Introduction : ethical economics? -- The sovereign consumer -- Two myths about economic growth -- The politics of pay -- Happiness -- Pricing life and nature -- New worlds of money : public services and beyond -- Conclusion.

Prioritarianism is the view that we ought to give priority to benefiting those who are worse off. Sufficientism, on the other hand, is the view that we ought to give priority to benefiting those who are not sufficiently well off. This paper concerns the relative merits of these two views; in particular, it examines an argument advanced by Roger Crisp to the effect that sufficientism is the superior of the two. My aim is to show that Crisp's argument is unsound. (...) While I concede his objections against the particular prioritarian views that he considers, I propose a different version of prioritarianism that is invulnerable to those objections. (shrink)

This is a systematic evaluation of the main arguments for and against the market as an instrument of social organization, balancing efficiency and justice .

Social thinkers frequently remind us that people differ in their views on what constitutes personal well-being, but that even when they don't differ, they disagree over the extent to which one person's well-being can be permitted to be traded off against another's. In this paper I show, by offering an account of the development of development economics, that in professional debates on social policy, economists speak or write as though they agree on values but differ on their reading of facts. (...) A number of ethicists have concluded from this near-exclusive interest in facts that modern economics must be an ethical desert. It is shown here that the reason research economists analyze facts rather than values is that modern economics is built on broad ethical foundations, capable of being reduced as special cases to the various ethical theories that are currently on offer. Ethics has taken a back seat in modern economics not because contemporary economists are wedded to a “value-free” enterprise, but because the ethical foundations of the subject were constructed over five decades ago and are now regarded to be a settled matter. (shrink)

In this paper we want to explore an argumentative pattern that provides a normative justification for expected utility functions grounded on empirical evidence, showing how it worked in three different episodes of their development. The argument claims that we should prudentially maximize our expected utility since this is the criterion effectively applied by those who are considered wisest in making risky choices (be it gamblers or businessmen). Yet, to justify the adoption of this rule, it should be proven that this (...) is empirically true: i.e., that a given function allows us to predict the choices of that particular class of agents. We show how expected utility functions were introduced and contested in accordance with this pattern in the 18th century and how it recurred in the 1950s when M. Allais made his case against the neobernoullians. (shrink)

In this paper I offer an account of the normative dimension implicit in D. Bernoulli’s expected utility functions by means of an analysis of the juridical metaphors upon which the concept of mathematical expectation was moulded. Following a suggestion by the late E. Coumet, I show how this concept incorporated a certain standard of justice which was put in question by the St. Petersburg paradox. I contend that Bernoulli would have solved it by introducing an alternative normative criterion rather than (...) a positive model of decision-making processes. (shrink)