۱٫ Introduction

۲٫ Main Groups of Ethical Theories: Teleological, Deontological and Virtue Ethics

۳٫ Theories of Ethics in the Context of Economic Rationality and Decision Making

۴٫ Ethics and Ratioanality Reconsiled

۵٫ Conclusions

References

This article examines the most prominent ethical theories from the view point of economic rationality. Authors argue that utilitarian perspective which used to be connected with classical concepts of rationality in economics is not the only approach to understand reasoning behind the human behaviour. Moreover, Virtue ethics developed by Aristotle more than 2000 years ago, gives modern perspective to the questions of morale and ethics, connecting individuals to broader communities and explaining their motivation and actions. Similarly, deontological theories that from the first sight might seem as contradicting to rational choice, explain human behaviour when examined at the macro level of analysis. This conceptual analysis concludes that various elements from different theories on ethics are able to provide more profound model of reasons behind human behaviour in comparison to basic assumptions in classical economics.

Introduction

Motives that stand behind human behaviour have been an important question for investigation in various social disciplines. Economics is one of the sciences where complicated theories are substantiated on the basic assumptions considering human behaviour that are taken for granted and not questioned. Moreover, economic science tries to help solving practical problems. The development of practical problems does not consider boundaries between different branches of science. Particularly affected are those branches that study human behaviour and that have been reduced to theoretical concepts for theoretical reasons (for the sake of simplifying) and that foresee the removal of values and moral standards – something that has been previously applied towards economics. Economics is a regulatory science with assumptions and forecasts on micro and macro phenomena, based on a notion that human beings are completely rational – the so-called Homo Oecenomicus- who make all decisions with personal interests in mind and with no concern for others (Casson, 1995; Ulrich, 2012). In this article authors are analysing three major groups of theories on ethics from the viewpoint of ability to explain reasoning behind human behaviour. Teleological theories and utilitarianism for a long time have served as a basis for assumptions on economic choices that individuals are making in everyday lives. Deontological ethics and Kantian imperatives are stressing universal moral principles that should be implemented by individuals, whereas Virtue ethics developed by Aristotle puts individuals in complicated net of embedded relationships that is the only path to achieve real happiness and satisfaction. In the discussion part of the article authors are providing summary of the key elements from all three main theoretical branches of ethics in connection to the concepts of economic rationality. Then new model on the reasons behind human behaviour is proposed that takes into account both economic and moral motives.