Economic theory rests on the principal axiom of egoism that everyaction is driven by self interest, and is therefore seen as a moralfreescience. Morality, on the other hand, concerns subjective valuejudgement, usually in the interpersonal context of whether an action isright or wrong. Although the two are seemingly unrelated, welfareeconomic theory and its applications cannot proceed very far without theassistance of moral codes. This article discusses the origin andrationale behind the construction of moral codes, the moral codificationof preferences and its associated problems.
International Journal of Social Economics – Emerald Publishing
Published: Feb 1, 1989