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Economic ethics is the combination of economics and ethics, incorporating both disciplines to predict, analyze, and model economic phenomena.
It can be summarised as the theoretical ethical prerequisites and foundations of economic systems. This principle can be traced back to the Greek philosopher Aristotle, whose Nicomachean Ethics describes the connection between objective economic principles and the consideration of justice.[1] The academic literature on economic ethics is extensive, citing natural law and religious law as influences on the rules of economics.[2] The consideration of moral philosophy, or a moral economy, differs from behavioural economic models.[3] The standard creation, application, and beneficiaries of economic models present a trilemma when ethics are considered.[4] These ideas, in conjunction with the assumption of rationality in economics, create a link between economics and ethics.
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- ^ Richards, Donald G. (2017). Economics, Ethics, and Ancient Thought: Towards a virtuous public policy. New York, USA: Routledge. ISBN 978-1-138-84026-3.
- ^ Wilson, Rodney (1997). Economics, Ethics and Religion: Jewish, Christian and Muslim Economic Thought. London, United Kingdom: Macmillan. ISBN 978-1-349-39334-3.
- ^ Bhatt, Ogaki, Yaguchi, Vipul, Masao, Yuichi (June 2015). "Normative Behavioural Economics Based on Unconditional Love and Moral Virtue". The Japanese Economic Review. 66 (2): 226–246. doi:10.1111/jere.12067. S2CID 154675050.
{{cite journal}}: CS1 maint: multiple names: authors list (link) - ^ Hicks, Stephen R. C. (2019). "Ethics and Economics". The Library of Economics and Liberty. Retrieved 29 January 2020.