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Stuart_Armstrong comments on Why economics is not a morality tale - Less Wrong Discussion

7 Post author: Stuart_Armstrong 04 June 2013 03:20PM

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Comment author: Stuart_Armstrong 04 June 2013 05:27:47PM 0 points [-]

Comparing China under Mao vs Deng Xiaoping most certainly constitutes an extremely illuminating morality tale.

The tale is that following efficiency will produce better outcomes that following morality. The success of economics is essentially an anti-morality tale.

Comment author: James_Miller 04 June 2013 05:49:18PM *  0 points [-]

To act morally means to take actions which benefit other people. When Adam Smith's invisible hand is working properly markets will:

(1) Transfer resources to people who excel at helping others, (2) provide useful information (mainly prices) to people who wish to benefit others, and (3) create incentives for people to learn how to help others.

Comment author: SilasBarta 04 June 2013 10:33:23PM 2 points [-]

To act morally means to take actions which benefit other people.

To act morally implies taking actions which benefit other people under certain value systems.