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Markets, Ethics and Justice

Start:	Tuesday, December 10, 2002
End:	Friday, December 13, 2002
Location:	B-339 Rayburn House Office Building

Featuring

David Schmidtz, Ph.D. Professor of Philosophy and Economics University of Arizona

Eugene Heath, Ph.D. Professor of Philosophy State University of New York

“Justice,” “Ethics,” and “Markets” are words not typically associated with each other.  Images of justice and ethics depict a world of honor, fairness, and solidarity, and although the images are vague, they are widely desired.  On the other hand, we credit “markets” for giving us economic growth but often view them as unfair or uncompassionate.  Is either of these pictures completely true, or must accurate visions of “justice” and “market exchange” incorporate aspects of each other?

Because the way we respond to problems is just as important as that we respond, the Mercatus Center presents a four-day course for Congressional staff that will develop a framework for analyzing the interaction between ethics and market forces.  There are many unanswered questions about what constitutes “justice” and “fairness,” and uncovering the roles they play in market economics is paramount to improving human welfare. 

Participants will explore such philosophical and economic dilemmas as: 

• What would we have to discover in order to know that something should be distributed equally? How would we know if this treatment is truly just
  
• When people are in need, do others face a duty to rescue?  If so, how can it be done in a just way?  Under what conditions will people help?
  
• Do markets have moral foundations?  If not, are they legitimate?  Are trust and honesty rewarded or does vice dominate?
  
• Why should humans interact through markets?  Is the market's reliance on impersonal relationships something to be celebrated or cause for concern?

Course attendees will leave with a basic philosophical understanding of equality and need, and will explore if these and other ethical considerations are reflected in market systems.

Associated People

• David Schmidtz