Monday, 12 March 2012

Economics and Ethics

"Economics cannot itself decide on ethical judgments. But in order for anyone to make ethical judgments rationally, he must know the consequences of his various alternative courses of ac­tion. In questions of government intervention or union action, economics supplies the knowledge of these consequences. Knowl­edge of economics is therefore necessary, though not sufficient, for making a rational ethical judgment in these fields."

Murray N. Rothbard, from Man, Economy, and State -chapter 10; labor unions

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