- List of Figures
- List of Tables
- Notes on Contributors
- Adam Smith and the Study of Ethics in a Commercial Society
- Virtue and Economics, Horse and Cart
- With All Due Respect: A Kantian Approach to Economics
- Ethical Pluralism in Economics
- Economic Ethics and the Capability Approach
- Evolution and Moral Motivation in Economics
- Morality as a Complex Adaptive System: Rethinking Hayek’s Social Ethics
- On the Evolution of Ethics, Rationality, and Economic Behavior
- Human Ethicality: Evidence and Insights from Behavioral Economics
- Ethics <i>and</i> Economics: A Complex Systems Approach
- Economics and Ethics within the Austrian School of Economics
- Feminist Economics and Ethics
- Economy and Culture: The Importance of Sense-Making
- Humane Markets: The Classical Tradition of Political Economy
- Capitalism and Democracy: Allies, Rivals, or Strangers?
- The Moral Status of Profit
- The Ethics of Money and Finance
- Ethics <i>and, in</i>, and <i>for</i> Labor Markets
- Cost-Benefit Analysis and Social Welfare Functions
- The Normative Economics of Social Risk
- The Ethics of Making Risky Decisions for Others
- The Tragedy of Economics: On the Nature of Economic Harm and the Responsibilities of Economists
- Economics, Ethics, and Health Insurance
- Deontological Morality and Economic Analysis of Law
- The Ethics and Economics of Ecological Justice
- Civil Rights, Employment, and Race
- Lessons from Economics
Abstract and Keywords
Welfare economics—the normative branch of economics—is a consequentialist moral theory. Unlike deontological morality, at least in its basic form it attributes no intrinsic value to prohibitions on active or intentional harming of other people, lying, or promise-breaking, and does not allow people to prioritize their own interests over the overall good. The chapter critically examines several methods of incorporating deontological constraints and options into economic analysis of law and into welfare economics more generally. These methods include an analysis of the long-term and indirect effects of apparently efficient infringements of deontological constraints; a move from act- to rule-consequentialism; incorporating deontological concerns into the definition of good outcomes that should be maximized; and the treatment of moral judgments as preferences whose fulfillment should be maximized along with any other. In addition to these indirect ways, the chapter also examines the integration of thresholds constraints and options into economic analysis of law.
Eyal Zamir is the Augusto Levi Professor of Commercial Law at the Faculty of Law, The Hebrew University of Jerusalem, where he served as Dean of the Faculty of Law from 2002 to 2005.
Barak Medina is the Justice Haim H. Cohn Professor of Human Rights at the Faculty of Law, The Hebrew University of Jerusalem.
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