Floating Maximally Many Boats: A Preference for the Broad Distribution of Market Benefits

Journal of Business Ethics, Vol. 40, p. 91, 2002

9 Pages Posted: 14 Nov 2009

See all articles by Andrew Askland

Andrew Askland

Arizona State University (ASU) - Sandra Day O'Connor College of Law

Date Written: 2002

Abstract

Market economics can overreach and reduce all human activities to market-governed activities. More than a market-inspired explanation for human activities, it offers a normative account of how all goods and services should be distributed by private parties negotiating mutually agreeable terms. This paper argues that market values and practices are constrained by other fundamental values and practices. Liberal values are generally consistent with, though they are not reducible to, market values. Democratic and egalitarian values often contrast with market values. The distribution of market benefits should accommodate those democratic and egalitarian values which constitute a polity’s core commitments (and those core commitments need to be reasserted regularly). Indeed, market stability depends upon a general distribution of its benefits. Incentives to productive activity entail inequalities, but the terms of those inequalities are subject to review. Internal refinements to specific markets can reduce inequalities by promoting the fairness of market operations and by increasing the number of effective participants.

Keywords: democratic and egalitarian values, market economics, market values and practices

Suggested Citation

Askland, Andrew, Floating Maximally Many Boats: A Preference for the Broad Distribution of Market Benefits (2002). Journal of Business Ethics, Vol. 40, p. 91, 2002, Available at SSRN: https://ssrn.com/abstract=1504674

Andrew Askland (Contact Author)

Arizona State University (ASU) - Sandra Day O'Connor College of Law ( email )

Box 877906
Tempe, AZ 85287-7906
United States

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