Markets Erode Moral Values

[kpete]

Markets Erode Moral Values
Researchers from the Universities of Bamberg and Bonn present causal evidence on how markets affect moral values

Many people express objections against child labor, exploitation of the workforce or meat production involving cruelty against animals. At the same time, however, people ignore their own moral standards when acting as market participants, searching for the cheapest electronics, fashion or food. Thus, markets reduce moral concerns. This is the main result of an experiment conducted by economists from the Universities of Bonn and Bamberg. The results are presented in the latest issue of the renowned journal “Science”.

Prof. Dr. Armin Falk from the University of Bonn and Prof. Dr. Nora Szech from the University of Bamberg, both economists, have shown in an experiment that markets erode moral concerns. In comparison to non-market decisions, moral standards are significantly lower if people participate in markets.


In markets, people ignore their individual moral standards

"Our results show that market participants violate their own moral standards," says Prof. Falk. In a number of different experiments, several hundred subjects were confronted with the moral decision between receiving a monetary amount and killing a mouse versus saving the life of a mouse and foregoing the monetary amount. "It is important to understand what role markets and other institutions play in moral decision making. This is a question economists have to deal with," says Prof. Szech.

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more:
http://www3.uni-bonn.de/Press-releases/markets-erode-moral-values

[undergroundpanther]

1. and...

off to greatest.

And yes Marketplace values are sociopath values.