Title: Ethical decision making: some economic foundations

Authors: P.M. Jackson

Addresses: University of Leicester Management Centre, Leicester, LE1 7RH, UK

Abstract: Ethical decision making is at crossroads. There is a strong need to provide reasoned foundations to the evaluation of policy decisions whether they are made in the public or the private sectors. The standard neoclassical model of economics, with its emphasis on equilibrium and efficiency, has limited value in providing such foundations. Welfare economics on the other hand has made significant contributions to the clarification of ethical principles used to evaluate decisions. Commitment and emotions, which are old ideas, provide valuable insights into the reasons for cooperation in moral communities.

Keywords: ethical evaluation; commitment; emotion; virtue; cooperation; utilitarianism; act and rule; ethics; policy decisions; welfare economics; ethical decision making.

DOI: 10.1504/IJMDM.2005.006548

International Journal of Management and Decision Making, 2005 Vol.6 No.3/4, pp.203 - 212

Published online: 21 Mar 2005 *

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