Economics: From the Dismal Science to the Moral Science

Published: January, 2015  Pages: 268 

Adam Smith published The Theory of Moral Sentiments in 1759 and established the ethical foundation for The Wealth of Nations (1776) as well as the important role played by custom and fashion in shaping behaviors and outcomes. Kendall P. Cochran believed in Smith’s emphasis on value-driven analysis and seeking solutions to major problems of the day. Cochran believed that economists moved too far in the direction of analysis free of words like ought and should, and he devoted his career to establishing that economics is a moral science. more... about Economics: From the Dismal Science to the Moral Science