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Ethics and economic theory

Masudul Alam Choudhury (College of Commerce and Economics, Sultan Qaboos University, Muscat, Sultanate of Oman and the School of Business, University College of Cape Breton, Sydney, Canada)
Mohammad Ziaul Hoque (College of Commerce and Economics, Sultan Qaboos University, Muscat, Sultanate of Oman)

International Journal of Social Economics

ISSN: 0306-8293

Article publication date: 1 August 2004

Abstract

The theme of micro‐foundation of economic theory has not been adequately addressed. This is true even of those who pioneered the area of micro‐foundation of macro‐economics. The great missing link in economic theory, both of micro‐economics and macro‐economics, is the inability to methodologically integrate ethical and moral values through preference mapping. This missing methodology disables the study of institutions, policy formulation and normative statements of structural transformation. On the other hand, such issues are once again haunting the human race in the murky and troubled global relations today – from capitalism to war to governance. This paper addresses the preference mapping and embedding of ethical and moral issues as endogenous dynamics in economic theory. The approach is rigorous and methodological.

Keywords

Citation

Alam Choudhury, M. and Ziaul Hoque, M. (2004), "Ethics and economic theory", International Journal of Social Economics, Vol. 31 No. 8, pp. 790-807. https://doi.org/10.1108/03068290410546048

Publisher

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited