Podcast
On Being with Krista Tippett
The book discussed the importance of morality and trust in the economy, arguing that markets depend on and promote moral behavior, although it acknowledges that allowing freedom in transactions also permits cheating. The author's research on oxytocin and its role in empathy and trust was also mentioned, explaining the biological basis for moral behavior.
Studies across several scientific disciplines are accumulating evidence that modern free economies can only function if most people behave most of the time, behave morally.
— Episode: [Unedited] Paul Zak with Krista Tippett
Episode: [Unedited] Paul Zak with Krista Tippett
The book discussed the importance of morality and trust in the economy, arguing that markets depend on and promote moral behavior, although it acknowledges that allowing freedom in transactions also permits cheating. The author's research on oxytocin and its role in empathy and trust was also mentioned, explaining the biological basis for moral behavior.
Studies across several scientific disciplines are accumulating evidence that modern free economies can only function if most people behave most of the time, behave morally.
Surprisingly, this research also shows that the freedom to exchange in markets may itself lead to a society where individuals have stronger moral values. Put more succinctly, markets depend on and promote virtue.
I think in that same essay, I said even the most ardent capitalists get a small thrill when they see the kind of evil-doing CEOs do the perp walk, the Jeffrey Skillings and Kenneth Lays. And we like to see people who have cheated punished.
I'm going to stick by that. I think the news is overwhelmingly about stories of the things that go wrong in the world.
I think what we found in this recession is that we didn't have a sufficiently strong framework within the financial services industry.
Episode: [Unedited] Paul Zak with Krista Tippett
The book, published in January, discussed the importance of morality in free economies and how most people behaving morally is essential for their function. It also explored how freedom in markets can lead to stronger moral values in society.
Studies across several scientific disciplines are accumulating evidence that modern free economies can only function if most people behave most of the time, behave morally.
Surprisingly, this research also shows that the freedom to exchange in markets may itself lead to a society where individuals have stronger moral values; put more succinctly, markets depend on and promote morality.
Now that is not the story we would tell ourselves about the reality of the economy as it started to reveal itself to us in the latter months of 2008.
I'm going to stick by that. I think the news is overwhelmingly about stories of the things that go wrong in the world.