Going Far By Going Together: James M. Buchanan’s Economics of Shared Ethics

26 Pages Posted: 10 Dec 2019 Last revised: 15 May 2021

See all articles by Art Carden

Art Carden

Brock School of Business, Samford University

Gregory W. Caskey

The Citadel

Zachary Kessler

The Alan Turing Institute

Date Written: May 13, 2021

Abstract

We explore themes in Nobel Prize-winning economist James M. Buchanan’s work and apply his Ethics and Economic Progress to problems facing individuals and firms. We focus on Buchanan’s analysis of the individual work ethic, his exhortations to “pay the preacher” of the “institutions of moral-ethical communication”, and his notion of law as “public capital.” We highlight several ways people with other-regarding preferences can contribute to social flourishing and some of the ways those who have “affected to trade for the public good” might want to redirect their efforts. We show how Buchanan’s work has considerable implications for business ethics. Just as his economic analysis of politics changed how we understand government, we think his economic analysis of ethics can (and should) change how we understand business.

Keywords: James M. Buchanan, Economics, Public Choice, Business Ethics, Norms & Values

Suggested Citation

Carden, Art and Caskey, Gregory W. and Kessler, Zachary, Going Far By Going Together: James M. Buchanan’s Economics of Shared Ethics (May 13, 2021). Available at SSRN: https://ssrn.com/abstract=3492169 or http://dx.doi.org/10.2139/ssrn.3492169

Art Carden

Brock School of Business, Samford University ( email )

800 Lakeshore Drive
Birmingham, AL 35229
United States

HOME PAGE: http://www.artcarden.com

Gregory W. Caskey (Contact Author)

The Citadel ( email )

171 Moultrie St.
Charleston, SC 29409
United States

HOME PAGE: http://www.gregcaskey.com

Zachary Kessler

The Alan Turing Institute

British Library, 96 Euston Road
96 Euston Road
London, NW12DB
United Kingdom

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