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URMI and its Integration into a framework for Ethics in Economics

  • Gul, Ejaz
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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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File URL: http://mpra.ub.uni-muenchen.de/48344/1/MPRA_paper_48344.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 48344.

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Date of creation: 15 Jul 2013
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Publication status: Published in INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS No 8.3(2011): pp. 798-803
Handle: RePEc:pra:mprapa:48344
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  1. Brennan, Timothy J., 1993. "The Futility of Multiple Utility," Economics and Philosophy, Cambridge University Press, vol. 9(01), pages 155-164, April.
  2. repec:cup:cbooks:9780521644914 is not listed on IDEAS
  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.
  4. repec:cup:cbooks:9780521642750 is not listed on IDEAS
  5. 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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