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Economic Morality and Jewish Law (Hardcover)
Loot Price: R2,355
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Economic Morality and Jewish Law (Hardcover)
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Economic Morality and Jewish Law compares the way in which welfare
economics and Jewish law determine the propriety of an economic
action, whether by a private citizen or the government. Espousing
what philosophers would call a consequentialist ethical system,
welfare economics evaluates the worthiness of an economic action
based on whether the action would increase the wealth of society in
the long run. In sharp contrast, Jewish law espouses a
deontological system of ethics. Within this ethical system, the
determination of the propriety of an action is entirely a matter of
discovering the applicable rule in Judaism's code of ethics. This
volume explores a variety of issues implicating morality for both
individual commercial activity and economic public policy. Issues
examined include price controls, the living wage, the lemons
problem, short selling, and Ronald Coase's seminal theories on
negative externalities. To provide an analytic framework for the
study of these issues, the work first delineates the normative
theories behind the concept of economic morality for welfare
economics and Jewish law, and presents a case study illustrating
the deontological nature of Jewish law. The book introduces what
for many readers will be a new perspective on familiar economic
issues. Despite the very different approaches of welfare economics
and Jewish law in evaluating the worthiness of an economic action,
the author reveals a remarkable symmetry between the two systems in
their ultimate prescriptions for certain economic issues.
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