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John Ramsay McCulloch on Markets - Dictionary of Arguments

Gaus I 106
Markets/utility//McCulloch, J.R. /Gaus: „When individuals are left to be guided by their sense of what is best for themselves in the employment of their stock and industry, their interests are identified with those of the public; and those who are most successful in increasing their own wealth, necessarily, also contribute most effectually to increase the wealth of the state to which they belong.“ (1964(1): 125)
GausVsMcCulloch: This supposes, of course, that wealth is a proxy for happiness or utility, an assumption often explicitly made by the liberal political economists (Gaus, 1983b)(2) and indeed by much of economics
Gaus I 106
today (which employs money as an objective utility function). We thus find today that, while most philosophers and political theorists are apt to see a conflict between liberalism and utilitarianism, most economists do not; neoclassical economics reconciles what philosophy draws asunder. >Markets/Utilitarianism.


1. McCulloch, J. R. (1964) Principles of Political Economy, 5th edn. Edinburgh: Black.
2. Gaus, Gerald F. (1983b) ‘Public and private interests in liberal political economy, old and new’. In S. I. Benn and G. F. Gaus, eds, Public and Private in Social Life. New York: St Martins, 183–222.


Gaus, Gerald F. 2004. „The Diversity of Comprehensive Liberalisms.“ In: Gaus, Gerald F. & Kukathas, Chandran 2004. Handbook of Political Theory. SAGE Publications.


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Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments
The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.
McCulloch, John Ramsay
Gaus I
Gerald F. Gaus
Chandran Kukathas
Handbook of Political Theory London 2004


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