John Maynard Keynes wrote to his grandchildren more than fifty years ago about their economic possibilities, and thus about our own: "I see us free, there fore, to return to some of the most sure and certain principles of religion and traditional virtue - that avarice is a vice, that the exaction of usury is a misde meanour. . . . We shall once more value ends above means and prefer the good to the useful" ("Economic Possibilities for Our Grandchildren," pp. 371-72). In the year 1930 Keynes regarded these prospects as realizable only after a time span ofone hundred years, ofwhich we have now achieved more than half. The pres ent book does not share Keynes's view that the possibility of an integration of ethics and economics is dependent exclusively on the state of economic devel opment, though this integration is certainly made easier by an advantageous total economic situation. The conditions of an economy that is becoming post of ethics, cultural industrial and post-modern are favorable for the unification theory, and economics. Economic development makes a new establishment of economic ethics and a theory ofethical economy necessary. Herdecke and Hanover, October 1987 P. K. TABLE OF CONTENTS Foreword v Introduction . 0. 1. Ethical Economy and Political Economy . . 0. 1. 1. Ethical Economy as Theory ofthe Ethical Presuppositions of the Economy and Economic Ethics 3 0. 1. 2.

Klappentext

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.

Inhalt
0.1. Ethical Economy and Political Economy.- 0.2. Why the Interest in Economic Ethics Today?.- 0.3. Overview of the Structure of the Book.- 0.4. Missing Mediation of Economics and Ethics in Modernity - Ethical Economy as Post-Modern Economics.- 1. Economics, Ethics, and Religion: Positive Theory of the Coordination of Self-Interested Actions.- 1.1. Internalization of Side Effects and Inclusion of Persons Affected as Criteria of Social Coordination.- 1.2. Private Vices - Public Benefits: The Good as Side Effect.- 1.3. Economic Failure.- 1.4. Ethics as Corrective for Economic Failure.- 1.5. Religion as Corrective for Ethical Failure.- 1.6. Self-Interest, Corporate Ethics, and Employee Motivation.- 2. Economics and Ethics I: Formal Ethics.- 2.1. Ethics and Economics: Global and Local Maximization.- 2.2. Unifying Universalization and Exception: Ethics and Religion.- 2.3. Economic, Ethical, and Religious Rationality: Extending the Limits of the Self.- 2.4. Rationality and Coordination.- 2.5. Ethics as Fonn of Social Coordination.- 2.6. Ethics and Religion as Ways of Increasing Economic Rationality and Coordination.- 2.7. Fonnality and Materiality.- 3. Economics and Ethics II: Substantive Ethics.- 3.1. Ethical and Economic Theories of Goods.- 3.2. Experiencing Values and Understanding Cultural Meaning.- 3.3. Side Effects between Experiences and Value Convictions, Is and Ought.- 3.4. Substantive Value-Qualities and Degrees of the Publicness of Goods.- 3.5. Ethics as Theory of Virtues.- 3.6. The Unity of Ethics as the Theory of Duty, of Virtue, and of the Good.- 3.7. Everything Worth Doing Is Worth Doing Well, or The Good as Perfection.- 4. Economics and Culture.- 4.1. Cultural Economics and the Cultural Philosophy of the Economy.- 4.2. The Culture of Production.-4.3. The Culture of Consumption.- 4.4. Technological Progress and Transformations in the Meaning of Work in Society.- 4.5. Art and the Economy.- 5. Economics, Ethics, and Decision Theory: The Problem of Controlling Side Effects.- 5.1. The Law of Intended Side Effects in the Firm.- 5.2. Side Effects as Decision Problem.- 6. Economics and Ontology.- 6.1. Intentional or Natural-Scientific Ontology of the Economy?.- 6.2. The Inconceivability of an Objective General Equilibrium and Universal Mechanism.- 6.3. The Market Economy as Teleological Mechanism.- 6.4. General Equilibrium as Transcendental Ideal.- 6.5. Poietic Imagination of New Possibilities in the Market Process.- 6.6. The Market as Social Discourse and Process of Entelechial Coordination.- 6.7. Not Value Subjectivism, but Subjective Value-Realization.- 6.8. Ethical Economy or Subjective Economics as General Theory of Human Action?.- 7. Economic Ethics in the Market Economy.- 7.1. Does the Mechanism of Competition Make Ethics Superfluous?.- 7.2. Morality and Advantage: The Costs of Economic Ethics.- 7.3. Morality at the Margin.- 7.4. Proper Conduct and Appropriateness to the Nature of the Subject Matter in Question.- 8. Commutative Justice.- 8.1. Commutative Justice as Appropriateness to the Nature of the Matter of Exchange: The Equivalence Principle.- 8.2. How Do We Determine What Each Person is Entitled to in Exchange?.- 8.3. What Is the Basis of the Obligation to Give Each Person What Is His or Hers in Exchange?.- 9. Just Price Theory.- 9.1. Preliminary Historical Remark: The Significance of Early-Modem, Probabilistic Just Price Theory.- 9.2. Natural Law and Forces of Nature in the Legitimation of the Price System.- 9.3. What Distinguishes the Price System from Other Forms of Price Determination?.- 9.4.Formal and Non-Formal or Substantive Conditions of Price Justice.- 9.5. International Price Justice.- 9.6. Justice as Satisfying a Criterion or as a Synopsis of Several Criteria?.- 9.7. Justice in Interaction with Nature.- Conclusion: Morality and Efficiency.- Index of Persons.- Index of Subjects.