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2 Eur. J.L. & Econ. 5 (1995)

handle is hein.journals/eurjlwec2 and id is 1 raw text is: The Ethics of Competition YUICHI SHIONOYA Hitotsubashi University Abstract This paper analyzes the ethics of market competition with reference to sport games. The metaphor of games suggests that different games represent three elements or models that are related to man and society: record, struggle, and cooperation. Record-type games pursue excellence or virtue; struggle-type games determine win- ners in zero-sum games; and the idea of cooperation or teamwork demands the just rules of competition based on solidarity. Moral criticism of market competition is sometimes in confusion with regard to the targets of criticism. Distinction should be made between the aims, rules, and motives of competition. A free society based on self- interest should be maintained by improving the aims and rules of competition, which are often defective and degraded. Thus the ethics of competition should consist of the ethics of virtue, of justice, and of freedom. 1. Sport games as a metaphor Competition in markets is often compared to sport games, and economic and social in- stitutions are compared to the rules of the game. This is a case of metaphor in economic discourse. The utility of metaphor is to make problems at hand intelligible by reference to simpler and more familiar problems. Since economic reality is too complex to be com- prehended offhand, economists might hope to gain a vision of economy by a metaphor of games before attending to theoretical formulation. Indeed, competing individuals in a society can be seen as playing a game under certain rules. Games or matches usually include not only sports but also cards, chess, mah-jongg, and the like, but I mainly consider sports here. Several aspects of a game show interesting similarities between market competition and a game: 1. A game is a rivalry between individuals, or groups of individuals, who strive for something that all cannot obtain. 2. A game is played according to rules that constrain the actions of players but allow them to compete for a success or victory. 3. A game is a system of incentives and rewards based on self-interest. It presumes limited objectives appealing to self-interest-victory, prize, and fame. 4. A game is based on the principle of merit. Victory, prize and fame are given to the players of outstanding merit. 5. The performance of players is determined by skill, effort, and luck, and it is important that the outcome is not decided entirely by chance. Nevertheless, the result of a game must be unpredictable. 6. A game is also a device of discovering the best performance and the techniques that product it, on the basis of certain standards of comparisons.

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