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Abstract

Ethics enters the structure of Concordian economics at three crucial stages, not surreptitiously in the background, but explicitly and forcefully. Ethics is a fundamental construct of the theory of distribution of ownership rights and this theory lies at the very core of Concordian economic theory. Next stage: Concordian economic policy is guided by the theory of economic justice. Ethics, finally, enters into Concordian economics in the analysis of daily practices, with emphasis on the play between economic rights and economic responsibilities and focus on the methods of accumulation of capital.

Acknowledgments

This paper is uniquely due to several maieutic interventions, truly beyond the call of duty, by Dr. Wilfred Dolfsma. I also would like to acknowledge a clarification brought to this paper by Godfrey Dunkley. If this paper has become a cogent presentation less exposed to potential debilitating criticism of single points, it is due to innumerable constructive suggestions by two referees of Forum.  A more detailed background for this paper is contained in “The Economics of Jubilation”, an unpublished monograph that has been well received by such a diverse audience as Dr. Michael E. Brady, Dr. John C. Rao, Professor William J. Baumol, and Professor Roger H. Gordon. That work, in turn, is based on a framework of analysis which was greatly assisted for 27 years by Professor Franco Modigliani and 21 years by Professor Meyer L. Burstein, among others.

Short Bio

Carmine Gorga, a former Fulbright Scholar, is president of The Somist Institute, a research organization in Gloucester, Mass. Through The Economic Process, To My Polis, and numerous other publications in economic theory and policy, he has transformed economics from a linear to a relational discipline. Dr. Gorga blogs at http://me-a-new-economic-atlas-and-you. He was born in Southern Italy in 1935. For more details, please see www.carmine-gorga.us.

Introduction

Ethics appears explicitly at three crucial stages of the structure of Concordian economics. Ethics is inherent in the theory of distribution of ownership rights over financial as well as real resources and this theory is no longer an afterthought to be dealt with at some mythical ideal future state of the economic system, but is located as the core of the economic process: Hence, no action is ever recognized in Concordian economics that does not involve the full force of the theory of distribution of values of ownership rights. In Concordian economics, ethics also enters the economic discourse at the moment of transition from economic theory to the formulation of economic policy: Economic policy is no longer rooted into the political and ideological whims of the moment; economic policy is guided by the age-old theory of economic justice. Ethics, finally, enters into Concordian economics in the analysis of daily practices of economic agents who are endowed with the armor of economic rights and responsibilities and focuses its attention on the processes of accumulation of capital.

Accordingly, the paper is divided into three parts.

Part I deals with ethics in Concordian economic theory. Part II deals with ethics in Concordian economic policy. And Part III deals with ethics in Concordian economic practices.