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The Ethical Dimension of Economic Choices

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Author Info
Vranceanu, Radu () (ESSEC Business School)

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Abstract

In general, capitalist countries display sustained growth, dynamism and innovation, and a high adaptability in response to external shocks. Yet in the last twenty years discontent over the notorious drawbacks of capitalism – corporate frauds, corruption, abuses of market power – has grown continually. In this paper, we argue that no remedy to these difficulties can be found if ethical dilemmas are not anticipated and addressed at the individual, firm and economy-wide level. While pro-ethical changes in business regulation would help, government action alone may not be effective enough. Given that the social sciences provide the general framework of reference for human action, better integration of the ethical dimension by these disciplines would bring about additional benefits. In particular, economic theory would gain from developing more in-depth reflection on human end-goals and values.

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Publisher Info
Paper provided by ESSEC Research Center, ESSEC Business School in its series ESSEC Working Papers with number DR 05001.

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Length: 28 pages
Date of creation: Jan 2005
Date of revision:
Handle: RePEc:ebg:essewp:dr-05001

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Postal: ESSEC Research Center, BP 105, 95021 Cergy, France
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Web page: http://www.essec.edu/
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Related research
Keywords: Calculativeness; Capitalism; Corporate social responsibility; Economics; Virtue Ethics;

Find related papers by JEL classification:
A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
M14 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Corporate Culture; Social Responsibility
P17 - Economic Systems - - Capitalist Systems - - - Performance and Prospects

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    Other versions:
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  11. Cole, Harold L & Mailath, George J & Postlewaite, Andrew, 1992. "Social Norms, Savings Behavior, and Growth," Journal of Political Economy, University of Chicago Press, vol. 100(6), pages 1092-1125, December. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. vranceanu, radu, 2007. "The moral layer of contemporary economics: A virtue-ethics perspective," ESSEC Working Papers DR 07006, ESSEC Research Center, ESSEC Business School. [Downloadable!]
  2. Benedetta Giovanola, 2009. "Re-Thinking the Anthropological and Ethical Foundation of Economics and Business: Human Richness and Capabilities Enhancement," Journal of Business Ethics, Springer, vol. 88(3), pages 431-444, September. [Downloadable!] (restricted)
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This page was last updated on 2009-11-27.

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