The Market, Happiness, and Solidarity: A Christian perspective

205 Pages·2010·2.12 MB·English

by  Johan J. Graafland

The Market, Happiness, and
Solidarity

The past two decades of market operation has generated welfare and economic

growth in Western countries, but increasing income inequalities, depletion of the
natural environment and the current financial crisis have led to an intense debate
about the advantages and disadvantages of the free market. With this book, Pro-

fessor Graafland makes a valuable contribution to the Christian debate about the

market economy. In particular, it aims to clarify the links between ethical values,

Christian belief and economics, as well as informing theologians and economists
about recent economic insights into market operation.
The book investigates the effect of free market operation on welfare and well-

being, calling into question why one would favour more market competition as a
means of increasing happiness. As well as this, Professor Graafland examines

how free market competition relates to principles of justice and looks at whether

it enforces or crowds out Christian virtues like love, humility and temperance.

Books that systematically link biblical teaching about the economy to recent

theoretical and empirical research in economics on free market operation are
rare. Most Christian books on the market system are theologically oriented,
lacking a sound basis in the extensive knowledge of the recent economic literat-
ure on market operation. This book confronts Christian ethical standards with
current economic literature on the effects of market operation on welfare, happi-
ness, human rights, inequality and virtues in order to develop a well- based and
balanced view of the pros and cons of market operation. This book will be of
interest to both undergraduate and postgraduate students of economics, philo-

sophy and theology.

Johan J. Graafland is Professor of Economics, Business and Ethics and direc-
tor of the Center for Corporate Social Responsibility at the Faculty of Economics
and Business Administration of Tilburg University, the Netherlands.
Routledge frontiers of political economy

1 Equilibrium Versus 7 Markets, Unemployment and

Understanding Economic Policy
Towards the rehumanization Essays in honour of Geoff
of economics within social Harcourt, volume two

theory Edited by Philip Arestis,

Mark Addleson Gabriel Palma and

Malcolm Sawyer
2 Evolution, Order and
Complexity 8 Social Economy
Edited by Elias L. Khalil and The logic of capitalist
Kenneth E. Boulding development
Clark Everling

3 Interactions in Political
9 New Keynesian Economics/Post
Economy
Keynesian Alternatives
Malvern after ten years
Edited by Roy J. Rotheim
Edited by Steven Pressman

10 The Representative Agent in
4 The End of Economics Macroeconomics
Michael Perelman James E. Hartley
5 Probability in Economics 11 Borderlands of Economics

Omar F. Hamouda and Essays in honour of
Robin Rowley Daniel R. Fusfeld
Edited by Nahid Aslanbeigui and
6 Capital Controversy, Post Young Back Choi
Keynesian Economics and
the History of Economics 12 Value, Distribution and
Essays in honour of Capital

Geoff Harcourt, volume one Essays in honour of Pierangelo
Edited by Philip Arestis, Garegnani
Gabriel Palma and Edited by Gary Mongiovi and
Malcolm Sawyer Fabio Petri
13 The Economics of Science 21 Subjectivism and Economic
Methodology and epistemology Analysis
as if economics really mattered Essays in memory of Ludwig
James R. Wible Lachmann
Edited by Roger Koppl and

14 Competitiveness, Localised Gary Mongiovi
Learning and Regional
Development 22 Themes in Post- Keynesian
Specialisation and prosperity in Economics
small open economies Essays in honour of

Peter Maskell, Heikki Eskelinen, Geoff Harcourt, volume three
Ingjaldur Hannibalsson, Edited by Claudio Sardoni and
Anders Malmberg and Eirik Vatne Peter Kriesler

15 Labour Market Theory 23 The Dynamics of Technological
A constructive reassessment Knowledge
Ben J. Fine Cristiano Antonelli

16 Women and European
24 The Political Economy of Diet,
Employment
Health and Food Policy
Jill Rubery, Mark Smith,
Ben J. Fine
Colette Faga and
Damian Grimshaw
25 The End of Finance
Capital market inflation, financial
17 Explorations in Economic
derivatives and pension fund
Methodology
capitalism
From Lakatos to empirical
Jan Toporowski
philosophy of science
Roger Backhouse
26 Political Economy and the New
18 Subjectivity in Political Capitalism
Economy Edited by Jan Toporowski
Essays on wanting and choosing
David P. Levine 27 Growth Theory

A philosophical perspective
19 The Political Economy of Patricia Northover
Middle East Peace
The impact of competing trade 28 The Political Economy of the
agendas Small Firm
Edited by J.W. Wright, Jnr Edited by Charlie Dannreuther

