Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/22634
Appears in Collections:Economics Book Chapters and Sections
Title: Economics and Moral Sentiments: The Case of Moral Hazard
Authors: Dow, Sheila
Contact Email: s.c.dow@stir.ac.uk
Editors: Caldas, JC
Neves, V
Citation: Dow S (2012) Economics and Moral Sentiments: The Case of Moral Hazard. In: Caldas JC, Neves V (ed.). Facts, Values and Objectivity in Economics. Routledge Frontiers of Political Economy, 156, London: Routledge, pp. 17-32.
Issue Date: Mar-2012
Publisher: Routledge
Series/Report no.: Routledge Frontiers of Political Economy, 156
Abstract: The purpose of this paper is to develop the argument that sentiments (including moral sentiments) are endemic to the building of knowledge about the economy, as well as the functioning of the economy itself. This contrasts with the mainstream treatment of sentiment as separable from rationality, such that it is seen (if at all) as requiring an ex post modification of rational choice theory. The case of moral hazard is considered, first in its mainstream interpretation in terms of rationality, and then in terms of an alternative approach where knowledge and behaviour are built on (moral) sentiments. The implications are drawn for how we understand the financial crisis, and the appropriate policy response.
Rights: Published in Facts, Values and Objectivity in Economics by Taylor & Francis. This is an electronic version of a book chapter published in Caldas JC, Neves V (ed.). Facts, Values and Objectivity in Economics. Routledge Frontiers of Political Economy, 156, London: Routledge, pp. 17-32. Facts, Values and Objectivity in Economics can be found online at: https://www.routledge.com/products/9780415667128
Type: Part of book or chapter of book
URI: http://hdl.handle.net/1893/22634
URL: http://www.routledge.com/books/details/9780415667128/
Affiliation: Economics

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