Economics: Human Values, Purpose

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human values

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Why must we separate economics and ethics such that never the twain shall meet?

Summary

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72% Informative

David Rothkopf: Economics and ethics are two sides of the same coin, and we can study both sides at the same time.

He says Adam Smith says commerce is built on self-interest, if you're being generous, or selfishness.

He argues that commerce is not built on a disregard for others as we pursue our own interest or advantage.

But a meaningful economics would be about understanding human action in its origin rather than exclusively in its outcome.

There is no exception for economics, even when, or just because, we receive something in return when we truck, barter, and exchange. If economic science is about human conduct, then it is as much about purposes and human values as it is about incentives..

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful