| Ethical Codes and Income Distribution: A Study of John Bates Clark and Thorstein Veblen Contributor(s): Davanzati, Guglielmo Forges (Author) |
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ISBN: 0415365392 ISBN-13: 9780415365390 Publisher: Routledge OUR PRICE: $152.00 Product Type: Hardcover - Other Formats Published: January 2006 Annotation: In recent years increased attention has been given to continuing disparities in income, both in the developed and in developing countries. i Ethical Codes and Income Distribution /i brings an important new dimension to this important issue. Questions such as does "morality" affect income distribution? And what are the effects of the widespread adoption of ethical codes on the functioning of the labor market? Are explored. br br This book utilizes the contrasting works of John Bates Clark and Thorstein Velben in order to illuminate the propagation of ethical codes within the two opposing frameworks i.e. the neoclassical and the institutional. John Bates Clark, in the history of economic thought - emphasized the role of market mechanisms in spontaneously propagating "fair" codes of behavior, thus giving rise to a "just" income distribution. Thorstein Velben underlines the importance of bargaining in the socio-political arena in determining the ethical codes adopted in a given society, in given historical contexts. Arguing external interventions -- social conflict, above all -- are necessary in order to drive institutional changes, in the event of the existing institutions being considered "unjust." Given this theoretical framework, this book also explores the effects of labor market deregulation on economic as well as on "moral" growth. |
| Additional Information |
| BISAC Categories: - Business & Economics | Economics - Macroeconomics |
| Dewey: 339.22 |
| LCCN: 2005019328 |
| Series: Routledge Studies in History of Economics |
| Physical Information: 0.57" H x 6.32" W x 9.26" (0.81 lbs) 164 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: In contemporary non-mainstream economic debate, it is widely thought that the functioning of a market economy needs a set of rules (i.e. institutions) which bind agents in their behaviour, allowing efficient outcomes. This idea is contrary to the General Equilibrium Model (GEM) where markets are pictured as working in an institutional vacuum and where social and historical variables play no role. However, in more recent times, a large group of economists have begun to insert social and moral variables into standard models based on the rational choice paradigm, following the increasing interest - on the part of firms - in the possible positive effects of adopting ethical codes. In this key new text Guglielmo Davanzati studies this burgeoning view that ethics and economics can be compatible. Does 'morality' affect income distribution? And, if so, what are the effects of the widespread adoption of ethical codes on the functioning of the labour market? Central to Davanzati's efforts is the thesis that the roots of these new developments can be traced back to the pioneering work of Thorstein Veblen and John Bates Clark. Utilizing their contrasting works, Davanzati's text illuminates the propagation of ethical codes within the two opposing frameworks i.e. the neoclassical and the institutional. Davanzati's important book will be an invaluable reference for readers interested in history of economic thought, economics and moral philosophy. |