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The moral layer of contemporary economics: A virtue-ethics perspective

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  • vranceanu, radu

    ()
    (ESSEC Business School)

Abstract

This paper questions whether the contemporary science of economics and its recommendations are built on sound moral foundations as assessed from a virtue-based definition of ethical behaviour. We argue that the model of man underlying economic analyses can correspond to the model of a virtuous person, and that economics, by advocating reasoned choice and careful resource utilization, makes a positive contribution to the moral development of individuals.

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Bibliographic Info

Paper provided by ESSEC Research Center, ESSEC Business School in its series ESSEC Working Papers with number DR 07006.

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Length: 23 pages
Date of creation: Apr 2007
Date of revision:
Handle: RePEc:ebg:essewp:dr-07006

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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: Economics; Efficiency; Rationality; Tastes; Virtue Ethics;

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References

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  1. Pollak, Robert A., 1976. "Habit formation and long-run utility functions," Journal of Economic Theory, Elsevier, vol. 13(2), pages 272-297, October.
  2. Smith, Vernon L., 2005. "Behavioral economics research and the foundations of economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(2), pages 135-150, March.
  3. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  4. James M. Buchanan, 1992. "Economic Science in the Future," Eastern Economic Journal, Eastern Economic Association, vol. 18(4), pages 401-403, Fall.
  5. Robert Oxoby, 2001. "Cognitive Dissonance, Status, and Growth of the Underclass," Working Papers 2001-02, Department of Economics, University of Calgary, revised 05 Dec 2001.
  6. Vranceanu, Radu, 2005. "The Ethical Dimension of Economic Choices," ESSEC Working Papers DR 05001, ESSEC Research Center, ESSEC Business School.
  7. Andrei Shleifer, 2004. "Does Competition Destroy Ethical Behavior?," American Economic Review, American Economic Association, vol. 94(2), pages 414-418, May.
  8. Rabin, Matthew, 1993. "Incorporating Fairness into Game Theory and Economics," American Economic Review, American Economic Association, vol. 83(5), pages 1281-1302, December.
  9. Anthony M. Yezer & Robert S. Goldfarb & Paul J. Poppen, 1996. "Does Studying Economics Discourage Cooperation? Watch What We Do, Not What We Say or How We Play," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 177-186, Winter.
  10. Noreen, Eric, 1988. "The economics of ethics: A new perspective on agency theory," Accounting, Organizations and Society, Elsevier, vol. 13(4), pages 359-369, June.
  11. Altman, Morris, 2005. "The ethical economy and competitive markets: Reconciling altruistic, moralistic, and ethical behavior with the rational economic agent and competitive markets," Journal of Economic Psychology, Elsevier, vol. 26(5), pages 732-757, October.
  12. 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.
  13. Cowen, Tyler, 1989. "Are all tastes constant and identical? : A critique of Stigler and Becker," Journal of Economic Behavior & Organization, Elsevier, vol. 11(1), pages 127-135, January.
  14. Diamond, Peter A., 1971. "A model of price adjustment," Journal of Economic Theory, Elsevier, vol. 3(2), pages 156-168, June.
  15. Michael C. Jensen & William H. Meckling, 1994. "The Nature Of Man," Journal of Applied Corporate Finance, Morgan Stanley, vol. 7(2), pages 4-19.
  16. Robert H. Frank & Thomas Gilovich & Dennis T. Regan, 1993. "Does Studying Economics Inhibit Cooperation?," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 159-171, Spring.
  17. Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58, pages 328.
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Citations

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Cited by:
  1. Vranceanu, Radu & Barthélémy, Jérôme, 2011. "Knowledge in economics and economic reform : An analysis of French survey data," ESSEC Working Papers WP1103, ESSEC Research Center, ESSEC Business School.
  2. Vranceanu , Radu, 2013. "Corporate Profit, Entrepreneurship Theory and Business Ethics," ESSEC Working Papers WP1308, ESSEC Research Center, ESSEC Business School.
  3. George Gotsis & Zoe Kortezi, 2010. "Ethical Considerations in Organizational Politics: Expanding the Perspective," Journal of Business Ethics, Springer, vol. 93(4), pages 497-517, June.

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