Claudia R. Williamson
in Journal of Private Enterprise. Vol. 27, No. 1
This paper attempts to answer two important questions in economics. First, what virtues are important for promoting economic progress? Second, what is the source of these virtues? To answer these questions, I rely on recent studies suggesting that the virtues of trustworthiness, tolerance and respect, and individual determination are important for understanding how civil society supports economic prosperity. Specifically, trust, respect, and individual motivation encourage and support economic freedom. I also explore competing explanations for the determinants of virtues including religion, the role of government, and the act of economic exchange for civilizing society. My analysis finds support for the latter source. . .