Morals and Markets: An Evolutionary Account of the Modern World

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Economist and evolutionary game theorist Daniel Friedman demonstrates that our moral codes and our market systems-while often in conflict-are really devices evolved to achieve similar ends, and that society functions best when morals and markets are in balance with each other.

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Editorial Reviews

From the Publisher
"Anyone interested in markets and morals — perhaps the central issue of our time — should read this very interesting and thoughtful book." — Tyler Cowen, Professor of Economics, George Mason University

"The message markets plus moral is excellent— it is consonant with behavioral game theory’s results, including experiments with small-scale societies, and with McCloskey’s recent book on bourgeois morality.  But, Friedman’s message is simpler and clearer." — Herbert Gintis, Santa Fe Institute, Central Europe University (Budapest) 
 "I have been waiting for someone to write this book for a long time. Its use of historical anecdotes to explain why one cannot divorce a society's economics from its social contract is utterly convincing." — Ken Binmore, Professor Emeritus, University College London

"This book expertly addresses the most important issues confronting the continued evolution of morals and instituions for human socioeconomic betterment." —    Vernon L. Smith, George L. Argyros Chair in Finance & Economics, Chapman University

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Product Details

  • ISBN-13: 9780230600973
  • Publisher: Palgrave Macmillan
  • Publication date: 9/16/2008
  • Edition description: Older Edition
  • Pages: 268
  • Product dimensions: 6.20 (w) x 9.30 (h) x 0.90 (d)

Meet the Author

Daniel Friedman is a well-known economist and theorist who has published widely in leading academic journals in economics, finance, psychology, and politics. His sits on the editorial board of the American Economic Review, the premier academic economics journal, as well as the boards of three other leaders in their fields: The Journal of Evolutionary Economics, Games and Economic Behavior, and Experimental Economics. He has received 11 National Science Foundation grants. His books include Experimental Methods: A Primer for Economists (1994) with S. Sunder; The Double Auction Market: Institutions, Theories and Evidence (1993), coedited with J. Rust, about the origin and efficiency of the rules of the New York Stock Exchange and Chicago exchanges; and Economics Lab: An Intensive Course in Experimental Economics, with Alessandra Cassar (2004). He is a professor of economics at his alma mater, the University of California, Santa Cruz.

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Table of Contents

• Chapter 1. The Savanna Code: What Good are Morals?
• Chapter 2. Bazaar and Empire: How Did We Become Civilized and Start Shopping?
• Chapter 3. The Great Transformation: Why is the Modern World So Rich?
• Chapter 4. Utopias of Cooperation: The Rise and Fall of Communism
• Chapter 5. Russia’s Transition to Kleptocracy: When Markets Need Morals
• Chapter 6. Japan’s Bubbles and Zombies: When Morals Choke Markets
• Chapter 7. Towers of Trust: The rise (and occasional crash) of financial markets
• Chapter 8. From Hudson's Bay to eBay: Why Do Some People Like Going to Work? * Chapter 9. Markets for Crime and Markets for Punishment
• Chapter 10. Mullahs’ Revenge: Gangs, Cults, and Anti-Terrorists
• Chapter 11. Cooling the Earth: Environmental morals and markets
• Chapter 12: Future Morals and Markets: Can This Marriage Be Saved?
• Appendix: Technical Details
• Endnotes
• Bibliography
• Index

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