Introduction to Propriety Economics

Zhaohui HONG

2024 թ. մրտ · City University of HK Press

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In ancient times, scholars such as Confucius and Aristotle expounded on the virtue of the “middle way” or “intermediate,” an ideal point of moderation or balance between the extremes of human behavior. Adam Smith, widely considered the father of modern economics as we know it, also encouraged propriety in his first work, The Theory of Moral Sentiments. Since then, different schools of economics have continued to incorporate the idea of propriety into their theories, for example in such concepts as equilibrium and bounded rationality, though few economists have defined it explicitly. In light of growing uncertainty and polarization around the world, propriety economics offers alternative solutions for markets, governments, and everyday citizens.

This book embarks on a thorough review of Eastern and Western philosophies of propriety over the past 2,500 years, followed by an investigation of the ideas of propriety found in five key schools of economics: classical, neoclassical, institutional, behavioral, and cultural economics. The author then outlines the core principles and recommended practices for the study and implementation of propriety economics in the future. With its unique mixture of theory, literature reviews, methods, and case studies, this book will be useful not only to economic scholars, but also historians, policy makers, and any reader with an interest in making the economy work better for the benefit of all humankind.

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Zhaohui HONG earned his MA and PhD degrees in American economic history from the University of Maryland (U.S.). Presently, he serves as a tenured full professor at Fordham University, dedicating his efforts to research in economic history, the history of economic thought, and economic transition. Some of his scholarly works include Conceptualizing Propriety in Economic Thought; The Price of China’s Economic Development: Power, Capital, and the Poverty of Rights; and The Themes of Socioeconomic Transition—Reinterpretation of American Modernization.