The common good and economics

Abstract

This paper analyzes the meaning of the ‘common good’ and its impact on economics.It adopts the ‘classical notion of the common good’ which, conceived by Aristotle and furtherdeveloped by Thomas Aquinas, has been widely used for centuries. Sections 2 and 3 introduceAristotle’s view on this notion, followed by Aquinas’ developments. Section 4 addresses thedifferent meanings of common good in the 20th century. Given that the classical version of thecommon good implies an anthropological position and a theory of the good, Section 5 extractsthem from Aristotle’s works, while Section 6 deduces policy implications from the previousdefinitions. Finally, Section 7 analyzes two current economic theories from the point of viewof their relation with the common good: economics of happiness and the capability approach.The final section presents a brief conclusion.