What Can Economists Contribute to the Common Good Tradition?
Although most economists are skeptical of or puzzled by the Catholic concept of the common good, a rejection of the economic approach as inimical to the common good would be hasty and counterproductive. Economic analysis can enrich the common good tradition in four ways. First, economics embodies a deep respect for economic agency and for the effects of policy and institutions on individual agents. Second, economics offers a rich literature on the nature of unplanned order and how it might be shaped by policy. Third, economics offers insight into the public and private provision of various kinds of goods (private, public, common pool resources). Fourth, recent work on the development and logic of institutions and norms emphasizes sustainability rooted in the good of the individual.