J.S. Mill on Justice and Utility
In ch. 5 of Utilitarianism, John Stuart Mill argues to ground justice in utility. For Mill, the essence of justice is a “right residing in an individual” (59.) To possess a right is to have a valid claim on society … Read More
Two Modes of Market Envy
Updated July 13, 2013: on reflection I changed what I originally called “productive” envy to “competitive” envy for Aquinas’s fourth sense. I think this better captures the interpersonal sense of true envy. At the Acton University a couple of weeks … Read More
The Philosophical Sources of France’s Temperamental Incompatibility with the Market
I recently came across an interesting presentation on the Canal Académie by Jean-Pierre Dupuy entitled La France et le marché : les sources philosophiques d’une incompatibilité d’humeur. The site is normally only accessible by subscription, but as of this writing the … Read More
Economic Reflections 11: Fairness and Incentives in H.R.1330, the “Student Loan Fairness Act”
See also my longer paper: A Fairness and Incentives Analysis of H.R.1330 U.S. House Representative Karen Bass recently introduced H.R. 1330, the “Student Loan Fairness Act,” as an “equitable system” to “alleviate the financial burden of student loan debt on college … Read More
Economic Reflections 10: Communitarianism and Fairness Arguments
In “Psychology and Markets,” (Rationality in Economics,) Vernon Smith summarized variations in experiments with upside and downside risk from standard economic theory, which is based on the hypothesis that agents have a “self-aware, calculating process of maximization” (157.) While the … Read More
Economic Reflections 9: Market Anarchy and Defense
Discussing private defense in Chaos Theory, Robert Murphy argued that the market is capable of providing superior and cheaper defense that a State. I agree that a private defense firm would not pay $600 for a toilet seat. However, I … Read More
Economic Reflections 8 (part 2): Market Anarchy and Human Flourishing
Discussing private law in Chaos Theory, Robert Murphy argued that the market is capable of defining and protecting property rights without a State. Individuals have natural rights, on which all (his emphasis, 13) social relations would be managed by contract. … Read More
Economic Reflections 8 (part 1): Initial Reflections on Market Anarchy
Discussing private law in Chaos Theory, Robert Murphy argued that the market is capable of defining and protecting property rights without a State. Individuals have natural rights, on which all (his emphasis, 13) social relations would be managed by contract. … Read More
Economic Reflections 7: Communitarianism, Free Riding, and the Common Good
In “Cross-Purposes: The Liberal-Communitarian Debate,” Charles Taylor proposed an analysis of the debates over these two political theories to sort out confusion between what he termed ontological issues, or “the terms you accept as ultimate in the order of explanation” … Read More
Economic Reflections 6: Social Goods and Death Markets
Charles Taylor, in an essay “Irreducibly Social Goods,” argued for the existence of social goods that cannot be reduced to individual utility or welfare. His argument is that certain goods—e.g., frank and open relationships, self-giving heroism, friendship—cannot exist except in … Read More