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Socio-Economics: An Interdisciplinary Approach - Ethics, Institutions, and Markets (Hardcover, 1992 ed.)
Loot Price: R3,174
Discovery Miles 31 740
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Socio-Economics: An Interdisciplinary Approach - Ethics, Institutions, and Markets (Hardcover, 1992 ed.)
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Donate to Against Period Poverty
Total price: R3,194
Discovery Miles: 31 940
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This book calls attention to the social dimension of economics and
stresses the need for an ethical yardstick which can only be
provided by an interdisciplinary approach to the economy --
socio-economics. Current thought claims to account for ethics by
portraying economics as both positive and normative. The positive
aspect of economics is based on observable fact. This is typified
by the neoclassical school, which takes as its main premise the
hypothesis of individual economic rationality resulting in economic
decisions based on efficient market processes. The normative aspect
of economics involves value judgements. Economic theory
acknowledges that economic agents are free to express value
judgements, and if one point of view is to prevail, it can only be
the majority view based on an equitable democratic process.
Accordingly, strict application of the principles of the market
economy and political democracy should eliminate the need for a
separate ethical approach to economics. Despite this conclusion,
recent years have witnessed the need to introduce ethical
considerations into economics. For one, the distinction between the
normative and positive aspects of economics and their linking with
politics and economics, respectively, are gross
oversimplifications. In addition, numerous market failures make it
difficult to accept efficient markets as the determinant of all
economic decisions. Finally, democratic processes are hard to
maintain due to society's inability to develop a sense of
solidarity. This book provides the ethical yardstick' necessary in
analyzing economic decisions, institutions and policies discussed
in relation with environment protection.
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