PHIL 320A Lecture Notes - Lecture 51: Invisible Hand
30 Aug 2018
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Government regulation in nature promotes large companies. The political economy of morality: political pretense vs. market performance by lee. Public choice theorists have explained the bias favoring government expansion that does more harm than good by emphasizing concentrated interests vs. diffused costs. Widely held moral perceptions also favor politics over markets. Those perceptions reflect a serious flaw in the political process and a failure to appreciate the moral foundations and outcomes of markets. 1. magnanimous morality satisfying three conditions: (1) helping others intentionally, (2) helping them at a personal sacrifice, and (3) helping identifiable people or groups. The moral foundation of markets is what i call "mundane morality . Because individual choices are far less decisive for voters than for consumers, people have much less motivation to evaluate the political outcomes than the market outcomes of their decisions.
