Professional paper

BUSINESS ETHICS: A NEW ECONOMIC DISCIPLINE?

Matthias Karmasin ; Wirtschaftsuniversitat Wien

Abstract

Economics can he enriched by paying more attention to ethics. The narrow interpretation of self interested behaviour is not sufficient in a world of (extremely) limited conditions. Maximizing utility (as one possible definition of economic success) is a relative matter, depending on what appears to be the appropriate standard. The problem of externalities e.g. has to be discussed under the point of view of ethics-economic reasoning alone will not solve the problem The "real" goals of a corporation can only be identified by the means of ethical reasoning. Values are decisive for what happens in business, they may he rational or irrational, consistent or inconsistent with those of the marketplace. There has been little systematic analysis of values in business.

Keywords

Ethics; Economics; Business

Hrčak ID:

79832

URI

https://hrcak.srce.hr/79832

Publication date:

11.12.1992.

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