Economics and Ethics: A Historical Perspective

Economics and Ethics: A Historical Perspective

Registration ID: IJNRD_210008

Published ID: IJNRD2311353

DOI: http://doi.one/10.1729/Journal.36956

Anita Rana , Prof. Sunita Singh Sengupta

Economics and Ethics, Adam Smith, Amartya Sen, William Stanley Jevons

Economics has evolved from two distinct origins, one from ethics and the other from engineering. Ethics-based economics is concerned with understanding the economy's impact on society, while engineering-based economics aims to develop mathematical models and tools to analyze and solve economic problems. The connection between Economics and Ethics has been discussed since the time of Adam Smith. Thomas Malthus (the inaugural Professor of Political Economy in England), followed the tradition of Adam Smith and regarded Economics as a moral Science. However, later on Classical Economists (David Ricardo, John Stuart Mill) considered Moral Science a backward science and incorporated more Mathematics in Economics. Following them, Neo Classical and Modern Economists (William Stanley Jevons, Alfred Marshall etc) gave more emphasis on Econometrics in Economics and separated Ethics completely from Economics and made it Economics Science. At the close of the nineteenth century, there was censure of the detachment of Economics from Ethics, due in part to a rise in corporate scandals. However, many prominent economists of the twentieth century, such as Amartya Sen, Keynes, Boulding, Young, and Temple Smith, worked to restore Economics as a Moral Science by integrating ethical considerations into economic theory and practice, with the goal of promoting sustainable development for society.

Published Paper   E-Certificate

"Economics and Ethics: A Historical Perspective", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.8, Issue 11, page no.d489-d500, November-2023, Available :https://ijnrd.org/papers/IJNRD2311353.pdf

Volume 8 Issue 11, November-2023

Pages : d489-d500

Paper Reg. ID: IJNRD_210008

Published Paper Id: IJNRD2311353

Downloads: 000121118

Research Area: Management

Country: Delhi, Delhi, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2311353.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2311353

DOI: http://doi.one/10.1729/Journal.36956

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

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