Why ethics matters -- Outcomes -- Duties, rules, and virtues -- Welfare and efficiency -- Pareto efficiency and cost-benefit analysis -- Critiques of welfare as preference satisfaction -- Moral limits to markets -- The science behind Adam Smith's ethics -- Ethics and the financial crisis of 2008 -- Economic justice : process versus outcomes -- Economic justice : equal opportunity -- Ethical pluralism in economics.

Since the financial crisis, there has been much discussion about the importance of ethics in economic life. An important contribution to this discussion was a 2018 Vatican letter on the financial system which reiterated and further developed Catholic social teaching. This article argues that the Catholic Church is correct to unite the disciplines of economics and ethics. However, it is proposed that, as Catholic social teaching in this field develops further, there should be more focus on the (...) importance and development of the virtues. The letter reaffirmed earlier Catholic Church teaching on the regulation of markets. Once again, the formation in the virtues, especially the virtue of prudence, can help us make discerning judgments about the place of regulation in economic life. Furthermore, an understanding of human anthropology and the economic history of financial institutions can help us make prudent judgments in relation to these issues. (shrink)

At the dawn of Europe, an extraordinary Greek philosopher-engineer--biologist named Aristotle strove to develop a code that the good person could live by. Aristotle's concepts have much resonance with us today. Although there are differences in the way in which we perceive things, basically we all share the same aspirations and needs.This new edition will be of value to the globally-focused engineer and scientist; it includes case studies from both developed and developing nations to help students and practitioners unravel the (...) complexities of ethical practice in the 21st Century. It is testament to the global and indefatigable nature of our scientific community that 2,300 years after Aristotle, we might derive the same conclusions as he did. (shrink)

Many economists, it is said, “are inclined to deny that moral philosophy has anything to do with economics” . In this paper I challenge such inclinations bydrawing an analogy between economic interventions and humansubjects research. It is undeniable that investigators engaged in thelatter should adhere to specific ethical principles. I argue that analogousfeatures of economic interventions should lead us to recognise thatsimilar ethical concerns actually arise in both activities, and thusthat economic interventions should also be conducted in accordancewith ethical (...) principles. By exploring the analogy further I formulatesome ethical guidelines for economic practice, which in turn imply thatethical responsibilities will extend to all members of the economicsprofession. (shrink)

The importance of business ethics is not contrdicted in any way by Adam Smith’s pointer to the fact that our “regards to our own interests” provide adequate motivation tor exchange. There are many important economic relationships other than exchange, such as the institution of production and arrangements of distribution. Here business ethics can playa major part. Even as far as exchange is concerned, business ethics can be crucially important in terms of organization and behavior, going weil beyond (...) basic motivation. (shrink)

The ethical value of intelligence lies in its crucial role in safeguarding individuals from harm by detecting, locating, and preventing threats. As part of this undertaking, intelligence can include protecting the economic well-being of the political community and its people. Intelligence, however, also entails causing people harm when it violates their vital interests through its operations. The challenge, therefore, is how to reconcile this tension, which Cécile Fabre's recent book Spying through a Glass Darkly does by arguing for the “ongoing (...) and preemptive imposition of defensive harm.” Fabre applies this underlying argument to the specifics of economic espionage to argue that while states, businesses, and individuals do have a general right over their information that prevents others from accessing it, such protections can be forfeited or overridden when there is a potential threat to the fundamental rights of third parties. This essay argues, however, that Fabre's discussion on economic espionage overlooks important additional proportionality and discrimination concerns that need to be accounted for. In addition to the privacy violations it causes, economic espionage can cause harms to people's other vital interests, including their physical and mental well-being and autonomy. Given the complex way in which the economy interlinks with people's lives and society, harms to one economic actor will have repercussions on those secondary economic entities dependent on them, such as workers, buyers, and investors. This, in turn, can produce further harms on other economic actors, causing damages to ripple outward across society. (shrink)

In a globalized world, business ethics continues to gain importance as a field of study. Using a novel approach that centres on economic theory and analysis, this book provides students with a comprehensive overview of the essential concepts of business ethics related to both the economy as a whole and corporate ethics of the individual company.

