Mich "The morality of markets"

Mardi intime de la Chaire Hoover par Mathias Dewatripont et Jean Tirole (ULB)

Scholars and civil society have argued that competition erodes supplier morality. This paper establishes a robust irrelevance result, whereby intense market competition does not crowd out consequentialist ethics; it thereby issues a strong warning against the wholesale moral condemnation of markets and pro-competitive institutions. Intense competition, while not altering the behavior of profitable suppliers, however may reduce the standards of highly ethical suppliers or not-for-profits, raising the potential need to protect the latter in the marketplace.