Providing an account of the development of economic thought, this
book explores the extent to which economic ideas are rooted in
moral values. Adopting an approach rooted in 'pragmatism', the work
explores key questions which have been considered by economists
since the classical political economists. These include: what
degree of priority ought to be granted to property rights among all
individual liberties; whether uncertainties in economic life
justify investing political authorities with the power to stabilize
business cycles; whether it is better to trust entrepreneurial
initiatives to resolve societal dilemmas or to centralize
policy-making in the hands of a benevolent government. The chapters
argue that economic thought has evolved from an emphasis on
"sympathy" (as defined by Adam Smith) and that there has more
recently been a rediscovery of the significance of sympathy
reinvented as "fair reciprocity" in the wake of the emergence of
behavioural economics and its connection to evolutionary
psychology. This key book is of great interest to readers in the
history of ideas, political and moral philosophy, and political
economy.
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