The authors, one an ethicist and the other an economist, look at the issue of free trade with Mexico and other low wage rate countries from the viewpoints of their disciplines. The conclusion of the paper is that these disciplines differ on their priorities and analytical methods, not on their objectives.

In the development of Roman Catholic social thought from the teachings of the scholastics to the modern social encyclicals, changes in normative economics reflect the transformation of an economic terrain from its feudal roots to the modern industrial economy. The preeminence accorded by the modern market to the allocative over the distributive function of price broke the convenient convergence of commutative and distributive justice in scholastic just price theory. Furthermore, the loss of custom, law, and usage in defining the (...) boundaries of economic behavior led to a depersonalization of economic relationships that had previously provided effective informal means of protecting individual well-being. Hence, recent economic ethics has had to look for nonprice, nonmarket mechanisms for distributive justice. This is reflected, for example, in the shift in attitude from the medieval antipathy toward unions to the contemporary defense of organized labor on moral grounds. (shrink)

Economic sanctions are emerging as one of the major tools of international governance in the post-Cold War era. Gordon considers the issue of sanctions within three ethical frameworks: just war doctrine, deontological ethics, and utilitarianism.

On Thursday, August 26, 1982 the Manville Corporation and its principle American and Canadian affiliates filed for reorganization under Chapter 11 in the United States District Court for the Southern District of New York. Manville's unexpected bankruptcy petition stunned the financial community, surprised Congress, shocked their creditors, suppliers and customers, totally outraged those who have filled damage suits against them and raised a complex tangle of legal, political and ethical issues that will have far reaching implications for millions of Americans. (...) The drama of the Manville announcement stems from the fact that this is the same Manville Corporation which last year earned $60.3 million on sales exceeding $2 billion with an uncumbered net worth of $1.1 billion. This is the same Manville which ranks 181st on the Fortune 500 list of American corporations. And this is the same Manville which has been traditionally included in the 30 companies used to calculate the prestigious Dow Jones industrial average, the most watched indicator of prices on the New York Stock Exchange. While there are many factors in the equation that resulted in Manville's final decision, Manville Chairman John A. McKinney angerly announced that his company could no longer sustain or survive the blitz of toxic torts that it was now facing.Many of Manville critics have claimed that Manville is acting in an immoral and illegal manner. They are held to be immoral insofar as their critics feel that they are using the bankruptcy boom as a means of avoiding just compensation for those who have truly been injured or killed due to excessive or abusive exposure to asbestos. Manville is accused of acting illegally in that the spirit and purpose of the 1978 Bankruptcy Act is being violated because no company has ever filed for Chapter 11 given the size of their assets, their net worth and their yearly sales figures. Other observers suggest that this is much too simplistic a response to the situation and that whatever the final merits of Manville's petition the factors involved in their decision warrant a careful and detailed analysis. (shrink)

Introduction : ethical economics? -- The sovereign consumer -- Two myths about economic growth -- The politics of pay -- Happiness -- Pricing life and nature -- New worlds of money : public services and beyond -- Conclusion.

The exclusive use of evolutionary explanations and game theory to justify moral claims has led economists to an impasse. Our discussion of this problem is focused on arguments made by Kenneth Binmore and Herbert Gintis, two vocal and notable economists behind these efforts. We begin by pointing out the false dilemma they present between ethical theories involving dubious non-naturalist metaphysics and their versions of naturalized game-theoretic ethics. We do so by, first, discussing alternative naturalist accounts, namely, those of Peter (...) Railton and Richard Boyd. Second, we argue that their descriptive and explanatory theories are in fact committed to substantive normative claims. Our hypothesis is that their attempts to avoid ethical arguments are responsible for their mistaken belief that theirs is a scientific disagreement, whereas it is in fact one about human nature. Binmore and Gintis’s disagreement about ethical claims requires acknowledging and engaging with substantive normative arguments such as those of what is good and what ought to be done. The alternative would be a never-ending disagreement on the fundamental view of human nature. This path, we worry, may be a road to nowhere. (shrink)

