Friday, May 19, 2017

van Bavel on McCloskey

"I do not think the market fosters immorality of individuals... On the single point... I would agree with McCloskey that such a critique would be mistaken. However, this is not because capitalism will improve our ethics, as McCloskey argues, but rather because such a critique misses the crucial mechanism and the essential point. Even if the market itself is not anti-moral, and market behavior at the micro level is not immoral either, the outcome of market dominance at the macro level in the longer run will likely be a negative one, as shown in the cases investigated... This negative outcome is bound to occur particularly within a skewed social context..." -- Bas van Bavel, The Invisible Hand, p. 267

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