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Incorporating Ethics into Economics: Problems and Possibilities

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Author Info
Donna Rowen ()
Michael Dietrich () (Department of Economics, The University of Sheffield)

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Abstract

In traditional economics the decision-making process for individuals has effectively no role for ethics as individuals are self-interested. The key concepts in economics which determine the role of ethics in the decision-making process are utility, rationality and methodological individualism and hence how these can be and are formulated and combined determines different roles for ethics in economics. Amitai Etzioni, Amartya Sen and John Broome use different definitions of these concepts and hence find different problems and possibilities for a greater role for ethics in economics. This paper integrates the different approaches of these authors and suggests a general mono-utility framework for incorporating ethics into economics whereby the concept of utility requires adaptation.

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File URL: http://www.shef.ac.uk/content/1/c6/03/91/71/SERP2004006.pdf
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File Function: First version, 2004
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File URL: http://www.shef.ac.uk/content/1/c6/03/91/71/SERP2004006.pdf
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File Function: Revised version, 2004
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Publisher Info
Paper provided by The University of Sheffield, Department of Economics in its series Working Papers with number 2004006.

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Length: 36 pages
Date of creation: Jul 2004
Date of revision: Jul 2004
Handle: RePEc:shf:wpaper:2004006

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Related research
Keywords: Ethics; Utility; Methodological individualism;

Find related papers by JEL classification:
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D64 - Microeconomics - - Welfare Economics - - - Altruism

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. Ernst Fehr & Simon Gaechter, . "Fairness and Retaliation: The Economics of Reciprocitys," IEW - Working Papers iewwp040, Institute for Empirical Research in Economics - IEW. [Downloadable!]
    Other versions:
  2. Hausman, Daniel M & McPherson, Michael S, 1993. "Taking Ethics Seriously: Economics and Contemporary Moral Philosophy," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 671-731, June. [Downloadable!] (restricted)
  3. Arrow, Kenneth J, 1994. "Methodological Individualism and Social Knowledge," American Economic Review, American Economic Association, vol. 84(2), pages 1-9, May.
  4. Lynne, Gary D. & Casey, C. Franklin, 1998. "Regulation of technology adoption when individuals pursue multiple utility," The Journal of Socio-Economics, Elsevier, vol. 27(6), pages 701-719. [Downloadable!] (restricted)
  5. Amartya Sen, 1997. "Maximization and the Act of Choice," Econometrica, Econometric Society, vol. 65(4), pages 745-780, July.
    Other versions:
  6. Becker, Gary S, 1981. "Altruism in the Family and Selfishness in the Market Place," Economica, London School of Economics and Political Science, vol. 48(189), pages 1-15, February.
  7. Lanse P. Minkler & Thomas J. Miceli, 2002. "Lying, Integrity, and Cooperation," Working papers 2002-36, University of Connecticut, Department of Economics. [Downloadable!]
    Other versions:
  8. 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)
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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. Federico Marongiu, 2005. "Un análisis de las conductas económicas a la luz de la Ética," Method and Hist of Econ Thought 0507001, EconWPA. [Downloadable!]
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This page was last updated on 2009-11-29.

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