Words, Objects and Events in Economics The Making of Economic Theory

This open access book examines from a variety of perspectives the disappearance of moral content and ethical judgment from the models employed in the formulation of modern economic theory, and some of the papers contain important proposals about how moral

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Peter Róna László Zsolnai Agnieszka Wincewicz-Price Editors

Words, Objects and Events in Economics The Making of Economic Theory

Virtues and Economics Volume 6

Series Editors Peter Róna, University of Oxford, Oxford, UK László Zsolnai, Corvinus University of Budapest, Budapest, Hungary Editorial Advisory Board Helen Alford, Pontifical University of St. Thomas Aquinas (“Angelicum”), Roma, Italy Luk Bouckaert, Catholic University of Leuven, Leuven, Belgium Luigino Bruni, LUMSA University, Rome and Sophia University Institute, Loppiano, Roma, Italy Georges Enderle, University of Notre Dame, Notre Dame, USA Carlos Hoevel, Catholic University of Argentina, Buenos Aires, Argentina John Loughlin, Cardiff University, Emeritus Professor, Wales, UK David W. Miller, Princeton University, Princeton, USA Sanjoy Mukherjee, Rajiv Gandhi Indian Institute of Management, Shillong, India Mike Thompson, University of Victoria, British Columbia, Canada Johan Verstraeten, Catholic University of Leuven, Leuven, Belgium Stefano Zamagni, University of Bologna and Johns Hopkins University, Bologna, Italy

The series is dedicated to virtue ethics and economics. Its purpose is to relocate economic theory to a domain where the connection between the virtues and economic decisions, as that connection is actually experienced in everyday life, is an organic component of theory rather than some sort of an optionally added ingredient. The goal is to help develop a virtue-based economic theory which connects virtues with the contents of economic activities of individuals, unincorporated and incorporated economic agents. The primary context is Catholic Social Teaching but other faith traditions (especially Judaism, Islam, Hinduism, Buddhism, and Confucianism) will also be explored for their construction of virtues in economic action. Special attention will be made to regulatory and policy issues in promoting economic justice. The series connects virtue ethics with the core of economic theory and practice. It examines the basic and irreducible intentionality of human activities concerned with the production, distribution and consumption of goods and services. It considers the incommensurability of values as the central problem of economic decision making and examines whether that problem can be overcome by any means other than practical reason. This series covers high quality edited volumes and monographs. The majority of the volumes are based on papers developed for the Economics as a Moral Science Program of Blackfriars Hall, University of Oxford. More information about this series at http://www.springer.com/series/15627

Peter Róna  •  László Zsolnai Agnieszka Wincewicz-Price Editors

Words, Objects and Events in Economics The Making of Economic Theory

Editors Peter Róna Blackfriars Hall University of Oxford Oxford, UK

László Zsolnai Business Ethics Center Corvinus University of Budapest Budapest, Hungary

Agnieszka Wincewicz-Price Polish Economic Institute Warsaw, Poland

ISSN 2520-1794     ISSN 2520-1808 (electronic) Virtues and Economic