The purpose of this contribution is to shed some light on the inter-relationships between ethics and economics in Islamic religion, and mainly to assert that ethics constitute endogenous phenomena in Islamic economics. In Islam, economic behaviours and transactions cannot be separated from ethics and values. The Islamic principles are intended to govern, direct and control human beings’ behaviours in their daily economic lives. They are aimed at helping people to distinguish between good and bad things (...) while they do any economic activity. It is worth noting that the moral values in Islamic economics are derived from the main sources of Islam namely: the Quran (the holy book of Islamic religion) and Sunnah (the teachings and behaviours of the prophet of Islam: Muhammad PBUH 570-632 AD). Both of them represent the principal pillars of Shariah (Islamic laws and guidelines), which is seen by Muslims as the proper way to happiness, not only in economic life but in all aspects of life. (shrink)

In “A Virtue Ethics Critique of Ethical Dimensions of Behavioral Economics,” Professor Daryl Koehn criticizes the field of behavioral economics. She argues that behavioral economists ignore many important factors that affect how people make decisions, that their results are derived from experiments where subjects make choices in overly restrictive, artificial, and thin contexts that do not capture the richness of reality, and that the approach brings up psychological motivations that affect behavior in a piecemeal, ad hoc way (...) that does not capture the overall tapestry of the factors that influence the choices that we make. In this comment, I offer responses to many of these criticisms, and note where I think we have common ground. (shrink)

Research Ethics in Applied Economics Emphasizing the new challenges posed by the data science revolution, digital media, and changing standards, Research Ethics in Applied Economics examines the ethical issues faced by the applied economics researcher at each stage of the research process. The first section of the book considers project development, including issues of project management, selection bias in asking research questions, and political incentives in the development and funding of research ideas. The second section (...) addresses data collection and analysis, discussing concerns about participant rights, data falsification, data management, specification search, p-hacking, and replicability. The final section focuses on sharing results with academic audiences and beyond, with an emphasis on self-plagiarism, self-promotion, and the importance of achieving policy impact. The discussion and related recommendations highlight emergent issues in research ethics. Featuring case studies from experienced researchers on how they address ethical issues, this book provides practical guidance to both students and experienced practitioners seeking to navigate ethical issues in their applied economics research. (shrink)

Can a businessman be moral? What are the values implicit in a business deal? How can we think responsibly about economic decisions? An academic philosopher and a practical businessman together examine the fundamental principles of economic activity to discover how we can think responsibly about economic decisions. Ethics must play a part as business relations are only sustainable when the parties have some values in common, but significant divergences of interest can limit the importance of ethical considerations. The responsibilities (...) of business towards employees, employers, customers, competitors, the state, the environment and the third world are all discussed. (shrink)

Deirdre McCloskey is rightly one of the most recognizable names in economics. She views economics as a language that uses all the rhetorical devices of everyday conversation and therefore it should be judged by aesthetic and literary standards and not the criteria of mathematical rigor that is espoused by the mainstream. This controversial standpoint has been hugely influential and this examination of the methodological and philosophical consequences of her work is overdue, and very welcome.

A recession is a significant decline in economic activities. The effects of economic recession include general economic decline, drop in the stock market and increase in unemployment. While some have argued that bilateral relationship among nations is an ethical response to problem of economic recession but it does not solve the problem. The paper suggests genetic gender determination. Genetic gender determination is an agent-based ethics. It involves the scientific manipulation of the fetus of a woman to determine the gender (...) of her offspring. Ethical issues linked to genetic gender determination, unbalance sex ratio, manipulation of genome, and possible spread of infectious or communicable diseases. The paper concludes that the genetic gender determination would help to cushion the effects of economic recession. (shrink)

