Integrity and Agreement: Economics When Principles Also Matter

Social scientists who treat humans as rational beings driven exclusively by self-interest ignore a key factor shaping human behavior: the influence of moral principles. Starting with the elementary principle ‘lying is wrong,’ the economic theorist Lanse Minkler examines the ways in which a sense of morality guides real-life decision making.Whether one feels committed to specific or general moral principles, Minkler explains, integrity demands consistently acting on that commitment. Because truthfulness is the most basic moral principle, integrity means honesty. And honesty extends beyond truth-telling. It requires good faith when entering an agreement, then standing by one’s word. From this premise, Minkler explores the implications of integrity for contracts between buyers and sellers and understandings between employers and employees. He also finds a role for integrity in less formal agreements: an individual’s religious vows, an elected official’s accountability to constituents, and a community’s obligation to human rights.
Integrity and Agreement
reintroduces morality as a factor for economists, sociologists, psychologists, and political scientists to consider in their efforts to comprehend human behavior.Moral principle - not mere self-interest - drives rational decision making.