By Gerard Pemberton
“Are markets just? No one who answers does so with only a view to markets themselves. They always include an assessment of other features of society, both institutional and cultural, separate from markets, which play an important part in everyone’s judgement about the morality of economic life. The proper question is: Under what conditions are market processes and outcomes just?” —Daniel K Finn (‘Making markets moral’, The Tablet, February 11, 2012).
We all know that ‘adjustment’ means reducing the living standards we desire to have. What is right and just? What about the morality of economic life? Those questions gave birth to the science of economics. Today, many people believe that because it is a science it cannot deal with those questions. If it cannot, there is no need in society for economics.