ABSTRACT
This chapter develops and supplements the argument against the view of ethics most commonly accepted among economists. It deals with the more fundamental aspects of the problem of values from the standpoint of absolute ethics. Economic activity is a large part of life, and perhaps tends to grow in relative magnitude. The careful statement of the meaning of individualism falls within the province of the economic theorist rather than that of the ethical critic. The chapter discusses that the attempt to state the presuppositions of a competitive system cannot be carried beyond a bare outline; it will be developed with reference to our special purpose of showing that in the conditions of real life no possible social order based upon a laissez-faire policy can justify the familiar ethical conclusions of apologetic economics. It points out that the competitive economic life has value implications on the production side, the most notable of which is its appeal as a competitive game.