The article reconstructs, in economic terms, managerial business ethics perceptions in the Japanese consumer market for fast-moving daily consumption products. An economic, three-level model of moral agency was applied that distinguishes unintentional moral agency, passive intentional moral agency and active intentional moral agency. The study took a qualitative approach and utilized as empirical research design an interview procedure. The study found that moral agency of Japanese firms mostly extended up to unintentional and intentional passive moral agency. Certain myopic managerial (...) views were found to affect active moral agency. This leaves room for business ethics program that aim at the development of active moral agency. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Just Capitalism: A Christian Ethic of Economic Globalization by Brent WatersNicholas Aaron FriesnerJust Capitalism: A Christian Ethic of Economic Globalization Brent Waters LOUISVILLE: WESTMINSTER JOHN KNOX PRESS, 2016. 260 pp. $40.00In Just Capitalism, Brent Waters offers a wide-ranging defense of economic globalization, the market state, and the pursuit of affluence, which together provide a means to spread human flourishing around the globe. For Waters, the free-flowing economic exchange (...) enabled by globalization does not inherently conflict with Christian tradition, and it can be harnessed in a responsible manner to share and communicate the goods of creation. He argues that breaking down global barriers to market participation expresses a preferential option for the poor and provides a means for achieving the work of the Spirit by spreading the materials goods that lift people out of poverty and alleviate suffering. The book's primary contribution is its broad explanation of recent work on the economics of globalization and Waters's ability to put this literature into a theological conversation. The argument is particularly timely for Christian ethicists who are concerned with developing the tools to respond to expanding movements toward isolationism and economic protectionism in the United States and Europe.Part 1 of Just Capitalism claims that moral theology has not properly interrogated the common view that affluence fundamentally conflicts with the Christian tradition. By contextualizing both the biblical sources and the traditional theological voices that support this view, Waters shows that these sources assumed an economic model in which resources are scarce and wealth is built by exploiting the poor. Instead, Waters argues that our present economic system is based on increasing productivity, and therefore wealth is not necessarily exploitative. In fact, he claims that the pursuit of affluence can be beneficial for helping to lift people out of poverty. Rather than retreating from engagement with wealth and the market, Christians should recognize that free exchange is a necessary, though not sufficient, condition for human flourishing (15). [End Page 213]In part 2, Waters develops a notion of koinonia, whereby human flourishing depends on communicating the goods of creation in the associations of civil society. Responding to worries about the homogenizing forces of market economies that make individuals into producers and consumers, Waters offers the church as a communicative association that stands in tension with capitalist markets by cultivating reciprocity instead of consumption, breaking down barriers in a gathering community, and being nonterritorial in its scope (150–51). Because communicative associations like the church are essential to the vitality of civil society, the challenge is to "embrace the dynamism of global markets in order to promote more widespread prosperity," while establishing the requisite political stability that allows these associations to exist (159).Nevertheless, Waters does not spend much time elaborating on specific moments when the church should come into conflict with capitalism—he notes that his reservations only give him "two-and-a-half-cheers" for globalization, rather than three (14–15). In his desire to show compatibility with globalization, he neglects to give a sense of when communicative associations could justifiably remove themselves from the system of exchange. This relates to Waters's final chapter on capitalist responses to environmental devastation, which relies on his earlier development of a stewardship model, one that seems to reduce creation to its instrumental value for human "delight" (89–90, 92, 111, 115). Waters admits that the pursuit of affluence requires short-term environmental damage, especially in developing countries; nevertheless, he thinks that affluent societies will better preserve the environment (through "national parks and wildlife preserves") (217), and some environmental exploitation is needed to form these affluent societies. This will probably be insufficient for environmental ethicists who resist the notion that creation's purpose is to be ordered to promote human flourishing (204). He is clear, however, that "Eden is a garden, and not a wilderness" (203).Nicholas Aaron FriesnerBrown UniversityCopyright © 2018 Society of Christian Ethics... (shrink)

Many economic problems are also ethical problems: should we value economic equality? how much should we care about preserving the environment? how should medical resources be divided between saving life and enhancing life? This book examines some of the practical issues that lie between economics and ethics, and shows how utility theory can contribute to ethics. John Broome's work has, unusually, combined sophisticated economic and philosophical expertise, and Ethics Out of Economics brings together some of (...) his most important essays, augmented with an updated introduction. The first group of essays deals with the relation between preference and value, the second with various questions about the formal structure of good, and the concluding section with the value of life. This work is of interest and importance for both economists and philosophers, and shows powerfully how economic methods can contribute to moral philosophy. (shrink)

