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Economic thinking and ethics: an ethical approach for economical issues

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  • Thieme, Sebastian

Abstract

The worldwide economic crisis of 2007/2008 popularised the ethical questions within economics. Currently, few mainstream economists tackle these questions and the typical curriculum of economics often lacks input on philosophy, ethics and the history of economic thoughts. However, economists confronted with ethical questions believe themeslves capable of answering them. As a result, the popular discussion about ethics and economics becomes a discussion about regulations. In contrast to that, in the context of the “Economics and Ethics” discussion in Germany, the article shows an alternative approach, which concentrates on the question of why something is to be labelled as “moral”. On the base of Peter Ulrich's integrative economic ethics, the relevance of the right of subsistence on the ethical legitimacy of economic decisions, recommendations etc. is explained. The insights are discussed with respect to labour market theories and the German labour market reforms of 2005. Finally, the question of ethical legitimation is connected to the question of democracy and economics.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 34313.

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Date of creation: 25 Oct 2011
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Handle: RePEc:pra:mprapa:34313

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Keywords: Peter Ulrich; integrative economic ethics; discourse; ethical legitimation; Karl Polanyi; Subsistence; Viablity; Right of Subsistence;

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  1. Thieme, Sebastian, 2010. "Sozialstaatlicher Reformgeist und ethische Legitimität," EconStor Preprints 41476, ZBW - German National Library of Economics.
  2. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
  3. Thieme, Sebastian, 2010. "Individual Subsistence: On a Principle of Economy and Society," MPRA Paper 23405, University Library of Munich, Germany, revised 21 Jun 2010.
  4. Thieme, Sebastian, 2010. "Subsistenz: Geschichte, Bedeutung und Rekonstruktion des Subsistenzbegriffes
    [Subsistence: History, Meaning and Reconstruction of the Subsistence Term]
    ," MPRA Paper 24553, University Library of Munich, Germany.
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