In this essay, I explore the parallels between the two perspectives Smith takes in The Wealth of Nations and The Theory of Moral Sentiments, and two types of duties described in the moral philosophy of Immanuel Kant. Many people who familiar with Kantian ethics know chiefly of the perfect duties...

The prisoners' dilemma game stands as a seminal case of the conflict between individual and collective rationality. Some scholars have suggested that Kantian duty-based ethics can prevent the suboptimal outcomes associated with the game. I argue that this claim is too strong, because Kant's...

 We investigate how the superiority of the optimal subsidy or tariff in an international Cournot oligopoly depends on the production technology used in the industry, an interesting issue that has not been analyzed in the literature. We establish that the welfare superiority of the optimal...

 We investigate how the superiority of the optimal subsidy or tariff in an international Cournot oligopoly depends on the production technology used in the industry, an interesting issue that has not been analyzed in the literature. We establish that the welfare superiority of the optimal...

In this chapter, I argue that the market is the institutional embodiment of human dignity, especially respect for dignity between relatively anonymous persons engaged in commerce. I explain Immanuel Kant's conception of dignity, discuss how it relates to the market, and then offer an application...

Several noted legal scholars, most prominently Richard Posner, have applied the economic analysis of law to the debate over same-sex marriage. In this note, I argue that the economic approach to law is ill-equipped to deal with the issues of principle, dignity, and rights that are at the core of...

Economics is often described as the science of choice, but the typical economic agent in fact has no choice - his decisions are made for him by his preferences and constraints. This may be sufficient for normative purposes, demonstrating how agents "should" make choices if they want to adhere to...

The economic approach to law, otherwise known as "law and economics," is by many measures the most successful instance of economic imperialism, the application of economic principles to an "outside" field. However, law and economics is very closely tied to traditional, neoclassical economics,...

The economic analysis of criminal law focuses exclusively on deterrence as the justification and motivation for resource expenditures on apprehending, prosecuting, and punishing offenders. Based on this concept, legal economists derive conditions for optimal deterrence based on efficient...