DESPITE APPEARANCES, economics is in essence a very personal and fundamentally moral discipline. It is nothing short of the web of our material relationships with one another and with the natural environment. Economic relationships have personalities and personal histories. Inescapably, these relationships physically manifest our social and spiritual values.
Our language expresses this duality. “Values” are both moral principles and economic measures. “Equity” is defined both as a financial interest in property and as fairness or justice. The root of “property” is also the root of “propriety.” But perception and practice often reflect a division between them.
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