The Ethical Numeraire

Abstract

Develops an ethico‐economic general equilibrium system that is founded on a well defined ethically oriented choice of goods that imparts an ethical motivation to the activities of consumption, production and distribution. Shows that the choice of such a numeraire market basket and its related prices is instrumental on the polity‐market interaction, brought out as the heart of the problem, that is treating ethics as endogenous phenomena of the social order. The resulting ethico‐economic general equilibrium system is thereby found to be only locally stable, not globally stable in its equilibria, which are all policy induced and market driven, perturbed and unsettling as polity evolves.

Citation

Alam Choudhury, M. (1992), "The Ethical Numeraire", International Journal of Social Economics, Vol. 19 No. 1, pp. 60-72. https://doi.org/10.1108/03068299210007625