Reclaiming Virtue Ethics for Economics

contrast, virtue ethics —the study of moral character—has been an important strand in moral philosophy for literally thousands of years, but has received little strand in moral philosophy for literally thousands of years, but has received little attention from contemporary economists. That neglect has not been reciprocated. attention from contemporary economists. That neglect has not been reciprocated. A signifi cant body of philosophical work in virtue ethics is associated with a radical A signifi cant body of philosophical work in virtue ethics is associated with a radical critique of the market economy and of economics. Expressed crudely, the charge critique of the market economy and of economics. Expressed crudely, the charge sheet is this: The market depends on instrumental rationality and extrinsic motisheet is this: The market depends on instrumental rationality and extrinsic motivation; market interactions therefore fail to respect the internal value of human vation; market interactions therefore fail to respect the internal value of human practices and the intrinsic motivations of human actors; by using market exchange practices and the intrinsic motivations of human actors; by using market exchange as its central model, economics normalizes extrinsic motivation, not only in markets as its central model, economics normalizes extrinsic motivation, not only in markets but also (in its ventures into the territories of other social sciences) in social life but also (in its ventures into the territories of other social sciences) in social life more generally; therefore economics is complicit in an assault on virtue and on more generally; therefore economics is complicit in an assault on virtue and on human fl ourishing. We will argue that this critique is fl awed, both as a descriphuman fl ourishing. We will argue that this critique is fl awed, both as a description of how markets actually work and as a representation of how classical and tion of how markets actually work and as a representation of how classical and neo classical economists have understood the market. We will show how the market neo classical economists have understood the market. We will show how the market and economics can be defended against the critique from virtue ethics. and economics can be defended against the critique from virtue ethics. Crucially, our response to that critique will be constructed Crucially, our response to that critique will be constructed using the language and logic of virtue ethics. In this respect, it is fundamentally different from a response . In this respect, it is fundamentally different from a response that many economists would fi nd more natural—to point to the enormous benefi ts, that many economists would fi nd more natural—to point to the enormous benefi ts,