Essay on Morality and Economics are Closely Related

Essay on Morality and Economics are Closely Related

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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 natural law (“The Inseparable Link..”,1). Morality and economics are closely related.
“Both are concerned with human action, human conduct, human decision, and human choice.. There is hardly an ethical problem, in fact, without its economic aspect. Our daily decisions are in the main economic decisions, and nearly all our daily economic decisions have, ...

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