One of the insights I gained from studying Stoic philosophy, is that the different roles we play call for different virtues or rules to guide our behavior.  The virtues required of a student are different from those of a banker or a teacher. As a grandmother I know well how different my responsibilities are toward my grandchildren than their parents’ obligations.

Each of us plays multiple roles in the course of each day.  I may be called to act in my capacity as economist, writer, neighbor, friend, matriarch (mother/grandmother), social activist, or member of an organization.  This idea may devolve into a long series of blogs, but I thought I would begin wit one of the four roles that we identify in economics: a consumer, a worker, an owner, and a citizen. With Black Friday, the peak consumption holiday of the year, about to descend on us on Friday, consumer is where I will start.

You might not think of connecting virtue to buying goods and services, but in fact there are several virtues that come into play.  Among the classic Aristotelian virtues, virtuous consumption calls for prudence (practical wisdom) and temperance, or moderation.

But consumption is not just about “me.” Our purchases and use of goods and services has an impact on other people. The waste we produce fills our landfills and requires scarce and valuable resources. The buildings we build reduce the number of trees and their important functions of shade and carbon absorption. The cars we buy and drive affect air quality. The pesticides we use on our lawns and gardens reduce the population of insects and birds.

And it isn’t just about what we buy, it is also whom we buy it from.  Does this seller treat its suppliers and workers well and respect the environment? Will shopping online over time reduce access to local businesses that help communities thrive? Can we convert some of our gift giving to experiences rather than material objects (theater tickets are one of my favorites).

All the effects of our spending on other people and on communities and even the earth are what economists call externalities. .  An externality is a negative or positive consequence, usually unintended, on other people and places.created by how you spend your money. Prudence, or practical wisdom, calls us to be mindful of how our “votes” in the marketplace doing our holiday shopping impact of friends, neighbors, and fellow citizens. Temperance calls us to control our appetites for material goods, not only because it is good for the soul but also because it keeps prices down for other buyers and enables them to stretch their dollars farther.

Another virtue that comes into play in spending our money is gratitude and its expression in action as generosity. There are a lot of calls for generosity this time of year—making sure that poor children get holiday cheer, that no one goes hungry or lacks heat or other necessities. The Salvation Army bell ringer is there to remind us. Our shopping is often motivated by a desire to be generous toward our loves ones, but it can also incorporate a wider circle of caring.

Virtue ethics. Try it, you’ll like it.  You will come home from the mall with a warm sense of making loved ones happy while also conferring benefits on other anonymous, often invisible winners that are blessed by your practice of prudence, temperance and generosity in your holiday spending.