Review of Ethics and Economics

In: Other Topics

Submitted By TejaKareddy
Words 826
Pages 4
On Ethics and Economics
Amartya Sen
Blackwell Publishers, 1987, pp. 148, Rs. 271

‘On Ethics and Economics’ by Amartya Sen centres on a particular phenomenon that the author considers unfortunate to the discipline. In this book, Amartya Sen talks about the continued and ever increasing distancing of economics from ethics. This book has three chapters and under each chapter, there are sub topics. That makes the book more structured and easy to understand even for a person who is not so competent in the study of Economics. Though the book was written in 1987, most of the arguments still apply in todays’ world.
Amartya Sen starts off with an Edward Clerihaw Bentley verse about a major practitioner of political economics and this sets the tone for the rest of the book. The author basically tries to argue that ethics-related tradition of Economics dates back to the days of Aristotle and that Economics ultimately goes hand in hand with the study of Ethics and Politics. Amartya Sen certainly and in a very obvious manner, questions the disassociation of the study of Economics from that of ethics and political philosophy. Hence, this book is undoubtedly a very important reading for those who are interested in connecting the dots between economics and business ethics.
Professor Sen, while agreeing that the ‘engineering’ approach to Economics has been often fruitful, criticises the same ‘engineering approach’ by saying that it has substantially impoverished the modern economics because it has created a distance between economics and ethics. He also goes on to explain that the ‘Positive Economics’ has led to ignoring complex ethical consideration which effect human behaviour. Professor Sen believes that the growing distances between Ethics and Economics has affected the former more. The author is extremely persuasive when he suggests enlarging the role of welfare…...

Similar Documents

Review of Accounting Ethics

...ACC 557 Week 3 Assignment 1 Assignment 1: Review of Accounting Ethics Due Week 3 and worth 200 points  Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Search the Internet or the Strayer Library to locate a story in the news that depicts an accounting ethical breach. You may select from any type of organization about which you have information or a curiosity.   Write a four to five (4-5) page paper in which you:  1. Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior. Provide support for your answer.   2. Based on your research, describe the organization, the accounting ethical breach and the impact to the organization related to ethical breach.  3. Determine how the organizational ethical issue was detected and how management failed to create an ethical environment. 4. Analyze the accounts impacted and / or accounting guidelines violated and the resulting impact to the business operation.   5. As a CFO, recommend which measures could have been taken to prevent this ethical breach and how each measure should be implemented in the future.  6. Use at least four (4) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.  The specific......

Words: 1467 - Pages: 6

Review of Accounting Ethics

... Review of Accounting Ethics Dr. ACC 557: Financial Accounting May 22, 2013 Table of Contents 1.0 Corporate ethical breaches in recent times. 3 2.0 Accounting ethical breaches and their impacts 3 2.1 The Scandal of Enron 3 3.0 Organizational ethical issues and the management failure 5 4.0 Breach of the accounting practices and its impacts 5 5.0 Recommendations by the CFO 6 6.0 References 8 1.0 Corporate ethical breaches in recent times. Ethics is an important aspect of business in today’s enironment. Sometimes management ignores or leaves to state laws to govern the code of ethics within a company. Companies have faced a lot of issues regarding ethical situations in modern times. According to Baker (2012) contrary to the popular belief of the recent global financial crisis resulting from failures of accounting ethics, he argues that there is not enough evidence to support this connection. 2.0 Accounting ethical breaches and its impacts Breaches of the accounting ethical policies have become a source of concern for the firms today. The proper application of IFRS and GAAP standards is vital for each firm. In recent years as more scandals have come into the spotlight firms have taken more and more internal measures in addition to the policy making at the governmental level to ensure breach of consumers’ trust and laws does not take place in the future. There has been a tremendous increase in the interest in accounting ethics (Cowton, 2013). 2.1 The Scandal of......

Words: 1420 - Pages: 6

Review of Accounting Ethics

...| Assignment 1: Review of Accounting Ethics | | | | Assignment 1: Review of Accounting Ethics | | | Doing the right thing matters. Every day, workers make decisions that are vital to a company’s success. How those decisions are made is just as important as the decisions themselves. In every company there are shareholders, consumers, business partners, and employees who have placed their trust in workers to act sincerely, rationally, and in accordance with the utmost ethical and legal standards. Albert Einstein once said that “relativity apples to physics, not ethics.” I perceive this to mean that there should never be a relative situation when it comes to ethics; there is a right and wrong choice. We as human beings need to ensure that we remain exactly that, human beings. Unfortunately, the world is not perfect. There are criminals, liars, cheaters, and scammers who hide in plain sight everywhere we go. Less than 15 years ago, there was a time where multiple financial scandals had been reported taking place in very successful companies, including Enron, WorldCom, AIG, and others (Weygandt, Kimmel, Kieso, 2012, p. 7). The number and magnitude of these scandals resulted in great suspicion of financial reporting, which proved to be detrimental to a company’s success. In my opinion, the most memorable scandal to have taken place in the business world during that time was Enron. During its existence, Enron was an American energy company based in......

