Markets as Processes of Moral Discovery
Studies in Emergent Order, Vol. 7, 2014
The Genesis and Ethos of the Market asserts that virtue is not inconsistent with economic liberty. This raises the question about the relationship between virtue and economic liberty addressed in the “Civil Economy” tradition of the Neapolitan Enlightenment. We explore this question by analyzing the parallel emphases of two related schools of thought. One examines the role of practical reason in the Aristotelian ethical tradition. The other examines the role of entrepreneurship in the Austrian school of economics. Both provide insights into the institutional conditions in which practical reason and entrepreneurship interact to enable a process of moral discovery.