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  1. Nov 2020
    1. Anditisclearthatthislackofsocialconsciousnessisinfactadistincteconomiclossinaveryconcretesense,aswellofcourseasalossinthepossiblewell-runningofapoliticalsystem.IapproachthisfromthepointofviewofaneconomistsoIspeakofthefail-uresofthepricesystem;Iamsureonecouldcometothesameendfromotherpointsofview.Butstartingfromthispointofview,thefactthatwecannotmediateallourre-

      And continues:

      sponsibilitiestoothersthroughprices,throughpayingforthem,makesitessentialintherunningofsocietythatwehavewhatmightbecalled“conscience,”afeelingofresponsibilityfortheeffectofone’sactionsonothers.

      The crucial sentences ...

      we cannot mediate all our responsibilities to others through prices, through paying for them, makes it essential in the running of society that we have what might be called “conscience,” a feeling of responsibility for the effect of one’s actions on others.

      Why economics 101 misses so much.

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