nep-hpe New Economics Papers
on History and Philosophy of Economics
Issue of 2005‒01‒16
one paper chosen by
Andy Denis
City University

  1. The Ethical Dimension of Economic Choices By Vranceanu, Radu

  1. By: Vranceanu, Radu (ESSEC Business School)
    Abstract: In general, capitalist countries display sustained growth, dynamism and innovation, and a high adaptability in response to external shocks. Yet in the last twenty years discontent over the notorious drawbacks of capitalism – corporate frauds, corruption, abuses of market power – have grown continually. In this paper, we argue that no remedy to these difficulties can be found if ethical dilemmas are not anticipated and addressed at the individual, firm and economy-wide level. While pro-ethical changes in business regulation would help, government action alone may not be effective enough. A possible complementary solution would be to alter the ideological foundations of capitalism, placing more emphasis on ethical issues. This intellectual change calls for a reorientation of the social sciences. In particular, to effectively support decision-makers in the difficult task of integrating the ethical constraint, economic theory should incorporate a more in-depth reflection on human goals.
    Keywords: Business Ethics; Capitalism; Economics; Values; Corporate social responsability
    JEL: A11 A13 B41 M14 P17
    Date: 2005–01

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