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

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Author Info
vranceanu, radu () (ESSEC Business School)

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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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Publisher 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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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

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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.:
  1. Andrei Shleifer, 2004. "Does Competition Destroy Ethical Behavior?," American Economic Review, American Economic Association, vol. 94(2), pages 414-418, May. [Downloadable!]
    Other versions:
  2. Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58, pages 328. [Downloadable!] (restricted)
  3. Smith, Vernon L., 2005. "Behavioral economics research and the foundations of economics," The Journal of Socio-Economics, Elsevier, vol. 34(2), pages 135-150, March. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
  5. Vranceanu, Radu, 2005. "The Ethical Dimension of Economic Choices," ESSEC Working Papers DR 05001, ESSEC Research Center, ESSEC Business School. [Downloadable!]
  6. 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.
    Other versions:
  7. 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. [Downloadable!] (restricted)
  8. Frank, Robert H & Gilovich, Thomas & Regan, Dennis T, 1993. "Does Studying Economics Inhibit Cooperation?," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 159-71, Spring. [Downloadable!] (restricted)
  9. Michael C. Jensen & William H. Meckling, 1994. "The Nature Of Man," Journal of Applied Corporate Finance, Morgan Stanley, vol. 7(2), pages 4-19. [Downloadable!] (restricted)
  10. Pollak, Robert A., 1976. "Habit formation and long-run utility functions," Journal of Economic Theory, Elsevier, vol. 13(2), pages 272-297, October. [Downloadable!] (restricted)
  11. James M. Buchanan, 1992. "Economic Science in the Future," Eastern Economic Journal, Eastern Economic Association, vol. 18(4), pages 401-403, Fall. [Downloadable!]
  12. Diamond, Peter A., 1971. "A model of price adjustment," Journal of Economic Theory, Elsevier, vol. 3(2), pages 156-168, June. [Downloadable!] (restricted)
  13. Rabin, Matthew, 1993. "Incorporating Fairness into Game Theory and Economics," American Economic Review, American Economic Association, vol. 83(5), pages 1281-1302, December. [Downloadable!] (restricted)
  14. 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)
  15. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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