Monday, September 12, 2011

Article on economics and culture

This is an article in Spanish calling for more consideration of culture and morality in our economic life. The author reminds us that, in addition to the mechanisms of a market economy, Adam Smith also wrote a book on the moral values necessary to create a decent life for everyone. Most interestingly, the article's author differentiates economically productive jobs from destructive, or perverse jobs. For instance, a hitman is paid to provide a service, but whatever wealth and wellbeing he (or his patron) acquires by killing another is always far less than the wealth and wellbeing lost by the victim and his or her family. Hence we see an example in which a job or an economic sector doesn't contribute to society's net wellbeing, but rather detracts from it.

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