On Virtue Economics

This chapter makes a case for economists taking account of agent virtue in their models, on the grounds that doing so both broadens the normative base that economists standardly deploy and adds explanatory powerinfo-icon in many settings of interest to economists. After distinguishing three different ways in which virtue might be included in economic analysisinfo-icon—virtue as intrinsically valuable, virtue as derivatively valuable, and virtue as fact—we examine the relevance of virtue to three topics: invisible handinfo-icon mechanisms, the role of esteem in individual motivations, and the use of selection and allocationinfo-icon mechanisms in institutional design. We try to explain why each of these topics is relevant to the study of virtue.

Michael Baurmann
Subject Area: 
2016
Published in Book: 

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