Ethics out of Economics

Many economic problems are also ethical problems: should we value economic equality? how much should we care about preserving the environment? how should medical resources be divided between saving life and enhancing life? This book examines some of the practical issues that lie between economics and ethics, and shows how utility theory can contribute to ethics. John Broome’s work has, unusually, combined sophisticated economic and philosophical expertise, and Ethics Out of Economics brings together some of his most important essays, augmented with a new introduction. The first group of essays deals with the relation between preference and value, the second with various questions about the formal structure of good, and the concluding section with the value of life. This work is of interest and importance for both economists and philosophers, and shows powerfully how economic methods can contribute to moral philosophy.

• John Broome is a leading scholar in this area • The latest book in Cambridge’s very successful economics and philosophy list • A landmark publication including important, original research and a thorough review of the major issues and problems in economics and philosophy

1. Introduction: ethics out of economics; Part I. Preference and Value: 2. ‘Utility’; 3. Extended preferences; 4. Discounting the future; 5. Can a Humean be moderate?; Part II. The Structure of Good: 6. Bolker-Jeffrey expected utility theory and axiomatic utilitarianism; 7. Fairness; 8. Is incommensurability vagueness?; 9. Incommensurable values; 10. Goodness is reducible to betterness: the evil of death is the value of life; Part III. The Value of Life: 11. Trying to value a life; 12. Structured and unstructured valuation; 13. Qalys; 14. The value of living; 15. The value of a person.