Abstract
Ethical decision making is at crossroads. There is a strong need to provide reasoned foundations to the evaluation of policy decisions whether they are made in the public or the private sectors. The standard neoclassical model of economics, with its emphasis on equilibrium and efficiency, has limited value in providing such foundations. Welfare economics on the other hand has made significant contributions to the clarification of ethical principles used to evaluate decisions. Commitment and emotions, which are old ideas, provide valuable insights into the reasons for cooperation in moral communities.
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