The Morality of Economics

“Many economists are reluctant to confront rising income inequality directly, saying that whether this trend is good or bad requires a value judgment that is best left to philosophers. But that disclaimer rings hollow. Economics, after all, was founded by moral philosophers, and links between the disciplines remain strong. So economists are well positioned to address this question, and the answer is very clear. Adam Smith, the father of modern economics, was a professor of moral philosophy at the University of Glasgow. His first book, ‘A Theory of Moral Sentiments,’ was published more than 25 years before his celebrated ‘Wealth of Nations,’ which was itself peppered with trenchant moral analysis.”