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The Role of Ethics in Economics and Management: Galbraith–Drucker approaches

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  • Miguel-Ángel Galindo
  • Joaquin Cuevas

Abstract

Ethics has been linked to virtue, considering it within an individual sphere. It has also been related to good social behaviour or even religious factors, and so on. In general, economic thinkers have not questioned some of the basic principles which help to shape the fundamental ethical criteria in economic behaviour. The pursuit of individual interest has been identified as pecuniary profit maximization and, in this sense, Peter Drucker states that this has been the fundamental motivation of any economic agent, even before capitalism was born and Galbraith pointed out that the lack of consideration of other motivations, apart from earning money, has been one of the biggest mistakes in economics. The main goal of this paper is to analyse the Drucker and Galbraith approaches on ethics. Copyright International Atlantic Economic Society 2008

Suggested Citation

  • Miguel-Ángel Galindo & Joaquin Cuevas, 2008. "The Role of Ethics in Economics and Management: Galbraith–Drucker approaches," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 14(2), pages 242-246, May.
    • Handle: RePEc:kap:iaecre:v:14:y:2008:i:2:p:242-246:10.1007/s11294-008-9142-2
    DOI: 10.1007/s11294-008-9142-2
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    References listed on IDEAS

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    1. Wagner, Alfred, 1891. "Marshall's Principles of Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 5, pages 319-338.
    2. Smith, Adam, 1759. "The Theory of Moral Sentiments," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1759.
    3. 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.
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