Morality and Economics are Closely Related Essay example

Morality and Economics Economic growth shapes the social, political, and moral characteristics of people, improving people’s standard of living and expanding the economy’s production possibilities frontier, but does it really improve of quality of life? We emphasize high hopes for less poverty, greater life expectancy, and fewer diseases by creating improvements. Economics and morality are both human action, morality contends what actions are right or wrong, where as economic inquiry wants to know the consequences of human actions. Economic science was a branch of moral philosophy built on a moral base by classical economists, such as Adam Smith. Adam Smith believed in the existence of a moral order that he called natural liberty or†¦show more content†¦Good economics attempts to deliver a functioning economic system that works for all it members, but competition and greed eliminates good moral behavior. â€Å"This starting point is that human morality should be the essential factor in analyzing and making economic policy decisions. In other words, an economic system should reflect what is good and right, not just what those in power choose to dictate or the compromises that can be worked out by the balance of power in some political equation.† (STWR, 4). In America, the concentration of wealth is more extreme than in any other developed country in the world. Immoral and irresponsible decisions by individuals and businesses, has put the economy in crisis. The government is trying to solve the economic crisis, but is not innocent. Immoral justice has been done by the government, and we should be outraged. Our anger needs to be directed at the entire system. There is not a quick and easy way to prosperity, it will take the government, investors, and individuals to heal the damage that has been done (Skillen, 5). We need to go back in history and follow Adam Sytsma, 3 Smith’s moral theory. There must be a balance or harmony between two levels of virtues. His lower virtues are self-interested and the other set are primary or nobler. Self interest allows men to operate on the lower level of virtue and yet attainShow MoreRelatedSocial Welfare : The Protestant Work Ethic And The Spirit Of Capitalism995 Words   |  4 Pagesview those who require government assistance as lacking in will-power or ambition, which, according to Weber, are closely associated to morality in Protestantism. One of the main attitudes this belief system encourages is to judge how moral a person is by how much wordly success they have achieved. 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