Interesting facts on the fascinating relationship between ethics and economics
We can witness an impregnable growth in the debates on the application of ethical values on economics. Many agree with it and few don’t. This is due to the profit margins held in the market which and this margin is considered unfair or immoral by certain economic developing communities.
Every day a new argument is aroused which injects the economics for being unfair as it does not provide equal income to all the people residing in society. Many critics also think it as a social responsibility and fight for the cause without knowing the basic facts on the reason behind adding ethical values to economics. We will discuss something which would clear all the confusion of people on ethical values and their intervention in the economic field.
How to define the ethical values and relate it with economics?
The best way to understand ethical values is by reasoning it with sustainable activities. We would rather explain it with an example. If we reduce CO2 emissions we can promote a healthy and pollution-free society for the future this is what ethical values on economics mean. But people today debate on selling and buying of CO2 which makes the argument of no use.
Apart from ecology wages also can play a major role in understanding the ethics of economics. The low supply or low income of wages on industrial workers is like promoting dictatorship in economics. One can better understand the ethics of policy if it frames some burden of stress or harms people working on the policy. The industrialists have to change their policies from the next industrial revolution to strain less on workers and create beneficial policies that are compatible with both the profits of the company and the wages of the workers.
The fundamental changes of the market due to the injection of ethics into economics
Many factors and strict policies help businesses all around the world to compile with efficiency and financial growth. The ethics are not made to stop businesses but to ban businesses policy if they are unkind with the nature of life. The possible businesses like selling guns, tobacco, and all other harmful activities needs to deprive from society. The banning of slavery and minimizing animal products can bring a rise in economics with flying colors of ethics.