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URMI and its Integration into a framework for Ethics in Economics


  • Gul, Ejaz


Utility, Rationality and Methodological Individualism (URMI) are the dominant aspects which determine the paradigm of ethics applicable in economic decision making process. Generally, in traditional economics the decision-making process for individuals has no significant space for ethics as individuals are only interested in maximizing their profits. URMI is a very important concept the formulation of which into various combinations determines different functions for ethics in economics. Economists have used different definitions for the constituents of this concept but there can not be sighted noteworthy effort to integrate these multi dimensional phenomena into a framework for ethics in economics. This paper integrates different approaches about URMI and chalk out a framework for incorporating ethics into economics.

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  • Gul, Ejaz, 2013. "URMI and its Integration into a framework for Ethics in Economics," MPRA Paper 48344, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:48344

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    References listed on IDEAS

    1. Eckel, Catherine C. & Grossman, Philip J., 2008. "Men, Women and Risk Aversion: Experimental Evidence," Handbook of Experimental Economics Results, Elsevier.
    2. Brennan, Timothy J., 1993. "The Futility of Multiple Utility," Economics and Philosophy, Cambridge University Press, vol. 9(01), pages 155-164, April.
    3. Keeney,Ralph L. & Raiffa,Howard, 1993. "Decisions with Multiple Objectives," Cambridge Books, Cambridge University Press, number 9780521438834, May.
    4. Broome,John, 1999. "Ethics out of Economics," Cambridge Books, Cambridge University Press, number 9780521642750, May.
    5. 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.
    6. Arrow, Kenneth J, 1994. "Methodological Individualism and Social Knowledge," American Economic Review, American Economic Association, vol. 84(2), pages 1-9, May.
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    Cited by:

    1. Ejaz Gul & Imran Sharif Chaudhry, 2014. "Qualitative Assessment of Energy Initiative: Case Study from Liberia," International Journal of Energy Economics and Policy, Econjournals, vol. 4(3), pages 360-372.
    2. repec:pid:journl:v:55:y:2016:i:4:p:805-822 is not listed on IDEAS

    More about this item


    Ethics; utility; methodological individualism; framework; economics;

    JEL classification:

    • D6 - Microeconomics - - Welfare Economics
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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