Given what we know about the ultimate goal of free markets (project A),  this second part of our project (B) investigates what virtues are required from key market actors to make the positive relationship between markets and human flourishing come through.

Scheme with virtues as an intermediary factor between market institutions and human flourishing

The following questions are central to this research project:

B1. What are the views regarding virtues, free market institutions and their potential for human flourishing in different cultural zones in Northern Europe (Germany, the Netherlands and Denmark), Anglo-Saxon countries (UK and US) and Latin Europe (France, Spain, Italy)? How are these views related to influential discourses in economics as a science within these cultural zones?

B2. What can we learn from game theorybehavioral economics and experimental economics about the influence of virtues and vices on market efficiency and human flourishing in a market context?

B3. How do different indicators of economic freedom (e.g. size of government, quality of legal system and property rights, sound money, trade openness and government regulation) affect human flourishing and what is the role of virtues in this relationship?

Methodologies and approaches used in this project are:

  • game theory
  • behavioral economics
  • critical assessment of state of he art insights in various fields of economics
  • panel estimation using data of economic freedom and various indicators of human flourishing and virtues
  • multilevel regression analysis of data from Eurobarometer, European Values Study
  • archival research
  • oral history
  • prosopography

Resulting Publications

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