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Ethico-economics, the future system

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  • Islahi, Abdul Azim

Abstract

Conventional economics, both in its free enterprise and command versions sought to delink the science of economics from moral religious values and reduce it to a positive science. Now most economists feel an urgent need for objective analysis of the entire economic landscape with a view to finding a fresh approach, which seeks the objective of efficiency and equity simultaneously and for all human beings. Productive investment is to be judged with reference to the twin criteria of economic viability and socio-moral desirability. Where and if the two conflict, the latter should get preference. The moral and ethical perspective is the common heritage of all religions. India is a plural society with multi-religious and diverse ideologies. In such a society, an integration of ethics and economics provides a common acceptable solution to economic problems and is in complete harmony with people's socio-cultural tendency.

Suggested Citation

  • Islahi, Abdul Azim, 1994. "Ethico-economics, the future system," MPRA Paper 22640, University Library of Munich, Germany, revised 1995.
    • Handle: RePEc:pra:mprapa:22640
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    File URL: https://mpra.ub.uni-muenchen.de/23564/1/MPRA_paper_23564.pdf
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    References listed on IDEAS

    as
    1. 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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    More about this item

    Keywords

    Ethics; Economics; Capitalism; Socialism; Welfare economics; religion and economics.;
    All these keywords.

    JEL classification:

    • P0 - Political Economy and Comparative Economic Systems - - General
    • H8 - Public Economics - - Miscellaneous Issues
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • A1 - General Economics and Teaching - - General Economics

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