Jump to ContentJump to Main Navigation
Reckoning with MarketsThe Role of Moral Reflection in Economics$
Users without a subscription are not able to see the full content.

James Halteman and Edd S. Noell

Print publication date: 2012

Print ISBN-13: 9780199763702

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199763702.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 23 May 2019

Heterodox Economics and the Varied Manner of Moral Reflection

Heterodox Economics and the Varied Manner of Moral Reflection

Chapter:
(p.108) Chapter 6 Heterodox Economics and the Varied Manner of Moral Reflection
Source:
Reckoning with Markets
Author(s):

James Halteman

Edd Noell

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199763702.003.0006

Heterodox economics presents alternative critical explanations for the driving forces behind capitalism. The chapter examines the distinctive moral reflections expressed by Karl Marx, Thorstein Veblen, and Friedrich Hayek. Marx’s historical materialism relies on dialectical reasoning to explain class struggle and economic change. His valuation of human autonomy, as ultimately manifested in communism, drives his moral critique of capitalism. Veblen’s understanding of the complex instincts underlying economic activity lays a path for more extensive incorporation of moral reflections in economics. Yet his evolutionary economics posits no final purpose in human economic activity. Hayek challenges the perfect information assumption of neoclassical economics, finding that competitive markets continually generate new information that creates disequilibrium. His reflections on the origins of moral codes and critique of collectivist planning affirm the superiority of the norm of liberty. The chapter concludes with the vignette “Karl Marx: Can a Materialist Produce a Moral Critique of Capitalism?”

Keywords:   heterodoxeconomics, karl marx, socialism, thorstein veblen, technological and ceremonial institutions, instinct of workmanship, friedrich hayek, coordination of resources, spontaneous order

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .