Ethical Codes and Income Distribution
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Ethical Codes and Income Distribution In recent years increased attention has been given to continuing disparities in income, both in the developed and in developing countries. Ethical Codes and Income Distribution brings an important new dimension to this important issue. Questions such as Does ‘morality’ affect income distribution? and What are the effects of the widespread adoption of ethical codes on the functioning of the labour market? are explored. This book utilizes the contrasting works of John Bates Clark and Thorstein Veblen in order to illuminate the propogation of ethical codes within the two opposing frameworks, that is, the neoclassical and the institutional. John Bates Clark, in the history of economic thought, emphasized the role of market mechanisms in spontaneously propagating ‘fair’ codes of behaviour, thus giving rise to a ‘just’ income distribution. Thorstein Veblen underlines the importance of bargaining in the socio-political arena in determining the ethical codes adopted in a given society, in given historical contexts, arguing external interventions – social conflict, above all – are necessary in order to drive institutional changes in the event of the existing institutions being considered ‘unjust’. Given this theoretical framework, this book also explores the effects of labour market deregulation on economic as well as on ‘moral’ growth. Guglielmo Forges Davanzati is Associate Professor of History of Economic Thought at the University of Lecce, Italy. Routledge Studies in the History of Economics 1 Economics as Literature 8 The History of Game Theory, Willie Henderson Vol 1 From the beginnings to 1945 2 Socialism and Marginalism in Robert W. Dimand and Economics 1870–1930 Mary Ann Dimand Edited by Ian Steedman 9 The Economics of W. S. 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