Since the outbreak of the global financial crisis in 2008, the exchange rate between China and USA has drawn a lot of attention. Because of the balance of payments surplus, China has accumulated a large amount of foreign exchange reserves, and there is much pressure on the Renminbi (RMB) to appreciate. The appreciation of RMB has raised a series of intertwining economic and ethical concerns in China. This paper is an inter-disciplinary study to illustrate the inter-relationship between economics and (...) ethics. We analyze the major economic factors affecting the trend of exchange rate of RMB and the effects of its appreciation. We then discuss the ethical implications of the appreciation and conclude with some policy suggestions to address the economic and the ethical concerns. (shrink)

This article provides an ISCT analysis of commercial bribery focused on transaction cost economics. In the language of Antitrust, commercial bribery is a form of vertical arrangement subject to the same efficiency analysis that has found other vertical arrangements potentially beneficial to consumers. My analysis shows that actions condemned as commerical bribery in the Honda case may well have benefited Honda's dealer network once promotional free riding and other forms of rent seeking by dealers are considered. I propose that (...) the term "commercial bribery" should be avoided until after an ISCT analysis shows that the community is likely to have been harmed. The term "third-party payments" is a more ethically neutral term with which to begin the analysis. (shrink)

This paper addresses the challenge of ethically integrating ChatGPT, a sophisticated AI language model, into K-14 economics education. Amidst the growing presence of AI in classrooms, it proposes the “Evaluate, Reflect, Assurance” model, a novel decision-making framework grounded in normative and virtue ethics, to guide educators. This approach is detailed through a theoretical decision tree, offering educators a heuristic tool to weigh the educational advantages and ethical dimensions of using ChatGPT. An educator can use the decision tree to (...) reach a conclusion on using ChatGPT within the classroom environment by using ethical considerations to promote personalized learning and upholding academic integrity. The paper stresses the importance of ongoing professional development for educators in ethical AI usage and calls for institutional support in this pursuit. It also identifies future research directions, including long-term impact studies of ChatGPT and comparative analyses of various AI tools in economics education, underscoring the paper’s relevance to current educational technology discourse. (shrink)

The links between self-interest and morality have been examined in moral philosophy since Plato. Economics is a mostly value-free discipline, having lost its original ethical dimension as described by Adam Smith. Examining moral philosophy through the framework provided by economics offers new insights into both disciplines and the discussion on the origins and nature of morality. The Morality of Economic Behaviour: Economics as Ethics argues that moral behaviour does not need to be exogenously encouraged or enforced (...) because morality is a side effect of interactions between self-interested agents. The argument relies on two important parameters: behaviour in a social environment and the effects of intertemporal choice on rational behaviour. Considering social structures and repeated interactions on rational maximisation allows an argument for the morality of economic behaviour. Amoral agents interacting within society can reach moral outcomes. Thus, economics becomes a synthesis of moral and rational choice theory bypassing the problems of ethics in economic behaviour whilst promoting moral behaviour and ethical outcomes. This approach sheds new light on practical issues such as economic policy, business ethics and social responsibility. (shrink)

Morality and economic rationality: integrative economic ethics as the rational ethics of economic activity; Part II. Reflections on the Foundations of Economic ...

This paper challenges traditional views which oppose health economics and medical ethics by arguing that economic assessment is a necessary complement to medical ethics and can help to improve public participation and democratic processes in choices about resource allocation for health care technologies. In support of this argument, four points are emphasized: (1) Most current biomedical ethical debates implicitly deal with economic issues of resource allocation. (2) Clinical decisions, which usually respect the Hippocratic code of ethics, (...) are nevertheless influenced by economic incentives and constraints. (3) Economic assessment is concerned with both efficiency and equity and potential trade-offs between the two, which means that ethical judgements are always embedded in welfare economics. (4) The real debate is not between economics on the one side and medical ethics on the other. Rather it is between different ethical conceptions of social justice and the contrasting approaches they entail to reconciling individual interests and preferences with collective goods and welfare. (shrink)