20 The Active Consumer 29 Hahn and Economic
Novelty and surprise in consumer Methodology
choice Edited by Thomas Boylan and
Edited by Marina Bianchi Paschal F. O’Gorman
30 Gender, Growth and Trade 38 Money, Macroeconomics and
The miracle economies of the Keynes
postwar years Essays in honour of
David Kucera Victoria Chick, volume 1
Edited by Philip Arestis,

31 Normative Political Meghnad Desai and Sheila Dow
Economy
Subjective freedom, the market 39 Methodology, Microeconomics
and the state and Keynes

David Levine Essays in honour of Victoria

Chick, volume 2
32 Economist with a Public Edited by Philip Arestis,
Purpose Meghnad Desai and Sheila Dow

Essays in honour of
John Kenneth Galbraith 40 Market Drive and Governance
Edited by Michael Keaney Reexamining the rules for

economic and commercial

33 Involuntary Unemployment contest

The elusive quest for a theory Ralf Boscheck
Michel De Vroey
41 The Value of Marx

34 The Fundamental Institutions Political economy for
of Capitalism contemporary capitalism

Ernesto Screpanti Alfredo Saad- Filho

35 Transcending Transaction 42 Issues in Positive Political

The search for self-g enerating Economy
markets S. Mansoob Murshed
Alan Shipman
43 The Enigma of Globalisation
36 Power in Business and the A journey to a new stage of
State capitalism
An historical analysis of its Robert Went
concentration

Frank Bealey 44 The Market
Equilibrium, stability, mythology
37 Editing Economics S.N. Afriat
Essays in honour of Mark
Perlman 45 The Political Economy of Rule
Edited by Hank Lim, Evasion and Policy Reform
Ungsuh K. Park and Jim Leitzel

Geoff Harcourt
46 Unpaid Work and the
Economy
Edited by Antonella Picchio
47 Distributional Justice 56 Affirmative Action in the
Theory and measurement United States and India
Hilde Bojer A comparative perspective
Thomas E. Weisskopf
48 Cognitive Developments in
Economics 57 Global Political Economy and
Edited by Salvatore Rizzello the Wealth of Nations
Performance, institutions,
problems and policies
49 Social Foundations of Markets,
Edited by
Money and Credit
Phillip Anthony O’Hara
Costas Lapavitsas

58 Structural Economics
50 Rethinking Capitalist Thijs ten Raa
Development
Essays on the economics of 59 Macroeconomic Theory and

Josef Steindl Economic Policy

Edited by Tracy Mott and Essays in honour of Jean- Paul
Nina Shapiro Fitoussi
Edited by K. Vela Velupillai
51 An Evolutionary Approach to

Social Welfare 60 The Struggle over Work
Christian Sartorius The “end of work” and

employment alternatives in

52 Kalecki’s Economics Today post- industrial societies

Edited by Zdzislaw L. Sadowski Shaun Wilson
and Adam Szeworski
61 The Political Economy of
Global Sporting
53 Fiscal Policy from Reagan to
Organisations
Blair
John Forster and Nigel Pope
The left veers right

Ravi K. Roy and
62 The Flawed Foundations of
Arthur T. Denzau
General Equilibrium Theory

Critical essays on economic
54 The Cognitive Mechanics of theory
Economic Development and Frank Ackerman and
Institutional Change Alejandro Nadal
Bertin Martens

63 Uncertainty in Economic
55 Individualism and the Social Theory

Order Essays in honor of
The social element in liberal David Schmeidler’s
thought 65th birthday
Charles R. McCann Jnr Edited by Itzhak Gilboa
64 The New Institutional 74 Growth and Development in
Economics of Corruption the Global Political Economy
Edited by Social structures of accumulation
Johann Graf Lambsdorff, and modes of regulation
Markus Taube and Phillip Anthony O’Hara

Matthias Schramm
75 The New Economy and
65 The Price Index and its Macroeconomic Stability
Extension A neo- modern perspective
A chapter in economic drawing on the complexity

measurement approach and Keynesian
S.N. Afriat economics
Teodoro Dario Togati

66 Reduction, Rationality and
76 The Future of Social Security
Game Theory in Marxian
Policy
Economics
Women, work and a citizen’s
Bruce Philp
basic income
Ailsa McKay
67 Culture and Politics in
Economic Development 77 Clinton and Blair
Volker Bornschier The political economy of the
third way
68 Modern Applications of Flavio Romano
Austrian Thought
Edited by Jürgen G. Backhaus 78 Marxian Reproduction Schema
Money and aggregate demand in
69 Ordinary Choices a capitalist economy
Individuals, A.B. Trigg

incommensurability, and

democracy 79 The Core Theory in Economics

Robert Urquhart Problems and solutions

Lester G. Telser
70 Labour Theory of Value
80 Economics, Ethics and the
Peter C. Dooley
Market
Introduction and applications
71 Capitalism
Johan J. Graafland
Victor D. Lippit
81 Social Costs and Public Action
72 Macroeconomic Foundations of in Modern Capitalism
Macroeconomics Essays inspired by Karl William

Alvaro Cencini Kapp’s theory of social costs
Edited by Wolfram Elsner,
73 Marx for the 21st Century Pietro Frigato and
Edited by Hiroshi Uchida Paolo Ramazzotti
82 Globalization and the Myths of 91 Renaissance in Behavioural
Free Trade Economics
History, theory and empirical Harvey Leibenstein’s impact
evidence on contemporary economic
Edited by Anwar Shaikh analysis

Edited by Roger Frantz

83 Equilibrium in Economics
Scope and limits 92 Human Ecology Economics
Edited by Valeria Mosini A new framework for global
sustainability

84 Globalization Edited by Roy E. Allen

State of the art and perspectives
Edited by Stefan A. Schirm 93 Imagining Economics

Otherwise
85 Neoliberalism Encounters with
National and regional identity/difference
experiments with global ideas Nitasha Kaul
Edited by Ravi K. Roy,
Arthur T. Denzau and 94 Reigniting the Labor
Thomas D. Willett Movement
Restoring means to ends in a
86 Post- Keynesian democratic labor movement
Macroeconomics Gerald Friedman
Essays in honour of
Ingrid Rima 95 The Spatial Model of Politics
Edited by Mathew Forstater, Norman Schofield
Gary Mongiovi and
Steven Pressman 96 The Economics of American

Judaism
87 Consumer Capitalism Carmel Ullman Chiswick
Anastasios S. Korkotsides
97 Critical Political Economy
88 Remapping Gender in the New Christian Arnsperger

Global Order
Edited by Marjorie Griffin Cohen 98 Culture and Economic
and Janine Brodie Explanation
Economics in the US and Japan
89 Hayek and Natural Law Donald W. Katzner

Eric Angner
99 Feminism, Economics and

90 Race and Economic Utopia
Opportunity in the Time travelling through
Twenty- First Century paradigms
Edited by Marlene Kim Karin Schönpflug
100 Risk in International Finance 109 Karl Marx’s Grundrisse
Vikash Yadav Foundations of the critique of
political economy 150 years
101 Economic Policy and later
Performance in Industrial Edited by Marcello Musto

Democracies
Party governments, central banks 110 Economics and the Price
and the fiscal–monetary policy Index
mix S.N. Afriat and Carlo Milana

Takayuki Sakamoto

111 Sublime Economy
102 Advances on Income On the intersection of art and
Inequality and Concentration economics

Measures Edited by Jack Amariglio,
Edited by Gianni Betti and Joseph W. Childers and
Achille Lemmi Stephen E. Cullenberg

103 Economic Representations 112 Popper, Hayek and the Open

Academic and everyday Society
Edited by David F. Ruccio Calvin Hayes

104 Mathematical Economics and 113 The Political Economy of Work
the Dynamics of Capitalism David Spencer

Goodwin’s legacy continued

Edited by Peter Flaschel and 114 Institutional Economics

Michael Landesmann Bernard Chavance

105 The Keynesian Multiplier 115 Religion, Economics and
Edited by Claude Gnos and Demography
Louis- Philippe Rochon The effects of religion on
education, work, and the family
106 Money, Enterprise and Income Evelyn L. Lehrer
Distribution
Towards a macroeconomic 116 Economics, Rational Choice

theory of capitalism and Normative Philosophy
John Smithin Edited by Thomas A. Boylan and
Ruvin Gekker
107 Fiscal Decentralization and
Local Public Finance in Japan 117 Economics Versus Human
Nobuki Mochida Rights
Manuel Couret Branco

108 The ‘Uncertain’ Foundations
of Post- Keynesian Economics 118 Hayek Versus Marx and
Essays in exploration Today’s Challenges
Stephen P. Dunn Eric Aarons
119 Work Time Regulation as 125 Full- Spectrum Economics
Sustainable Full Employment Toward an inclusive and
Policy emancipatory social science
Robert LaJeunesse Christian Arnsperger

120 Equilibrium, Welfare and 126 Computable, Constructive &
Uncertainty Behavioural Economic
Mukul Majumdar Dynamics
Essays in honour of

121 Capitalism, Institutions and Kumaraswamy (Vela) Velupillai

Economic Development Stefano Zambelli
Michael Heller
127 Monetary Macrodynamics

122 Economic Pluralism Toichiro Asada, Carl Chiarella,
Robert Garnett, Erik Olsen and Peter Flaschel, Reiner Franke
Martha Starr

128 Rationality and Explanation in

123 Dialectics of Class Struggle in Economics

the Global Economy Maurice Lagueux
Clark Everling
129 The Market, Happiness, and

124 Political Economy and Solidarity
Globalization A Christian perspective

Richard Westra Johan J. Graafland