Can economic analysis and policy formulation be free of ethical considerations? This book provides a rationale to explain why this is not the case. The authors of this volume argue that ethics enters economics at the ground level, and trying to leave out ethics runs the risk of leading to bad economic analysis and bad policies. The book argues that all individuals who make decisions in the economy have ethical values, which affect their behaviour and the nature of their interactions with others. It also shows how the evaluation of economic performance and policies requires a thorough analysis of ethics. This includes questions regarding the role of markets and the government, and the importance of efficiency, growth, and fairness. This book is essential reading for all interested in Economics and Ethics, in addition to graduates, professional economists and philosophers.

Preface PART I: INTRODUCTION AND BACKGROUND Introduction Economics Without Ethics? Approaches to Ethics and Justice PART II: ETHICAL VALUES, INDIVIDUAL BEHAVIOR AND SOCIAL INTERACTIONS Individuals, Norms and Ethical Values Social Interactions and Ethical Values Markets and Ethical Values PART III: ETHICAL ISSUES FOR EVALUATING ECONOMICS AND ECONOMIC POLICY ANALYSIS The Morality of Markets and Government Intervention Individual Preferences, Efficiency and Cost-Benefit Analysis Production, Income and Growth Fairness, Distribution and Equality PART IV: APPLICATIONS AND CONCLUSION Ethics and Applied Economics Conclusion References Index