This book was born out of two interdisciplinary seminars held in 2014. The first one was the Climate Ethics and Climate Economics workshop in April adjoined as part of the European Consortium for Political Research Joint Sessions 2014 in Salamanca. Spurred on by the invigorating discussions, the participants decided to put together more workshops, with Ethical Underpinnings of Climate Economics following in Helsinki in November that same year. Without the organisers of these workshops the collaborators of this (...) book would not have come together: Matthew Rendall, Dominic Roser, Sade Hormio, Simo Kyllonen, Aaron Maltais and Joanna Burch-Brown. We would also like to thank all the participants at the workshops for making them so enjoyable and worthwhile. The Helsinki workshop that this book was named after was organized as part of the Climate Ethics and Economics project, led by Aki Lehtinen and funded by the University of Helsinki. The three-year project is based at the Social and Moral Philosophy discipline in the Department of Political and Economic Studies. The workshop itself was made possible by funding from the Academy of Finland Centre of Excellence in the Philosophy of the Social Sciences, which also helped to host the event. (shrink)

We advance the thesis that the method of experimental economics can make significant contributions to normative, as opposed to descriptive, business ethics. We contend that there are two basic ways in which experimental economics may make this contribution, and we exemplify these ways by pointing to experimental support of social contract theory as rational foundation for business ethics. These two ways are: (1) adding psychological realism; and (2) testing some quasi-empirical assumptions present in normative theory. In (...) order to make good our methodological claim, we first describe the methodological rules of experimental economics, distinguishing this method from other behavioral business ethics approaches. We also contemplate the possible objection that empirical methods cannot bear on normative ethics because there is no way of bridging the gap between descriptive theory (how people behave) and normative theory (how people ought to behave). (shrink)

Ian Little offers a new defence of utilitarianism as a basis for assessing the role of the State. Lucidly and elegantly he explains how the three disciplines of philosophy, economics, and politics can be integrated to provide guidance on issues of public policy. Anyone interested in public affairs will be enlightened by Little's crisp analysis and any student taking an interdisciplinary course in social science will find a clear framework for thinking about the subject.

This chapter describes an economic ethic implicit in the Daoist tradition that envisages economic health, not as synonymous with growth, but akin to stability. The Daoist notion of health aspires to achieving longevity of body, of political rule, and, in contemporary applications, of our natural environment. Longevity is possible through alignment with patterns of nature, and by shunning anthropocentric urges to dominate. In the context of contemporary economic discussion, the Daoist maxim of ‘noncoercive action’, or wuwei, is often likened to (...) the notion of laissez-faire in classical liberal economics. While both traditions advocate a lack of intervention, Smithian classical economics views self-interested desire as a positive force for increasing economic prosperity within society. By contrast, the Daoists of ancient China cautioned against excessive desire and self-interest. This chapter begins with a very brief history of Daoism and goes on to draw primarily from the core teachings of the Daoist tradition: the Zhuangzi and particularly the Daodejing. (shrink)

Ecosystems of Jubilee, by José Humphreys and Adam Gustine, is a practical look at the economic ethics and practices found in the Scripture. Focusing on the biblical practices of gleaning, Sabbath, and Jubilee, this book aims to help Christians embrace a serious commitment to economic development as a way of seeking justice in their neighborhoods.

Today''s headlines suggest that economic criteria alone is the basis for business decision-making. This paper argues that while profitability is a legitimate end of business, it must be moderated by ethical considerations. But can business be both successfuland ethical? Practical examples highlight individuals who chose profitability over ethical responsibility and those who chose and continue to choose both. The authors propose that there is an ethical person profile. Corporate managers can resolve the profits vs ethics dilemma by modeling ethical (...) behavior. (shrink)

