The Morality of Markets

• 成果类型: Article
• 署名作者: Dewatripont, Mathias; Tirole, Jean
• 署名单位: Universite Libre de Bruxelles; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/729445
• 发表日期: 2024
• 页码: 2655-2694
• 关键词: for-profit; private provision; public-goods; COMPETITION; incentives; preferences; POLITICS; BIAS

摘要

Scholars and civil society have argued that competition erodes supplier morality. This paper establishes a robust irrelevance result, whereby intense market competition does not crowd out consequentialist ethics; it thereby issues a strong warning against the wholesale moral condemnation of markets and procompetitive institutions. Intense competition, while not altering the behavior of profitable suppliers, may, however, reduce the standards of highly ethical suppliers or not-for-profits, raising the potential need to protect the latter in the marketplace.