The Ethics of Capitalism and Efficiency

Abstract

The very evolution of social science rests on the innate creative capacity of human beings and on the theoretical study of the dynamic processes of social coordination which arise from entrepreneurship. Each human being possesses an innate creative capacity that enables him to perceive and discover the profit opportunities that emerge in his environment and to act accordingly to take advantage of them. If we see the economy as a dynamic entrepreneurial process, the ethical principle which must govern social interactions rests on the view that the most just society is that which most energetically encourages the entrepreneurial creativity of all the people that comprise it. The dynamic view of the market as a spontaneous order which emerges from human interaction driven by entrepreneurship makes it easier to take an ethical position and reinforces the idea that free markets fueled by entrepreneurship are not only the most efficient from a dynamic standpoint, but also they constitute the only just economic system as the encyclical Centesimus Annus has stressed. , Abstract The very evolution of social science rests on the innate creative capacity of human beings and on the theoretical study of the dynamic processes of social coordination which arise from entrepreneurship. Each human being possesses an innate creative capacity that enables him to perceive and discover the profit opportunities that emerge in his environment and to act accordingly to take advantage of them. If we see the economy as a dynamic entrepreneurial process, the ethical principle which must govern social interactions rests on the view that the most just society is that which most energetically encourages the entrepreneurial creativity of all the people that comprise it. The dynamic view of the market as a spontaneous order which emerges from human interaction driven by entrepreneurship makes it easier to take an ethical position and reinforces the idea that free markets fueled by entrepreneurship are not only the most efficient from a dynamic standpoint, but also they constitute the only just economic system as the encyclical Centesimus Annus has stressed.