Economic analysis, moral philosophy, and public policy /

Hausman (philosophy, Univ. of Wisconsin-Madison) and McPherson (economist, past president of Macalester College) attempt to explore the various interconnections between moral philosophy and economics, demonstrating in the process that value-free economics has little meaning in the real world. This second edition (1st ed., 1996) begins with an example of this interconnection--Lawrence Summers's controversial memo while chief economist of the World Bank on the costs and benefits of exporting pollution-intensive processes to developing countries--which turns out to be an excellent motivator for the whole book. A second, equally compelling example relates to the use of school vouchers to promote more efficient, effective, and fair primary and secondary education in the US. Successive chapters deal with rationality and morality; the various definitions of welfare in philosophy and economics; the role of liberty, human rights, equality, and justice; and moral mathematics. The final chapter returns to the pollution and school voucher problems to tie the issues together. The book concludes on a rather positive note in terms of the prospects for integrating the lessons of both economics and moral philosophy. Excellent guides to further reading: comprehensive references and index. ^BSumming Up: Highly recommended. Academic collections, upper-division undergraduate and up. R. B. Emmett James Madison College, Michigan State University