Abstract

Ethical theories have been largely focused on finding and clarifying certain amoral principles. However fruitful the communication of moral principles for providing orientation in modern society might be, a serious omission has been made in that the problem of implementation is not addressed. Two fundamental question have neither been raised nor answered: Why should self‐interested individuals follow the proposed moral principles in their daily conduct? Are societal institutions of such a design that is in the power of the individuals to follow these moral principles? It is shown in this article that an economic theory of morals does systematically address these two questions and therefore provides a firm basis for discussing the possibilities and boundaries of following the moral principles inherent in the long history of moral philosophy