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Ethico-economics, the future system

Islahi, Abdul Azim (1994): Ethico-economics, the future system. Published in: Economics and Ethics, by Devi, S. Uma (edt.) New Delhi, Deep and Deep Publications (2003): pp. 121-129.

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Abstract

Conventional economics, both in its free enterprise and command versions sought to delink the science of economics from moral religious values and reduce it to a positive science. Now most economists feel an urgent need for objective analysis of the entire economic landscape with a view to finding a fresh approach, which seeks the objective of efficiency and equity simultaneously and for all human beings. Productive investment is to be judged with reference to the twin criteria of economic viability and socio-moral desirability. Where and if the two conflict, the latter should get preference. The moral and ethical perspective is the common heritage of all religions. India is a plural society with multi-religious and diverse ideologies. In such a society, an integration of ethics and economics provides a common acceptable solution to economic problems and is in complete harmony with people's socio-cultural tendency.

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