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About this product
- DescriptionFree-market ecomics has attempted to combine efficiency and freedom by emphasizing the need for neutral rules and meta-rules. These efforts have only been partly successful, for they have failed to address the deeper, rmative arguments justifying - and limiting - coercion. This failure has thus left most advocates of free-market vulnerable to formulae which either emphasize expediency or which rely upon optimal social engineering to foster different tions of the common will and of the common good. This book offers the reader a new perspective on free-market ecomics, one in which the defense of markets is longer based upon the utilitarian claim that free markets are more efficient; rather, the defense of markets rests upon the moral argument that top-down coercive policy-making is necessarily in tension with the rights-based tion of justice typical of the Western tradition. In arguing for a consistent moral basis for the free-market view, we depart from both the Austrian and neoclassical traditions by ackwledging that rationality is t a satisfactory starting point. This rejection of rationality as the complete motivator for human ecomic behaviour throws constitutional ecomics and the law-and-ecomics tradition into new relief, revealing these approaches as governed by considerations derived by various tions of social efficiency, rather than by principles consistent with individual freedom, including freedom to choose. This book shows that the solution is in fact a better understanding of the lessons taught by the Scottish Enlightenment: the role of the political context is to ensure that the individual can pursue his own ends, free from coercion. This also implies individual responsibility, respect for somebody else's preferences and for his entrepreneurial instincts. Social virtue is t absent from this understanding of politics, but rather than being defined through the priorities of policy-makers, it emerges as the outcome of interaction among self-determining individuals. The strongest and most consistent case for free-market ecomics, therefore, rests on moral philosophy, t on some version of static-efficiency theorizing. This book should be of interest to students and researchers focussing on ecomic theory, political ecomics and the philosophy of ecomic thought, but is also written in a n-technical style making it accessible to an audience of n-ecomists.
- Author BiographyEnrico Colombatto is Professor of Economics at the University of Turin (Italy) and Director of the International Centre for Economic Research.
- Author(s)Enrico Colombatto
- PublisherTaylor & Francis Ltd
- Date of Publication27/05/2011
- SubjectEconomics: Textbooks & Study Guides
- Series TitleRoutledge Foundations of the Market Economy
- Series Part/Volume Number30
- Place of PublicationLondon
- Country of PublicationUnited Kingdom
- Content Noteblack & white illustrations
- Weight589 g
- Width156 mm
- Height234 mm
- Spine23 mm
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