The Values Of Economics

Economics has often been accused or losing its connection to some of the basic characteristics of human behaviour: commitment, emotion, deliberation and the different forms of interaction through which human actors in economic life provide for themselves and for others. Irene van Staveren draws upon the work of Aristotle and Amartya Sen's notions of capability and commitment, to propose an alternative methodology to utilitarianism that is not normative. In his Ethics , Aristotle argued that human beings try to further a variety of values by balancing them, stating that people try to find a middle road between excess and deficiency. The author develops and applies this idea to the values of economics, arguing that in the economy, freedom, justice and care are also balanced to further ends with scarce means. Freedom is furthered through market exchange, justice through a redistributive role of the state, and care through mutual gifts of labour and sharing of resources in the economy. This book argues that economics is, and has always been, about human values, which guide, enable, constrain and change economic behaviour. It should appeal to advanced students and professionals with an Review: 'Irene van Staveren's intelligent and broad-ranging discussion of the limitations imposed in neoclassical economic thought deserves reading. Moving beyond the assumption that freedom is the only human value, this book makes a significant contribution to economic and interdisciplinary discussions of value, justice, and care.' - Julie A. Nelson, University of Massachusetts, USA