Lesson 6: Virtue - Intercollegiate Studies Institute

Lesson 6 Lesson 6: Virtue

Presented by: Dr. Daniel Hammond
Wake Forest

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Virtues and the Production of Wealth

Everything has its limits–including economic analyses and policy. To fully understand how markets work you have to go beyond the laws of supply and demand. Personal responsibility, trust, honesty, justice, and other virtues are building blocks. In this lesson we will explore the connection between a healthy culture and a flourishing economy.

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HMW Lesson 6: Virtue

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As economics is a science, a healthy market economy does not depend on virtue. Statutes and regulations are all that is needed to secure property rights.
- True
- False

Changing mores in society over time has had the effect of weakening the structure of our economy.
- True
- False

The concept of social rationalism is a view that presumes an economy is a mechanism that can be engineered within any type of culture.
- True
- False

Individuals who compete in the market and there pursue their own advantage stand all the more in need of the social and moral bonds of community, without which competition degenerates most grievously.

Wilhelm Röpke

What we now face is a problem of cultural inequality.

Charles Murray

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Video

Virtue and the Production of Wealth, Part 3

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Video

Shivani Siroya: A smart loan for people with no credit history (yet) (TED Talks)

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Subjective vs. Objective Value: The Economist and the Philosopher (Prof. Aeon J. Skoble with Learn Liberty)

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PDF

David C. Rose, “Why Culture Matters Most.”

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Wilhelm Röpke, A Humane Economy: The Social Framework of the Free Market, pp. 90-103

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Charles Murray, “The New American Divide,” The Wall Street Journal

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Lesson 6 Lesson 6: Virtue

Virtues and the Production of Wealth

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