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Markets, Morality, and Economic Policy: A New Approach to Defending a Free Market Economy

14.99 €
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Markets, Morality, and Economic Policy: A New Approach to Defending a Free Market Economy
14.99 €
In basket
The author attempts to provide a solid and consistent moral foundation for the arguments in favor of the free market, arguing that existing approaches (neoclassical, “Austrian”, “law and economics”, constitutional economics of the public choice school) fail to cope with this task, since they are based on the utilitarian argument of higher market efficiency. At the same time, top-down socio-economic policy contradicts the rights-based notions of justice characteristic of the Western tradition. The author shows that the solution should be sought in the lessons of the Scottish Enlightenment: the political system should provide an opportunity for individuals to pursue their own goals free from coercion. This also implies individual responsibility, respect for the preferences of others and for the entrepreneurial instinct of other people. In this understanding of politics, the public good is not determined through the priorities of those who develop socio-economic policy, but arises as a result of the interaction of self-determining individuals. Thus, the strongest and most consistent argument in favor of the free market economy is based on moral philosophy.
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