Society and Morality

Government's function includes maintaining peace, but intervention in trade and production should be occasional and a last resort.
Courts settle disputes when peaceful settlements fail.
Police cannot be everywhere at all times.
Government serves as the ultimate resort in maintaining peace.

Morality and order require sources beyond constant police presence (totalitarian degree).
People must respect property, be productive, honest, just, upright, and faithful.
Varying degrees of trust are essential to extensive commerce.
Markets exist even under unfavorable conditions, but untrustworthiness increases security costs.
Increased security costs can raise prices, making goods unaffordable.

The theory suggests that markets, free from government intervention, develop their own order and morality.
Benefits of exchanging goods incentivize people to observe morality essential for production and distribution.
Morality based on calculation and utility is reinforced by successful production, trade, and commerce.
People are honest, truthful, and faithful due to the advantages of trade; no authority is needed to enforce morality.

The theory hasn't been tested; no extensive society exists without some government.
No extensive society exists without morality based on authority beyond personal or social advantage.
Self-interest is a powerful motive, but it doesn't automatically lead to the general welfare.
Stealing, lying, and cheating can benefit individuals while harming others.
The general well-being depends on a highly developed moral/ethical sense.

Inculcating morality is not easy, even with religious convictions, parental teaching, social approval, and legal punishments.
Immorality and lawlessness can become widespread, threatening society's existence.
Morality needs extraordinary sanctions.
Multiple supports for morality are desirable.
Children learn morality and social behavior at home, along with customs and traditions.
Teaching morality occurs within parental authority, initially as "dos and don'ts."
Children want to know why they should do or not do certain things.
Parents may invoke authority ("Because I say so") or customs ("Because it isn't done").
Reason is an uncertain authority due to logical limitations.

Other sources of authority include siblings, peers, school, TV, movies, the Internet, and celebrities.
Church or Bible may become supplemental or ultimate authorities.
Appeals to conscience and legality also play a role.

Morality supports economy; children learn honesty, trustworthiness, respect for property and rights, and faithfulness.
Virtues important to economy include hard work, thrift, punctuality, and doing a job well.
Desirability of independence, self-support, and providing for dependents is learned.
Kindliness, consideration for others, cooperation, and obedience to authority can affect economic affairs.
Learning morals and virtues isn't primarily for economic reasons, but they have an impact.
Respecting life, liberty, and property positively impacts economic lives.
Lack of a moral framework for these virtues results in tremendous economic costs.

Economy can be placed in a subordinate role in life.
Some goods (e.g., cocaine, heroin) are harmful to produce and distribute, despite market effectiveness.
Attempts to prohibit goods in high demand (e.g., alcohol) may be ineffective and lead to lawlessness.

Claims about injustice, wealth distribution, extraordinary profits, and exploitation of workers may be uneconomic.
Attempts to redistribute wealth can harshly impact the economy.
Envy and covetousness may be licensed, leading to the taking of property from some to give to others.

Economics was shaped by classical economists, arguing against government regulation in the economy.
Market descriptions showed it works effectively without government interference.
Economics principles were useful knowledge.
Economics was initially called political economy and developed as a guide to political conduct.
Ideas emerged that the market worked well for some but not others.
Some economists championed government interventions.
Political economy was replaced by economics as economists increasingly supported interventions.
Many 20th-century economists advised governments on intervening in the economy.
Some economists still support the free market but have been a minority.

Morality, sanctioned by society and religion, is important in economic activities.
Society, with customs, traditions, taboos, prescriptions, and institutions, is part of the economic background.
Economy is an aspect of society, prevailing morality, and beliefs.

Morality must be supported by rewards for doing right and penalties for doing wrong.
Sanctions accompany prohibitions and promise rewards.
Removing the sense of awe and mystery before God may remove the protection humans have from one another.
Murder may become widespread when people no longer believe in a transcendent God.