Ethical Codes and Income Distribution

A Study of John Bates Clark and Thorstein Veblen

Nonfiction, Religion & Spirituality, Philosophy, Ethics & Moral Philosophy, Business & Finance, Economics
Cover of the book Ethical Codes and Income Distribution by Guglielmo Forges Davanzati, Taylor and Francis
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Author: Guglielmo Forges Davanzati ISBN: 9781134215843
Publisher: Taylor and Francis Publication: April 18, 2006
Imprint: Routledge Language: English
Author: Guglielmo Forges Davanzati
ISBN: 9781134215843
Publisher: Taylor and Francis
Publication: April 18, 2006
Imprint: Routledge
Language: English

In contemporary non-mainstream economic debate, it is widely thought that the functioning of a market economy needs a set of rules (i.e. institutions) which bind agents in their behaviour, allowing efficient outcomes. This idea is contrary to the General Equilibrium Model (GEM) where markets are pictured as working in an institutional vacuum and where social and historical variables play no role. However, in more recent times, a large group of economists have begun to insert social and moral variables into standard models based on the rational choice paradigm, following the increasing interest – on the part of firms – in the possible positive effects of adopting ethical codes.

In this key new text Guglielmo Davanzati studies this burgeoning view that ethics and economics can be compatible. Does ‘morality’ affect income distribution? And, if so, what are the effects of the widespread adoption of ethical codes on the functioning of the labour market? Central to Davanzati’s efforts is the thesis that the roots of these new developments can be traced back to the pioneering work of Thorstein Veblen and John Bates Clark. Utilizing their contrasting works, Davanzati’s text illuminates the propagation of ethical codes within the two opposing frameworks i.e. the neoclassical and the institutional.

Davanzati’s important book will be an invaluable reference for readers interested in history of economic thought, economics and moral philosophy.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

In contemporary non-mainstream economic debate, it is widely thought that the functioning of a market economy needs a set of rules (i.e. institutions) which bind agents in their behaviour, allowing efficient outcomes. This idea is contrary to the General Equilibrium Model (GEM) where markets are pictured as working in an institutional vacuum and where social and historical variables play no role. However, in more recent times, a large group of economists have begun to insert social and moral variables into standard models based on the rational choice paradigm, following the increasing interest – on the part of firms – in the possible positive effects of adopting ethical codes.

In this key new text Guglielmo Davanzati studies this burgeoning view that ethics and economics can be compatible. Does ‘morality’ affect income distribution? And, if so, what are the effects of the widespread adoption of ethical codes on the functioning of the labour market? Central to Davanzati’s efforts is the thesis that the roots of these new developments can be traced back to the pioneering work of Thorstein Veblen and John Bates Clark. Utilizing their contrasting works, Davanzati’s text illuminates the propagation of ethical codes within the two opposing frameworks i.e. the neoclassical and the institutional.

Davanzati’s important book will be an invaluable reference for readers interested in history of economic thought, economics and moral philosophy.

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