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Putting Morals into Economics: From Value Neutrality to the Moral Economy and the Economization of Morality

Published online by Cambridge University Press:  31 March 2023

Georg Kanitsar
Georg Kanitsar*
Affiliation:
Vienna University of Economics and Business, Institute for Sociology and Social Research, Vienna; Austria [[email protected]].
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Abstract

The economic discipline plays a performative role in constructing the moral order of market society. Yet, little attention has been paid to what economists explicitly regard as moral or how they conceive of morality. This article reflects a recent attempt to put morals into economics, that is, to introduce morality as a research topic in behavioural and experimental economics. It maps three research programs that theorize the moral economy. The programs emphasize the moral foundations of market society, the moral limits of market expansion, and the moral consequences of market trading and, thus, appear irreconcilable with classifications of economists as market enthusiasts or moral agnostics. At the same time, however, the literature centres on an “economized” form of morality that is corrective to market inefficiencies, attributed to the responsibility of the individual, and expressed in rational terms. In doing so, this literature contributes to redefining moral problems in economic terms.

Résumé

Résumé

La discipline économique joue un rôle performatif dans la construction de l’ordre moral de la société de marché. Pourtant, peu d’attention a été accordée à ce que les économistes considèrent explicitement comme moral et à la manière dont ils conçoivent la moralité. Cet article reflète une tentative récente d’introduire la morale dans l’économie, c’est-à-dire d’introduire la morale comme sujet de recherche en économie comportementale et expérimentale. Il cartographie trois programmes de recherche qui théorisent l’économie morale. Les programmes mettent l’accent sur les fondements moraux de la société de marché, les limites morales de l’expansion du marché et les conséquences morales du commerce de marché et, par conséquent, semblent inconciliables avec les classifications des économistes comme enthousiastes du marché ou agnostiques moraux. Mais en même temps, la littérature s’articule autour d’une morale « économisée », correctrice des inefficacités du marché, imputée à la responsabilité de l’individu et exprimée en termes rationnels. Ce faisant, cette littérature contribue à redéfinir les problèmes moraux en termes économiques.

Zusammenfassung

Zusammenfassung

Die ökonomische Disziplin spielt bei der Konstruktion einer moralischen Ordnung der Marktgesellschaft eine performative Rolle. Dennoch wurde bisher kaum untersucht, was Ökonomen explizit als moralisch ansehen und wie sie Moral konzipieren. Dieser Artikel diskutiert einen aktuellen Versuch, Moral in die Wirtschaftswissenschaften zu integrieren, bzw. Moral als Forschungsthema in die Verhaltens- und Experimentalökonomie einzuführen. Er stellt drei Forschungsprogramme vor, die Bezug auf die moralische Ökonomie nehmen. Die Programme betonen die moralischen Grundlagen der Marktgesellschaft, die moralischen Grenzen der Marktexpansion und die moralischen Konsequenzen des Markthandels und scheinen daher unvereinbar mit der gängigen Kategorisierung von Ökonomen als Marktenthusiasten oder moralischen Agnostikern. Gleichzeitig wird in dieser Literatur jedoch eine „ökonomisierte“ Form der Moral in den Mittelpunkt gestellt, die Ineffizienzen des Marktes korrigieren soll, auf der Verantwortung des Einzelnen beruht und in rationalen Begriffen ausgedrückt wird. Auf diese Weise trägt diese Literatur dazu bei, moralische Probleme in ökonomischer Terminologie neu zu definieren.

Keywords

MoralityMarketsMarket EconomyEconomic SociologySociology of MoralitySociology of EconomicsMoralitéMarchésÉconomie de marchéSociologie économiqueSociologie de la moraleSociologie de l’économieMoralMärkteMarktwirtschaftwirtschaftliche SoziologieMoralsoziologieWirtschaftssoziologie
Type
Research Article
Information
European Journal of Sociology / Archives Européennes de Sociologie , Volume 64 , Issue 1 , April 2023 , pp. 31 - 60
Copyright
© The Author(s), 2023. Published by Cambridge University Press on behalf of European Journal of Sociology

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