Mike Munger, Duke University
An Analytical Theory of Just Market Exchange
Thursday, 9/17/17 - 12:30 to 13:45
Location: Social Sciences 311
We welcome faculty, students, and staff of the Philosophy and Moral Science Departments as well as members of the wider University community.
The problem of moral sensibility as a source for political preference is widely discussed. This paper presents a parametric model for comparing differences in a particularly salient moral conception: the importance of disparity or inequality in bargaining position as a source of motivations to regulate exchange. Economists have assumed that "voluntary" exchanges are the norm, but this view is widely disputed. Our conception of "voluntary" exchange allows for a problematized view of alternatives, and we are able to offer implications of this theory for the actions of moral agents in a commercial setting. Not least, this approach gives analytical purchase on the question of when "voluntary" exchanges might nonetheless legitimately be regulated by political authorities.