Economic ethics
[6] Ancient Indian philosophy indicates an understanding of several modern economic concepts, for instance, the regulation of demand when it exceeded supply as a means of avoiding anarchy.
[5] The Rig Veda illustrates an apprehension of economic inequality in chapter 10, it states that, "the riches of the liberal never waste away, while he who will not give finds no comfort in them."
The author, Kautilya, posited that building infrastructure, which was the responsibility of the king, was a key determinant of economic growth when constructed in an ethical environment.
Callicles, for example, held that one who lived rightly should gratify all their desires by way of their courage and practicality, which presented an anomaly for the issue of scarcity and the regulation of consumption.
[7] Xenophon's Economicus, inspired by Socrates' concept of eudaimonia, necessitates that, since virtue is knowledge, one should understand how to use money and property well rather than merely acquire it for personal gain.
[9] The Roman Catholic Church altered its doctrinal interpretation of the validity of marriage to, amongst alternate motivations, prevent competition from threatening its monopolistic market position.
[10] The transition from an agrarian lifestyle to monetary commerce in Israel led to the adoption of interest in lending and borrowing, as it was not directly prohibited in the Torah, under the ideal "that your brother may live with you.
[21] Keynes departed from the atomistic view of neoclassical economics with his totalistic perspective of the global economy, given that "the whole is not equal to the sum of its parts....the assumptions of a uniform and homogeneous continuum are not satisfied.
[21] Philosophers in the Hellenistic tradition became a driving force to the Gnostic vision, the redemption of the spirit through asceticism that founded the debate regarding evil and ignorance in policy discussions.
For example, James 1:27 states that "looking after orphans and widows in their distress and keeping oneself unspotted by the world make for pure worship without stain before our God and Father," which supports the academic argument that the goal of the economic process is to perfect one's personality.
For example, the Qur'an bans ribā as part of its focus on the eradication of interest to prevent financial institutions operating under the guidance of Islamic economics from making monopolistic returns.
The Qur’an specifies that it is intended solely for the poor, the needy, zakat administrators, those whose hearts are to be reconciled, those in bondage, those debt-ridden, those who strive for the cause of God, and the wayfarer.
[32] Artwork can also be considered a public good due to its intrinsic value, given its potential to contribute to national identity and educate its audience on its subject matter.
[35] The absence of an explanation for such behaviour indicates an antithesis in experimental economics in that it interprets morality as both an endogenous and exogenous factor subject to the case at hand.
Most behavioural economic models assume that preferences change endogenously, meaning that there are numerous possible decisions applicable to a given scenario, each with an ethical value.
[42] The idea of individuals and institutions working companionably in the public domain, as a reflection of homo politicus, is also an apposite ethic that can rectify this normative concern.
[43] Discounting in marginal cost-benefit analysis, which economists view as a predictor for human behaviour,[43] is limited concerning future risk and uncertainty.
The Brundtland Commission, for example, defines sustainable development as that which meets present needs without compromising the ability of future generations to do so,[44] which is a libertarian principle.
[47] Economic ethics remains a substantial influence on the political economy due to its argumentative nature, evident in the literature concerning government responses to the global financial crisis.
One proposition holds that, since the contagion of the crisis was transmitted through distinct national financial systems, future global regulatory responses should be built on the distributive justice principle.
[49] The discourse is based on the notion that certain tools in welfare economics, particularly choice criterion, hold no value-judgement and are Paretian, given that collective perspectives of utility are not considered.
[51][verification needed] There are also ethical implications related to the calculus, the nature of consent, instrumentalisation, accountability, and the role of foreign intervention in this experimental approach.
[1] The Verein für socialpolitik, founded by Gustav von Schmoller, insists that ethical and political considerations are critical in evaluating economic policies.
[19] The contrasting beliefs that public actions are based on such utilitarian reckonings and that all policy-making is politically contingent justifies the need for forecasting, which itself is an ethical dilemma.
[59] Such canons as those found in the Code of Professional Ethics and Practices of the American Association for Public Opinion Research are limited in regulating or preventing this convention.
