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Morality in Economics

Corresponding Author : Mustafa K. Mujeri (mujeri48@gmail.com)

Authors : Mustafa K. Mujeri (mujeri48@gmail.com)

Keywords : Morality, Economics

Abstract :

Since the beginning, economics and morality had a troubled relationship. Morality is a body of standards or principles that a person believes should be universal; and is synonymous with ‘goodness’ or ‘rightness’ (Dworkin, 2000; Elster, 1983; Elster and Roemer, 1991). On the other hand, economics is about translating individual ‘selfishness’ into general wealth (Marshall, 1920). Both moral and economic analyses quickly become complex and the key is to identify the linking variables for integrating the two fields. In reality, a great deal of economics is concerned with moral issues (Sen and Williams, 1982). Theoretical economists have developed sophisticated approaches to morality together with specialised analytical tools and models that can be directly employed in mainstream ethics.

Published on December 30th, 2021 in Vol 32, No 2, 2021 (Special Issue on Bangladesh Development Perspectives : Issues of Economic Justic, Social Sciences