W2 L2 | The Morality of Markets | Fernando Arteaga
Channel: Penn Initiative for the Study of Markets
Date: 2024-03-12

Fernando Arteaga discusses the significance of considering moral claims within economic analysis. He examines the historical trajectory of economics, tracing its evolution from a discipline primarily concerned with assessing the ethical dimensions of market practices to one that largely disregards moral considerations. He then explores various perspectives on how markets are viewed through a moral lens:

a) Markets are often perceived as amoral, viewed merely as the outcomes of interactions among moral agents, regardless of whether those agents exhibit immoral or morally upright behavior.

b) Criticisms are leveled against markets for their potential to erode certain aspects of human values that are deemed non-negotiable and

c) Certain defenses of markets argue that they cultivate virtues differing from those prevalent in pre-modern societies. These virtues, though distinct, hold significant importance and have positively influenced economic outcomes, exemplified by traits like tolerance and diligence.