Putting ethics and economic rationality together: an Aristotelian and philosophical approach. (18th September 2014)

• Record Type: Journal Article
• Authors: Queiroz, Regina Maria da Cruz
• Is Part Of: Business ethics. Volume 24:Number 3(2015:Jul.)
• Page Start: 332
• Page End: 346
• Publication Date: 2014-09-18
• Subjects: Business ethics -- Periodicals; Business ethics -- Europe -- Periodicals; 174.4
• DOI: 10.1111/beer.12077
• Languages: English
• ISSNs: 0962-8770

Abstract

<abstract abstract-type="main"> <title> <x xml:space="preserve">Abstract</x> </title> <p>The gap between economic rationality, as embedded in utility maximization, and ethical rationality, identified with a set of rules that prescribe the right course of action, has been a challenging issue for economists, philosophers, and business ethicists. Despite the difference and the noncompetition between a scientific economic approach of economics and business ethics, and a behavioral and philosophical one, we highlight the importance of the Aristotelian concept of prudence or <italic>phronesis</italic> applied to business activity. <italic>Phronesis</italic> allows for a conceptualization of rationality that can be simultaneously applied to economics and ethics. It also allows conceiving the intrinsically ethical nature of economic rationality. This relationship requires an appropriate education and the intervention of the state.</p> </abstract>