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Incorporating Ethics into Economics: Problems and Possibilities

Author

Listed:
  • Donna Rowen
  • Michael Dietrich

    (Department of Economics, The University of Sheffield)

Abstract

In traditional economics the decision-making process for individuals has effectively no role for ethics as individuals are self-interested. The key concepts in economics which determine the role of ethics in the decision-making process are utility, rationality and methodological individualism and hence how these can be and are formulated and combined determines different roles for ethics in economics. Amitai Etzioni, Amartya Sen and John Broome use different definitions of these concepts and hence find different problems and possibilities for a greater role for ethics in economics. This paper integrates the different approaches of these authors and suggests a general mono-utility framework for incorporating ethics into economics whereby the concept of utility requires adaptation.

Suggested Citation

  • Donna Rowen & Michael Dietrich, 2004. "Incorporating Ethics into Economics: Problems and Possibilities," Working Papers 2004006, The University of Sheffield, Department of Economics, revised Jul 2004.
  • Handle: RePEc:shf:wpaper:2004006
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    File URL: http://www.shef.ac.uk/content/1/c6/03/91/71/SERP2004006.pdf
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    File URL: http://www.shef.ac.uk/content/1/c6/03/91/71/SERP2004006.pdf
    File Function: Revised version, 2004
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    References listed on IDEAS

    as
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    Cited by:

    1. Saha, Malayendu, 2013. "The Ethical Dimensions Of Financial Crisis In The World Of Globalized Finance," MPRA Paper 45565, University Library of Munich, Germany, revised 06 Apr 2013.
    2. Federico Marongiu, 2005. "Un análisis de las conductas económicas a la luz de la Ética," Method and Hist of Econ Thought 0507001, University Library of Munich, Germany.

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    More about this item

    Keywords

    Ethics; Utility; Methodological individualism;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers

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