Morality, Rationality, and Efficiency: New Perspectives on Socio-Economics.

• Author: Schaniel, William C.

The papers contained in this volume are a disciplinary and intellectual smorgasbord. Issues discussed range across the philosophic, methodological and policy concerns of the Etzioni approach to socio-economics. The academic association of the authors include social work, sociology, psychology, political science, philosophy, and management, as well as economics. This diverse combination of issues and academic approaches results in a stimulating book.

The term "Socio-Economics" of the book's title is used to denote two separate approaches. Socio-Economics until recently denoted an approach to economics that intellectually begins with the encyclical Rerum Novarum issued by Pope Leo XIII in 1891. In general, the Catholic Socio-Economists reject the idea that pursuit of individual rational self interest will always result in the promotion of the good for society. Freedom, social justice and dignity are human rights to be protected and guaranteed in order for any system to have desirable outcomes. The second approach is the Etzioni approach. The Etzioni approach to socio-economics has grown out of Amitai Etzioni's book The Moral Dimension: Toward a New Economics (New York: The Free Press. 1988.). This approach endeavors to integrate "social and moral values" into the neoclassical framework of utility maximization. The primary philosophic difference between the two is that the Etzioni approach places social and moral values in the context of utility maximization, and the Catholic approach places social and moral values outside of individual utility maximization. The policy theme of the Catholic Socio-Economics approach is that of human rights being guaranteed by intervention of a polity in market operations, and the Etzioni Socio-Economics approach is of social and moral values being an integrated part of human behavior, and any institutional modifications reflecting those individual desires. The issues and topics are similar for both approaches, but the questions asked and the handling of the data is much different. A familiarity with either approach, though, is not required to read this volume. This book is an excellent first taste for those not previously exposed to the Etzioni approach, or those wishing to contrast the Etzioni and Catholic approaches to socio-economics.

Part one is a single essay, "Introduction: Toward an Agenda for Socio-Economics". Richard Coughlin provides a broad context and an order to the book and the approach by...