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Philosophers have sought to eliminate these contradictions by locating right and wrong in a single part of the decision-making process: for example, in the actions we take (e.g. Kant), in our character (e.g. Aristotle, virtue ethics) or in the consequences of our actions (e.g. Utilitarianism).
Economic ethics attempts to incorporate morality and cultural value qualities to account for the limitation of economics, which is that human decision making is not restricted to rationality. [31] This understanding of culture unites economics and ethics as a complete theory of human action. [ 23 ]
Ethics (also known as moral philosophy) is the branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct. [1] The field of ethics, along with aesthetics , concern matters of value , and thus comprise the branch of philosophy called axiology .
In economics, free contract is the concept that people may decide what agreements they want to enter into. [ 1 ] A contract may be described as free when it is free from force or fraud.
Right and wrong may refer to: Ethics , or moral philosophy, a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong behavior Morality , the differentiation of intentions, decisions and actions between those that are distinguished as proper and those that are improper
For example, someone who claims "something is morally right for me to do because the people in my culture think it is right" is both a moral relativist (because what is right and wrong depends on who is doing it), and an ethical subjectivist (because what is right and wrong is determined by mental states, i.e. what people think is right and wrong).
Utilitarianism is a version of consequentialism, which states that the consequences of any action are the only standard of right and wrong. Unlike other forms of consequentialism, such as egoism and altruism , egalitarian utilitarianism considers either the interests of all humanity or all sentient beings equally .
Rule utilitarianism is a form of utilitarianism that says an action is right as it conforms to a rule that leads to the greatest good, or that "the rightness or wrongness of a particular action is a function of the correctness of the rule of which it is an instance". [1]