Abstract

The idea that the pursuit of self-interest in economic life would lead to social harmony had a positive effect on production, but it led many to assume that virtue arui moral reflection were no longer essential in socializing human passions. As specialization and trade extended markets, workers followed the jobs, leaving their social and moral moorings behind. The fragmenting of social capital made it difficult to foster social trust and cooperation. Neoclassical market theory does not interface well with other disciplines given its scientific approach of rational choice analysis. Non-egoistic motivations like values and beliefs are usually excluded from economic thinking so moral reflection is relegated to economic applications only. These factors reduce the impact of moral reflection in economic life. Yet self-regard, market flexibility, and a scientific approach to markets all have positive qualities for integrating economic and moral life.