Words: 1666 - Pages: 7

Review Assignment Business Ethics

...Macroethics. Personal Responsibility in an Age of Global Problems Review Assignment Make a summary of the author’s main contentions This study starts with the point of view that classic ethics are failing when they are confronted with many global problems. Compared to other periods of time, the world is able to connect nowadays. Because of the possibilities of the media, nearly ever person has qualitatively and quantitatively choices. The author emphasizes that we don’t choose to be global citizens; she claims that the world’s people are global citizens. People would choose the way of living with the media. The human nature is the basis for the philosophical morality. The concept of virtue, which was defined by Aristotle and other philosophers is basing on the philosophical morality. They underline that people fulfill their potential by using their intellect and will. „Excellent“ would not be given by nature, people have to put afford in work to achieve this status. Besides, other philosophers characterized mortality apart from particular human talents and functions. For examples Kant refers to rationality or Hume choose rationality as criterion. Other authors also claim natural right as the source of ethics. In all of these described concepts, ethics are based on essential human experience and our notions of ethical goodness are intrinsically bound up with our self-definition. At the macro level, ethics deduce from the essential nature like social beings. Through......

Words: 954 - Pages: 4

Literature Review on Business Ethics

...Organizational Design & Business Ethics: A Literature Review Abstract A review of the current literature regarding business ethics was conducted analyzing scholarly peer-reviewed articles about business ethics and their relation to leadership, managerial decision making, corporate social responsibility and overall corporate structure. Increased corporate scandals and the discovery of a rise in unethical business practices have thrown the topic of business ethics into the spotlight. Organizations are expected by their stakeholders to implement strong ethics within their corporate structure and culture. This expectation could be accomplished through strong ethical leadership, formal structures and regulations that place emphasis on ethics, and by making a commitment to corporate social responsibility. Using these guidelines will help organizations overcome the various challenges allowing the business to build a strong ethical foundation that will ultimately benefit the company through increased customer and employee satisfaction, which could result in increased profits, organizational sustainability and social status. The review of the literature reveals that there is still plenty of room for exploration on the topic of business ethics and particularly with the topic of ethical leadership. It is recommended that more focus be placed on understanding the influence of strong ethical leadership within an organization and how this influence flows down the......

Words: 6417 - Pages: 26

Review of Accounting Ethics

...Running head: Review of Accounting Ethics 1 Review of Accounting Ethics Cynthia Harley Dr. Julie Hamm Acc 557 5/1/2014 Review of Accounting Ethics The WorldCom Scandal Vikalpa: The Journal For Decision Makers provides us with the following excerpt from WorldCom’s 2002 press release: CLINTON, Miss., June 25, 2002 –- WorldCom Inc. (Nasdaq: WCOM, MCIT) today announced that it intends to restate its financial statements for 2001 and the first quarter of 2002. As a result of an internal audit of the company’s capital expenditure accounting, it was determined that certain transfers from line cost expenses to capital accounts during this period were not made in accordance 2 with the generally accepted accounting principles (GAAP). The amount of these transfers was $3.055 billion for 2001 and $797 million for the first quarter of 2002. Without these transfers, the company’s reported EBITDA would be reduced to $6.339 billion for 2001 and $1.368 billion for the first quarter of 2002, and the company would have reported a net loss for 2001 and for the first quarter of 2002 (Pandey & Verma, 2004, p. 113). This information came at a time where the company had reached an all time high in the industry, second only to AT&T. The company originally started out as a small provider of long distance telephone service in Mississippi under the name LDDS and later changed its name to WorldCom. During the 1990’s the company took on an aggressive acquisition strategy acquiring the......

Words: 1671 - Pages: 7

Review of Keynesian Economics

...Review of Keynesian Economics, Inaugural Issue, Autumn 2012, pp. 1–4 Statement of the Co-Editors Economics and the economic crisis: the case for change It is widely recognized that economic crises can sometimes trigger enormous change, with regard to both economic theory and the politics of governance. Today, the global economy is struggling with the fall-out from the financial crash of 2008 and the Great Recession of 2007–2009. The economic crisis that these events have generated, combined with the failure of the mainstream economics profession, has again put the question of change on the table. The economics profession stands significantly discredited owing to its failure to foresee the recession and the financial crash, its repeated over-optimistic forecasts of rapid recovery, and the lack of plausibility surrounding its attempts to explain events. Reasonable people do not expect economists to predict the daily movements of the stock market, but they do expect them to anticipate and explain major imminent economic developments. On that score, the profession failed catastrophically, revealing fundamental theoretical inadequacies. This intellectual failure has prompted us to launch the Review of Keynesian Economics. At a time of journal proliferation, some may wonder about the need for another journal. We would respond there is a proliferation of journals, but that proliferation is essentially within one intellectual paradigm. As such, it obscures the fact that the......

Words: 1862 - Pages: 8

Economic Review

...Economics Review List and describe the classification of economic systems based on allocation mechanisms * Traditional economy- you do what your parents do * ex: India in a way because of the caste system * Market economy- based on supply and demand, prices * Command economy- based on the government * Markets need homogenous goods, no barriers to entry or exit, perfect information and many buyers and sellers problem is that this is not the case, markets are not perfect List and describe the classification of economic systems based on forms of ownership * Capitalism- people privately own inputs (land, labor, capital) and will use them in their best interests more production more goods and services * Socialism- deals with ownership instead of allocation, distribution based on how much you work, etc., want to be more equal but isn’t efficient because government doesn’t work in same interest as private List and describe the classification of economic systems based on income redistribution and safety nets * Free markets * Maximum criterion- society equalizes everyone’s income, reciprocity- don’t know what will happen tomorrow * Pure communism- government distributes/allocates goods and services * Social safety nets (social market economies)- Germany-very large percent of income goes to taxes free healthcare with good quality * socialism- ownership of goods and services, communism—how goods and services are......

Words: 940 - Pages: 4

Rational Economics Literature Review

...Literature Review: Do Markets Work Or Do They Just Work Until They Don’t? “One of the most constant aspects of American life is change – and nowhere is it more evident than in our financial markets.” – Henry Paulson, in his remarks on Blueprint for Regulatory Reform (3/31/2008) It is hard to believe that we have had so many market crashes throughout history and yet there exist so many people that claim they can guarantee certain returns. This fallacy is one of the main components of economics as a study. So called experts have been known to praise certain theories while they unknowingly march into a market crash. In order to understand how market crashes happen, it is critical to understand the beliefs that were held leading up to past crises. In Olivier J. Blanchard’s paper published in 2008 by the National Bureau of Economic Research, he declares that “the state of macro is good” (Blanchard 2008, 2). Blanchard, of MIT, was expressing his contempt with the way in which the macroeconomy appeared to be operating and the ability of economists to explain the operations. He was not alone. Alan Greenspan, former Federal Reserve Chairman, admitted in October of 2008 to the House Committee on Oversight and Government Reform that he was “shocked because [he had] been going for 40 years or more with very considerable evidence that [the economy] was working exceptionally well.” What had led these renowned experts to believe all was well while the markets were wildly deviating from......

Words: 1112 - Pages: 5

Literature Review Business Ethics

...Ethics and Organizational Design- A Literature Review Abstract This literature review observes the views of organizational design and business ethics as they relate to one another in business. The first portion of this paper defines organizational design and business ethics to establish their importance and also examines managerial ethics and corporate social responsibility, sources of ethical principles. The second portion pursues to explain the relationship between business ethics and organizational design and how managers shape ethics through use of value-based leadership and formal structure systems. The third portion pursues to review the importance of ethics to organizational design and the structures that support or enforce ethical behavior in organizations. The fourth portion links literature reviewed and published over the past few years together based on their reference to ethics and organizational design. The literatures are linked together based on commonalities found in the opinions of the authors relating to a spiritual perspective, ethics and corporate structure, organizational and ethical theories, and ethical strategy. Last but not least, the review concludes with a summary of the important role that ethics plays in the organizational design and structure of a business and how it applies to members of management. Keywords: business ethics, organizational design, corporate social responsibility   Outline INTRODUCTION I. Organizational......

Words: 5201 - Pages: 21

Literature Review Business Ethics

...Literature Review of Strategic Business Analysis Tools: Research Ethics: PEST, BCG and Porter’s Five-Force Model Abstract This literature review takes the work of twelve different scholarly peered-reviewed resources and explains the outcome of their studies. All of the studies were conducted with different strategic analysis tools and how the use of ethics plays a role in each model. Although there are many strategic tools for managers to use, this literature review focuses in on only three tools. The three strategic analysis tools researched in this literature review are the PEST analysis, the BCG growth matrix, and Porter’s five-force model. This literature review compares the work of the different articles to show how each strategic tool was used in the different articles and where ethics play a role in each research method. The end of the literature review entails different recommendations on how to further the research for a better understanding of these strategic tools while continuing to do so in a manner that remains ethical. In conclusion, this literature review is design to give the reader a better understanding of three different strategic management tools and how they are being used professionally and scholarly with allowing for all research to be done in an manner that does not allow for outcomes that can be used in an unethical manner to pad results. Introduction The business environment is rapidly changing and the past has shown that companies who......

