Economics and Business

The Role of Ethics in Economics and Business

Quite apart from the distinct dichotomy of man’s life into the secular and spiritual, conventional economics is still plagued with undue emphasis on the positive at the expense of the normative treatment of the subject.  ‘What is’ becomes the norm, in fact, the rule rather than ‘what ought’. The positivity of economics is one of the factors which stems from the desire to be exact, scientific or objective without any consideration for its behavioral aspects. It is as though man is a pure technocrat who has no feelings, prejudice or value judgments. It is as though of necessity that man, in his economic pursuit, must discard all values so that he can achieve his objectives independently of any other considerations. At the same time, economists, accept blindly that the axiom of selfish actions inherent in man as rational behaviour. In attempting to portray economics as a science, the economists created their ‘economic man’ whose sole purpose is maximizing his objectives in every economic pursuit.

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