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The Moral Conditions of Economic Efficiency (Cambridge Studies in Philosophy and Law) [Paperback]

Walter J. Schultz
5.0 out of 5 stars  See all reviews (1 customer review)

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Book Description

January 14, 2008 0521048273 978-0521048279 1
Walter J. Schultz illustrates the deficiencies of theories that purport to show that markets alone can provide the basis for efficiency. He argues that markets are not moral-free zones, and that achieving the economic common good does indeed require morality. He demonstrates that efficient outcomes of market interaction cannot be achieved without moral normative constraints and then goes on to specify a set of normative conditions that make these positive outcomes possible.

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Book Description

Schultz illustrates the deficiencies of theories which purport to show that markets alone can provide the basis for efficiency. He argues that markets are not moral-free zones, and that achieving the economic common good does indeed require morality. He demonstrates that efficient outcomes of market interaction cannot be achieved without moral normative constraints and then goes on to specify a set of normative conditions which make these positive outcomes possible.

Product Details

  • Series: Cambridge Studies in Philosophy and Law
  • Paperback: 160 pages
  • Publisher: Cambridge University Press; 1 edition (January 14, 2008)
  • Language: English
  • ISBN-10: 0521048273
  • ISBN-13: 978-0521048279
  • Product Dimensions: 0.4 x 8.9 x 5.9 inches
  • Shipping Weight: 10.6 ounces (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #3,542,431 in Books (See Top 100 in Books)

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8 of 8 people found the following review helpful
5.0 out of 5 stars Schultz revises the Fundamental Theorem October 16, 2003
Format:Hardcover
This is a brilliant demonstration that a free market can be efficient only with effective, internalized constraints on behavior ("moral" conditions); that a free market without such constraints is inefficient.
Read Chapter 6 first; then read the preceding five-chapter proof if you need to understand the theoretical underpinnings.
If ecomonists understood this proof, it would revolutionize management, government policy, regulatory practise, and judicial review.
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