Capitalism and Distributive Justice: Musings of a Mormon Economist Available to Purchase

in this forum essay, i discuss capitalism and distributive justice from the standpoint of a neoclassical economist. I am motivated by the conflict between the purported virtues of a free-market system (and the income inequality such a system is known to generate) and the egalitarian principles espoused by Latter-day Saint scripture. This is a complex subject upon which no easy closure can be expected. Part of the difficulty comes from the fact that capitalism itself is an ill-defined concept. I use capitalism and free-market system almost interchangeably, consistent with the way they are generally understood in everyday discourse. It bears emphasis, however, that capitalism is more than a sum of individual markets. It is a system that requires supportive institutions to function. Such institutions include, in addition to the legal enforcement of property rights and contracts, a work ethic, a materialistic and individualistic culture, what I call the market ideology,...