In this book a distinguished group of environmental experts argues that in order to solve global environmental problems, we must view them in a broad interdisciplinary perspective that recognizes the relations—the interconnected circle—among ecology, economics, and ethics. Currently the circle is broken, they say, because environmental policy is decided on short-term estimations of material that take little account of the economic or moral burdens that will be borne by future generations if we deplete our resources now. We must, (...) assert the authors, have a better knowledge of the science underlying our environmental problems, we must understand their causes and consequences in relation to our economic and political systems, and we must recognize that an effective response will require a shift in a technologically oriented society’s ethical attitude toward the natural environment. The authors address a wide range of concerns from global atmospheric degradation and spreading toxification of the environment to loss of forests and massive species extinctions. They offer to general readers, students, and professionals practical assessments and remedies for many of these problems. They suggest, for example, mechanisms that provide economic incentives for conservation; engineering and technical adaptations to use resources more effectively and dispose of waste products; better economic accounting procedures for measuring the real environmental costs of our depletion of natural resources; and a remodeled education system that better prepares us to see each individual’s responsibility to the environment. (shrink)

Behavioral economics is the latest trendy form of economics. Increasingly theorists are advocating using behavioral economics to do normative ethics or claiming that the behavioralists’ findings render normative claims otiose. I argue in this paper that we should be extremely wary when it comes to accepting any such normative pronouncements. I argue that behavioral economics: (a) minimizes and/or misunderstands the role that character and architectonic life goals play in accounting for the why of ethical behavior, (...) (b) fundamentally misconceives human practical rationality, (c) often unduly narrows the range of human action and choice, (d) misleadingly assumes that options are merely given to us rather than generated by us in accordance with our character, (e) is parasitic upon normative ethics, (f) results in an unhelpful ad hoc approach to ethical thinking, which is unlikely to prove all that useful and may even dangerously mislead ordinary agents or those who operate corporate compliance programs and who seek to improve corporate cultures, and (g) ignores the key role played in ethical behavior by meso‐ and macro‐factors. (shrink)

In this paper, we report the findings from the data we collected from a survey in order to measure how common research ethics education in economics is. We have found out that (1) research ethics is taught in only a very few economics departments around the globe; (2) topics related to research ethics are not taught in courses on economics and ethics; and (3) the number of papers published in specialised peer-reviewed journals on (...) economics education is only a tiny fraction of the number of papers published in these journals. There has been no evidence in economics showing that economics departments have taken strong initiative on teaching research ethics to undergraduate and graduate students. (shrink)

On Sept 15, 2008, ‘‘Dark Monday,’’ the world witnessed a radical reshaping of Wall Street. Lehman Brothers fell toward bankruptcy; Merrill Lynch was sold to its rival, Bank of America; and AIG pleaded for $40 billion in government relief. Those calamities marched in step with a dismal parade including the US government takeover of Fannie Mae and Freddie Mac, the bailout of Bear Stearns, and the entire subprime debacle. We rightly blame Wall Street leaders for bungling business decisions, for misestimating (...) risk and overloading banks with single-strategy investments. We now are living with the aftermath of these business mistakes. But how about ethical mistakes? Were they, too, part of the crisis? (shrink)

Theoretical justification for the Business Ethics Index (BEI) from the emerging economics of trust literature is discussed. The BEI results for 2007, 2008, and 2009 are presented. While the Personal/Past BEI component shows no significant difference from the previous years, the Vicarious/Past component shows a dramatic drop to levels previously never recorded.However, when it came to the perception of the future business ethical behavior, respondents were significantly more optimistic than in previous measurements.This finding was more than a little (...) surprising given the depth of the economic crisis. A possible explanation is that consumers hopefully perceived the economic crisis as already abating and/or that at least the worst was over. (shrink)

Ideally, the government of any nation is in a contract with the citizens for protection of life, property and freedom while the citizens are obliged to obey government laws. Moreso, the government is to discharge her duties without discriminating against any person or group. In Nigeria there are economic and administrative policies that discriminate against the Igbo nation resulting in dire consequences. Since economic policies make or mar the wellbeing of citizens especially in business, the need for fairness, equity, and (...) justice in the formulation and execution of policies is unquestionable. The Igbo of South East Nigeria, who are very active in business and entrepreneurship, suffer untold disadvantages and massive economic losses due to the lopsided and discriminatory economic policies churned out by successive Nigerian governments. Here we examine and argue against such policies based on their ethical implications and effects on individual and national development. (shrink)