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

2020

Vrijemarktinstituties, deugden en maatschappelijk verantwoord ondernemen

Graafland, Johan

Vrijemarktinstituties, deugden en maatschappelijk verantwoord ondernemen Journal Article

Management & Organisatie, 2020 (2/3), pp. 36-47, 2020.

Abstract | BibTeX

On free markets, income inequality, happiness and trust

Lous, Bjorn

On free markets, income inequality, happiness and trust PhD Thesis

Tilburg University, Center for Economic Research (CentER), 2020, ISBN: 978 90 5668 620 8.

Abstract | Links | BibTeX

2019

When Does Economic Freedom Promote Well Being? On the Moderating Role of Long-Term Orientation

Graafland, Johan

When Does Economic Freedom Promote Well Being? On the Moderating Role of Long-Term Orientation Journal Article

Social Indicators Research, 2019, ISSN: 1573-0921.

Abstract | Links | BibTeX

Contingencies in the relationship between economic freedom and human development: the role of generalized trust

Graafland, Johan

Contingencies in the relationship between economic freedom and human development: the role of generalized trust Journal Article

Journal of Institutional Economics, pp. 1–16, 2019.

Abstract | Links | BibTeX

Income Inequality, Life Satisfaction Inequality and Trust: A Cross Country Panel Analysis

Graafland, Johan; Lous, Bjorn

Income Inequality, Life Satisfaction Inequality and Trust: A Cross Country Panel Analysis Journal Article

Journal of Happiness Studies, 20 (6), pp. 1717–1737, 2019, ISSN: 1573-7780.

Abstract | Links | BibTeX

2017

Reformation Protestantism and the “Spirit” of Capitalism

Ballor, Jordan J

Reformation Protestantism and the “Spirit” of Capitalism Book Chapter

Melloni, Alberto (Ed.): Martin Luther; A Christian between Reforms and Modernity (1517-2017), pp. 965–982, De Gruyter, Berlin, 2017, ISBN: 9783110499025.

Abstract | Links | BibTeX

 Economic Freedom, Income Inequality and Life Satisfaction in OECD Countries

Graafland, Johan; Lous, Bjorn

Economic Freedom, Income Inequality and Life Satisfaction in OECD Countries Journal Article

Journal of Happiness Studies, online first , pp. 1-23, 2017.

Abstract | Links | BibTeX

Also available in: Dutch