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The papers of this session taken together can be divided into a theoretical and applied parts. There are both interconnections and differences among these two categories of papers. The common thread of interconnection is the theme of ethics, which is shown either to be the groundwork of distribution and reorganization of ownership and market‐institutions interlinkages in the political economy, or is shown to be the groundwork of an ethical approach to the study of economic theory to make sense out of political economy in a human setting. The dissimilarity among the papers is due to an institutional‐economic approach in some papers and a straight‐forward treatment of ethical issues in economic theory seen through the classical economic reasoning.

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