Economic Analysis, Moral Philosophy, and Public Policy

'The new edition of the book by Hausman, McPherson, and Satz is a rich and needed reading of economic analysis from the viewpoint of moral philosophy. Economists, if they reflect on these issues at all, think of their work as akin to physics; we find the pre-existing laws which govern the economic world. They can be considered simply as factual relations interesting in their own right; they can be used, as electricity, to serve human ends. What the authors demonstrate by detailed examination is that the analysis itself is shot through with normative and philosophical considerations. Any thoughtful reader will find his or her presuppositions challenged.' Kenneth J. Arrow, Stanford University, California, and Winner of the 1972 Nobel Prize in Economic Sciences