Jonathan Aldred

Overview

 

In his thought-provoking book, "Licence to be Bad: How Economics Corrupted Us," Jonathan Aldred delves into the world of economics, dissecting its impact on society and our moral compass. Aldred, a fellow in economics at Emmanuel College, Cambridge, challenges the prevailing notion that economics is a neutral science, free from moral judgment. Instead, he argues that the influence of economic theories and models has led to the erosion of moral values and the license to engage in harmful behavior.

 

Key Points / Ideas

 

Aldred presents a range of compelling arguments throughout the book, backed by evidence and real-life examples, to support his thesis. Here are some key points and ideas explored:

 

1. The Myth of Value-Neutrality:

Aldred challenges the prevailing belief that economics is a morally neutral discipline. He posits that economic theories and models have shaped our understanding of right and wrong, incentivizing behaviors that prioritize individual gain over societal well-being. By examining historical and contemporary economic thought, Aldred demonstrates how economic prescriptions can foster greed, inequality, and a disregard for social and environmental consequences.

 

2. The Market as a Moral Arbiter:

Aldred highlights the pervasive belief that free markets are efficient and just, able to allocate resources fairly and promote social welfare. However, he argues that market mechanisms often fail to uphold moral standards, leading to harmful outcomes. Through case studies and statistical analysis, he uncovers how market forces can exacerbate inequality, encourage exploitative practices, and overlook social costs in the pursuit of profit.

 

3. The Impact on Individual Behavior:

Aldred explores how economic theories and practices shape individual behaviors and attitudes. He argues that economic systems that emphasize self-interest and competition as the primary drivers of human motivation can erode empathy, cooperation, and ethical decision-making. Drawing on psychological research and real-world examples, Aldred demonstrates how economic incentives can lead individuals to prioritize personal gain over the greater good.

 

Conclusion

In "Licence to be Bad," Jonathan Aldred challenges the prevailing notion that economics is a value-neutral science, highlighting its pervasive influence in shaping moral values and societal behavior. Through rigorous analysis and compelling evidence, Aldred demonstrates how economic theories and practices have contributed to a culture of self-interest, inequality, and disregard for social and environmental well-being. This thought-provoking book serves as a wake-up call to question and reevaluate the prevailing economic orthodoxy.

 

For those interested in exploring this topic further, "The Moral Limits of Markets" by Michael J. Sandel and "The Price of Inequality" by Joseph E. Stiglitz are recommended readings that provide additional insights into the moral implications of economic systems.