Economic Analysis, Moral Philosophy, and Public Policy (3rd ed.)

by Daniel Hausman, Michael McPherson, Debra Satz

Subject categories
ISBNs
  • 9781107158313
  • 9781316944530
  • 9781316942291
This book shows through argument and numerous policy-related examples how understanding moral philosophy can improve economic analysis, how moral philosophy can benefit from economists' analytical tools, and how economic analysis and moral philosophy together can inform public policy. Part I explores the idea of rationality and its connections to ethics, arguing that when they defend their formal model of rationality, most economists implicitly espouse contestable moral principles. Part II addresses the nature and measurement of welfare, utilitarianism and cost-benefit analysis. Part III discusses freedom, rights, equality, and justice - moral notions that are relevant to evaluating policies, but which have played little if any role in conventional welfare economics. Finally, Part IV explores work in social choice theory and game theory that is relevant to moral decision making. Each chapter includes recommended reading and discussion questions.

  • Cambridge University Press; December 2016
  • ISBN: 9781316944530
  • Edition: 3
  • Read online, or download in secure PDF or secure ePub format
  • Title: Economic Analysis, Moral Philosophy, and Public Policy
  • Author: Daniel Hausman; Michael McPherson; Debra Satz
  • Imprint: Cambridge University Press
Subject categories
ISBNs
  • 9781107158313
  • 9781316944530
  • 9781316942291

In The Press

'The new edition of the book by Hausman, McPherson, and Satz is a rich and needed reading of economic analysis from the viewpoint of moral philosophy. Economists, if they reflect on these issues at all, think of their work as akin to physics; we find the pre-existing laws which govern the economic world. They can be considered simply as factual relations interesting in their own right; they can be used, as electricity, to serve human ends. What the authors demonstrate by detailed examination is that the analysis itself is shot through with normative and philosophical considerations. Any thoughtful reader will find his or her presuppositions challenged.' Kenneth J. Arrow, Stanford University, California, and Winner of the 1972 Nobel Prize in Economic Sciences

Subject categories
ISBNs
  • 9781107158313
  • 9781316944530
  • 9781316942291