| Abstract: |
Have you ever thought of virtues? Temperance, Courage, Justice, Hope, and
Love, just to name a few. And, have you ever thought that they could have
anything to do with economics? Economists have long ago separated the moral
philosophy (ethics) and the science of choice (economics) from each other.
They have supposed that economic transactions – producing goods, exchanging
them in the market, and eventually consuming them – are entirely independent
from the human condition. Deirdre McCloskey, a famous Chicago economist and
historian, is now facing the issue in her forthcoming book: capitalism would
turn into a disaster if we were to follow economists and put all our faith and
hope on Prudence Alone. It can only be rescued if we are able to think
capitalism in the light of “Bourgeois Virtues,” as she calls them. True, the
name “bourgeoisie” has got a bad connotation in contemporary Holland. The
situation is not so different in many other industrial societies. But it was
the virtuous attitude of Dutch merchants in the 17th century that made Holland
prosperous. Before reaching any conclusions we do better entering into the
discussion with McCloskey and recover the language of virtues that will enable
us to assess the moral conditions of modern economic societies. |