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Virtues, Consequences, and the Market
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Ferguson, Benjamin (2020) Virtues, Consequences, and the Market. Erasmus Journal for Philosophy and Economics, 13 (1). pp. 19-29. doi:10.23941/ejpe.v13i1.467
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Official URL: https://doi.org/10.23941/ejpe.v13i1.467
Abstract
A traditional—but increasingly unconvincing—critique of markets challenges their superiority in terms of generating welfare. After all, markets can be alienating, they can generate inequality, and, arguably, allow for the exchange of goods that ought not to be traded. If these effects collectively made people who live in market societies worse off than those who do not, the implementation of markets would be unacceptable. However, while markets do have some of these negative effects, the welfare and material benefits they provide are massive. In Virgil Storr and Ginny Choi provide substantial evidence for the conclusion that not only are “people who live in market societies […] wealthier, healthier, happier, and better connected than people who live in nonmarket societies” but these benefits are available to the rich and poor alike: “The least advantaged in market societies are better off than the least advantaged in nonmarket societies and may be better off than the most well-off in some nonmarket societies”.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HM Sociology | ||||||
| Divisions: | Faculty of Social Sciences > Philosophy | ||||||
| Library of Congress Subject Headings (LCSH): | Consumer behavior | ||||||
| Journal or Publication Title: | Erasmus Journal for Philosophy and Economics | ||||||
| Publisher: | Foundation Erasmus | ||||||
| ISSN: | 1876-9098 | ||||||
| Official Date: | 22 May 2020 | ||||||
| Dates: |
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| Volume: | 13 | ||||||
| Number: | 1 | ||||||
| Page Range: | pp. 19-29 | ||||||
| DOI: | 10.23941/ejpe.v13i1.467 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Reuse Statement (publisher, data, author rights): | EJPE is an Open Access Journal: all content is permanently available online without subscription or payment. | ||||||
| Access rights to Published version: | Open Access (Creative Commons) | ||||||
| Date of first compliant deposit: | 4 September 2020 | ||||||
| Date of first compliant Open Access: | 7 September 2020 | ||||||
| Is Part Of: | 1 |
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