Economic ethics

Economic ethics is the combination of economics and ethics, incorporating both disciplines to predict, analyze, and model economic phenomena.

It can be summarized as the theoretical ethical prerequisites and foundations of economic systems. This principle can be traced back to the Greek philosopher Aristotle, whose Nicomachean Ethics describes the connection between objective economic principles and justice. The academic literature on economic ethics is extensive, citing natural law and religious law as influences on the rules of economics. The consideration of moral philosophy, or a moral economy, differs from behavioral economic models. The standard creation, application, and beneficiaries of economic models present a trilemma when ethics are considered. These ideas, in conjunction with the assumption of rationality in economics, create a link between economics and ethics.