WHAT CAN ETHICS LEARN FROM ECONOMICS?

Authors

  • Roy Varghese Palatty Catholic University

Keywords:

justice, transcendentalism, comparitive justice, economis, ethics

Abstract

Against traditional economic theories, Sen’s alternative methodology to address issues of justice helps us not only to argue that economics is not an ethics-free science but also to rethink about our transcendental search for solutions on ethical issues. For a reasonable theory of justice, Sen argues, an identification of a perfect social arrangement is neither sufficient nor necessary. His argument is that identifying ‘perfect’ justice and comparing imperfect social states are analytically disjoined. To identify and address patent injustices in our world, we must prioritise comparative reasoning rather than transcendental reasoning. Comparative approach retains ideals, envisions targets, and engages ranking of different alternatives. Yet, we argue that Sen offers no explicitly systematic exposition of ideal theories.

References

Lionel Robbins, An Essay on the Nature and Significance of Economic Science, 2nd ed., London: Macmillan, 1935, 148-49.

Amartya Sen, On Ethics and Economics, New Delhi: Oxford University Press, 1987, 7.

Amartya Sen, “Rational Fools: A Critique of the Behavioural Foundations of Economic Theory,” Philosophy and Public Affairs 6 (1977), 317-44.

For a detailed exposition of this theme, see my article “Authentic Development and Responsibility in Economics,” in Schumacher Reconsidered: Advances in Responsible Economics, ed. Hendrik Opdebeeck, Oxford: Peter Lang, 2012, Chapter 5.

Amartya Sen, The Idea of Justice, London: Penguin Books, 2009.

Amartya Sen, Development as Freedom, Oxford: Oxford University Press, 1999, 287.

Amartya Sen, “What Do We Want From a Theory of Justice?” Journal of Philosophy 103, 5 (2006), 215-18; “Economics, Law, and Ethics” in Against Injustice: The New Economics of Amartya Sen, eds. Reiko Gotoh and Paul Dumouchel, Cambridge: Cambridge University Press, 2009, 39-54; “The Place of Capability in a Theory of Justice” in Measuring Justice: Primary Goods and Capabilities, eds. Harry Brighouse and Ingrid Robeyns, Cambridge: Cambridge University Press, 2010, 243-45; “Values and Justice,” Journal of Economic Methodology 19, 2 (2012), 101-108.

Rawls, The Law of Peoples, Cambridge: Harvard University Press, 1999, 137; Justice as Fairness: A Restatement, ed., Erin Kelly, Cambridge: Harvard University Press, 2001, 132-34.

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Thomas Nagel makes a strong defense of reason in his The Last Word, Oxford: Oxford University Press, 1997, 101-12.

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Published

2013-06-30

How to Cite

Varghese Palatty, R. . (2013). WHAT CAN ETHICS LEARN FROM ECONOMICS? . Journal of Dharma, 38(2), 111–130. Retrieved from https://dvkjournals.in/index.php/jd/article/view/86