Words: 1594 - Pages: 7

Economic and Ethics

...PHL 212 Professor Christopher Emerson Jun 16, 2010 Economics Solve Dimension In Ethical Dilemma There are a lot of ethical dilemma problems in our society, and need us to give a final comments. By the hard work of finding the results, we find that most of people prefer to solve the problem by using the rules, not moral rules, these are the rules which can keep our society's orders, but we usually forget to use the moral ways to do analysis. We should know that ethical dilemma problems are belong to ethical problems, so we can't drop the trial of using different kinds of sides to see the problems. There are a very old and famous story that almost all the people know in the world --- Adam and Eve. If they followed the rules, they could stay in that heaven world, but if they stole and ate the Forbidden fruit, they could have the happiness of both in spirit and body, and they also could their own children. But if they did this, they also have to face a morality problem. We can treat this problem as a people facing the personal value and social value, which one the person will choose. Everyone knows that the social value is more important, but it is really hard to choose that when we face a big and attractive personal value. In our book, chapter 6, Social Contract, we can know that the ultraism is limited because of people's selfishness, more or less. So the best we can do is choosing the ways to solve problems get as closed as social value, and to accord with social value...

Words: 1684 - Pages: 7

Business Ethics and Economic Collapse

...Running head: CAUSE OF ECONOMIC CONDITIONS IN THE UNITED STATES AND THE UNETHICAL BUSINESS THAT LED TO IT Final Paper James Smith Hodges University GEB/PAD 6376 Dr. Forrer Week Due: 14 Due: 08/14/2011 Submitted: 08/10/2011 INTRODUCTION (Part 1) Why has the unemployment rate been above 12 percent for the last several years? Why have so many prior successful businesses closed in the last four years? Why have so many major corporations and publicly traded companies filed for bankruptcy? Why did a house that used to cost $200,000.00 just sell for $40,000.00? Why are foreclosures at the highest rate in US history? Maybe the question to ask is what has caused all of this? There are so many questions to be answered when it comes to the economic conditions in the United States. How did it get into the current condition? What were the signs of slipping into the crisis (economic indicators)? Whose actions were responsible? Was the responsible party also guilty of unethical behavior (big issue) or was it accidental. How long will it take for the economy to get back to being productive? In the past, America has been a very productive, successful country. There have been other recessions and a depression that have affected the U.S. but for some reason this current crisis was started by a completely different chain of events. What was the chain of events that triggered this...

Words: 3312 - Pages: 14

Critical Review of Ethics in It

...LITERATURE REVIEW ARTICLE #1 ETHICS IN IT Introduction Authors: Harbert, Tam Source: Computerworld; 10/29/2007, Vol. 41 Issue 44, p34-36, 3p Document Type: Article Company/Entity: CYBER-Ark Software Inc. People: REECE, John ISSN: 00104841 Accession Number: 27392643 Database: Academic Search Complete This article basically revolves around ethics in IT and how IT employees are involved in activities which are illegal and unethical. It focuses on the pornographic and other illegal activities done in the workplace. It cites the wonders of an information technology (IT) employee regarding the promotion of the man who used the company's personal computer to view pornographic images of Asian women and children. It states that this IT employee was the person who discovered the illegal act of this promoted man. An overview of the detailed incidence of the man's pornographic case, as well as the survey made by Cyber-Ark Software Ltd. to one third of 200 IT employees is offered. John Reece, chief information officer at the International Revenue Service and Time Warner Inc., said that the corporate policy will take place when the law stops governing workplace ethics. - ( Summary This article describes how IT employees in organizations are involved in activities which are illegal and unethical. It reveals a story about an IT director Bryan, who worked at the U...

Words: 2745 - Pages: 11

Ethics Review

...Ethics Review Team B reviewed the Ethics Game Simulation and the Ethic Responsibility Project completed individually by members of team B during week three of ETH/316. Each team member has provided a review of there findings. Stephen Stephen completed the ethics game simulation’s two scenarios. The first scenario had to do with sexual harassment and the second scenario had to do with falsified data for a potential product. Both scenarios seemed simple on the surface, but once further research was conducted the answers to each scenario became a little more difficult. The scenarios took Stephen through a process to achieve the desired result and explained why things needed to be don’t in a certain way. For example, a big decision is to analyze all the information a then make a decision what is the first thing to do. For the first scenario, the first thing to do figure out what the problem is which meant talking to the female worker and explaining that all attempts would be made to keep her information confidential, however dependent on the allegations that it may not be completely possible. The next step was to find out who the primary stakeholders were. This was a difficult task for the author that prompted a review of outline materials referencing ethical stakeholders. The ethical lens was used to determine what the author should do initially was the Rights and Responsibilities Lens (Ethics game, 2007). The rights and responsibilities lens allowed the author to look......

Words: 2672 - Pages: 11

Sneaky Pete | Download APK | Life Below Zero - Season 11 Episode 7...