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Friday, May 10, 2013

'Markets Erode Moral Values'

Trying to figure out what to make of this:

Markets erode moral values, EurekAlert: Researchers from the Universities of Bamberg and Bonn present causal evidence on how markets affect moral values
Many people express objections against child labor, exploitation of the workforce or meat production involving cruelty against animals. At the same time, however, people ignore their own moral standards when acting as market participants, searching for the cheapest electronics, fashion or food. Thus, markets reduce moral concerns. This is the main result of an experiment conducted by economists from the Universities of Bonn and Bamberg. The results are presented in the latest issue of the renowned journal "Science".
Prof. Dr. Armin Falk from the University of Bonn and Prof. Dr. Nora Szech from the University of Bamberg, both economists, have shown in an experiment that markets erode moral concerns. In comparison to non-market decisions, moral standards are significantly lower if people participate in markets. ...

Details here.

    Posted by on Friday, May 10, 2013 at 11:23 AM in Economics | Permalink  Comments (84)


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