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Economics and the VirtuesBuilding a New Moral Foundation$
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Jennifer A. Baker and Mark D. White

Print publication date: 2016

Print ISBN-13: 9780198701392

Published to Oxford Scholarship Online: March 2016

DOI: 10.1093/acprof:oso/9780198701392.001.0001

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Aristotelian Virtue Ethics and Economic Rationality

Aristotelian Virtue Ethics and Economic Rationality

Chapter:
(p.9) Chapter 1 Aristotelian Virtue Ethics and Economic Rationality
Source:
Economics and the Virtues
Author(s):

Christian U. Becker

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198701392.003.0002

This chapter discusses the relation between virtues and economic contexts and explores potential approaches to this subject matter by virtue ethics and economics. Referring to Aristotle’s philosophy, the crucial role of rationality for linking virtue ethics and economic theory is demonstrated. Against this backdrop, the chapter critically discusses conceptions of economic rationality in modern economics and argues that bounded rationality concepts are a more suitable methodological basis for analyzing the interrelation of virtues and economic actions than standard economic rationality. From a virtue ethics perspective, the chapter explores the meaning of multiple modern economic spheres for the development of personal virtues and explores the ethically relevant societal contexts of today’s economic spheres. Finally, the chapter discusses potential new normative frameworks of excellence relevant to the modern economy with the example of sustainability.

Keywords:   Aristotle, bounded rationality, business ethics, economic rationality, phronēsis, sustainability, virtue ethics, virtue

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