. Aldershot, U.K.: Edward Elgar.Google Scholar
Rubinstein, A., 1979. “Equilibrium in Supergames with the Overtaking Criteria,” Journal of Economic Theory, vol. 21, pp. 1–9.Google Scholar
Samuelson, Larry, 1997. Evolutionary Games and Equilibrium Selection, Cambridge, Mass.: MIT Press.Google Scholar
Schwartz, Hugh, 1998. Rationality Gone Awry? Decision Making Inconsistent with Economic and Financial Theory, Westport, Conn.: Praeger.Google Scholar
Sen, Amartya, 1967. “The Nature and Classes of Prescriptive Judgements,” Philosophical Quarterly, vol. 17.Google Scholar
Sen, Amartya, 1970. “The Impossibility of a Paretian Liberal,” Journal of Political Economy, vol. 78, pp. 77–88.Google Scholar
Sen, Amartya, 1977. “On Weights and Measurement: Informational Constraints in Social Welfare Analysis,” Econometrica, vol. 45, p. 1539–1572.Google Scholar
Sen, Amartya, 1879. “Utilitarianism and Welfarism,” Journal of Philosophy, vol. 76, pp. 463–489..Google Scholar
Sen, Amartya, 1982. “Rights and Agency,” Philosophy and Public Affairs, vol. 11, pp. 3–39.Google Scholar
Sen, Amartya, 1983. “Liberty and Social Choice,” Journal of Philosophy, vol. 80, pp. 5–28.Google Scholar
Sen, Amartya, 1985. “Well-Being, Agency and Freedom,” Journal of Philosophy, vol. 82, pp.169–203.Google Scholar
Sen, Amartya, 1987. On Ethics and Economics, Oxford: Blackwell.Google Scholar
Sen, Amartya, 1993. “Does Business Ethics Make Economic Sense?” Business Ethics Quarterly, vol. 3, pp. 45–54.Google Scholar
Sen, Amartya, 1997. “Economics, Business Principles and Moral Sentiments,” Business Ethics Quarterly, vol. 7, pp. 5–15.Google Scholar
Simon, Herbert A., 1961. Administrative Behavior, New York: Wiley.Google Scholar
Simon, Herbert A., 1993. “Altruism and Economics,” American Economic Review, vol. 83, pp. 156–161.Google Scholar
Smith, Adam, 1776/1976. An Inquiry into the Nature and Causes of the Wealth of Nations, edited by Campbell, R. M. and Skinner, A. S., Indianapolis: Liberty Classics.Google Scholar
Solomon, Robert and Hanson, K., 1983. Above the Bottom Line, New York: Harcourt Brace Jovanovich.Google Scholar
Stiglitz, Joseph, 1991. “Another Century of Economic Science,” Economic Journal, vol. 101, pp. 751–785.CrossRefGoogle Scholar
Sugden, Robert, 1991. “Rational Choice: A Survey of Contributions from Economics and Philosophy,” Economic Journal, vol. 101, pp. 751–785.Google Scholar
Train, Kenneth E., McFadden, Daniel L. and Goett, Andrew A., 1987. “Consumer Attitudes and Voluntary Rate Schedules for Public Utilities,” Review of Economics and Statistics, vol. 69, pp. 383–391.Google Scholar
Vickers, Douglas, 1997. Economics and Ethics: An Introduction to Theory, Institutions and Policy, Westport, Conn.: Praeger.Google Scholar
Vickery, William, 1960. “Utility, Strategy and Social Decision Rules,” Quarterly Journal of Economics, vol. 74, pp. 507–535.CrossRefGoogle Scholar
Williamson, Oliver E., 1975. Markets and Hierarchies, New York: Free Press.Google Scholar