The theory of ethical economy analyses the ethical presuppositions
of the market economy. It demonstrates that ethics is the
pre-coordination in the motives of the economic agents anteceding
the coordination of the price system in the market process. Ethical
economy develops a positive theory of economic, ethical, and
religious coordination of self-interested action described as a
super-assurance game of prisoners' dilemma situations. It
conceptualises ethics as the corrective of market failure and
religion as the corrective of ethics failure. The formal ethics of
coordination is then complemented by a theory of the
material-substantive ethics of value qualities. One principle of
ethical economy is the classical principle of double effect that is
used for a theory of managerial and general decision-making.
Unintended side-effects (externalities) are a central problem of
decisions of large impact. Management decision making must exploit
the potential for positive side-effects and control the negative
side-effects of managerial decisions. The theory of ethical economy
analyses the principles of just price and fair pricing and the
relevance of the theory of just price for the pricing behaviour of
the modern firm. Principles of Ethical Economy forms a theoretical
synthesis of the market theory of modern economics and of the
natural right tradition of ethics. It creates new insights into the
ethics of the market as well as in the economics presuppositions
and consequences of ethical duties, virtues, and goods.
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