Financial disasters--and stories of the greedy bankers who precipitated them--seem to underscore the idea that self-interest will always trump concerns for the greater good. Indeed, this idea is supported by the prevailing theories in both economics and evolutionary biology. But is it valid? In What Price the Moral High Ground?, economist and social critic Robert Frank challenges the notion that doing well is accomplished only at the expense of doing good. Frank explores exciting new work in economics, psychology, and biology to argue that honest individuals often succeed, even in highly competitive environments, because their commitment to principle makes them more attractive as trading partners. Drawing on research he has conducted and published over the past decade, Frank challenges the familiar homo economicus stereotype by describing how people create bonds that sustain cooperation in one-shot prisoner's dilemmas. He goes on to describe how people often choose modestly paid positions in the public and nonprofit sectors over comparable, higher-paying jobs in the for-profit sector; how studying economics appears to inhibit cooperation; how social norms often deter opportunistic behavior; how a given charitable organization manages to appeal to donors with seemingly incompatible motives; how concerns about status and fairness affect salaries in organizations; and how socially responsible firms often prosper despite the higher costs associated with their business practices. Frank's arguments have important implications for the conduct of leaders in private as well as public life. Tossing aside the model of the self-interested homo economicus, Frank provides a tool for understanding how to better structure organizations, public policies, and even our own lives.

How four of Britain's best-known thinkers influenced the public consciousness on issues from God to the environment.

Drawing on research Robert Frank has conducted and published since 1990, he challenges the familiar homo economicus stereotype by describing how people create bonds that sustain cooperation in one-shot prisoner's dilemmas.

This book shows through argument and numerous policy-related examples how understanding moral philosophy can improve economic analysis, how moral philosophy can benefit from economists' analytical tools, and how economic analysis and moral philosophy together can inform public policy. Part I explores the idea of rationality and its connections to ethics, arguing that when they defend their formal model of rationality, most economists implicitly espouse contestable moral principles. Part II addresses the nature and measurement of welfare, utilitarianism and cost-benefit analysis. Part III discusses freedom, rights, equality, and justice - moral notions that are relevant to evaluating policies, but which have played little if any role in conventional welfare economics. Finally, Part IV explores work in social choice theory and game theory that is relevant to moral decision making. Each chapter includes recommended reading and discussion questions.

How four of Britain's best-known thinkers influenced the public consciousness on issues from God to the environment.

This book outlines the various elements involved in ethical decision-making for nonprofit leaders, and whose rights to prioritize when facing complex situations. Nonprofit board members and employees are often placed in difficult situations, with no single stakeholder and an allegiance to mission statements whose outcomes can be difficult to measure. While nonprofit charitable organizations are generally considered more trustworthy than their counterparts in the public or for-profit sector, when scandals and wrongdoings are uncovered, they must be dealt with in ethical ways. Through a case study approach, this book delivers clear ethical decision-making frameworks and promotes robust reflection on how to arrive at different decision points and throw light on elements that are often ignored or assumed. Ultimately, it offers students, researchers, and managers a practical approach to the ambiguous question, what is the ethical way?

Living in a market-driven economy where short-term profit and economic growth appear to be the ultimate goal, this book explores how Buddhist teachings could bridge the divide between our spiritual and material needs and reconcile the tension between doing good for social interest and doing well for financial success. This book serves as a pioneering effort to systematically introduce Buddhist Economics as an interdisciplinary subject to audience with limited background in either Buddhism or economics. It elaborates some core concepts in Buddhist teachings, their relevance to economics, and means of achieving sustainability for individuals, society and the environment with the cultivation of ethical living and well-being. Through scholarly research from relevant fields including Buddhist studies, economics, behavioral finance, cognitive science, and psychology, this book illustrates the relevance of Buddhist values in the contemporary economy and society, as well as the efficacy of Buddhist perspectives on decision-making in daily life.