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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.

Suggested Citation

  • Thieme, Sebastian, 2011. "Economic thinking and ethics: an ethical approach for economical issues," MPRA Paper 34313, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:34313
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    File URL: https://mpra.ub.uni-muenchen.de/34313/1/MPRA_paper_34313.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. Thieme, Sebastian, 2010. "Sozialstaatlicher Reformgeist und ethische Legitimität," EconStor Preprints 41476, ZBW - Leibniz Information Centre for Economics.
    3. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
    4. Thieme, Sebastian, 2010. "Individual Subsistence: On a Principle of Economy and Society," MPRA Paper 23405, University Library of Munich, Germany, revised 21 Jun 2010.
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    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics Profession > Ethics in Economics

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    Cited by:

    1. Riana Iren RADU & Iuliana Oana MIHAI, 2017. "Approaches Regarding the Application of ISQC1 and ISA 220 in the Audit Activity," Proceedings RCE 2017, Editura Lumen, pages 146-156, November.

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    More about this item

    Keywords

    Peter Ulrich; integrative economic ethics; discourse; ethical legitimation; Karl Polanyi; Subsistence; Viablity; Right of Subsistence;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches

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