Munich Personal RePEc Archive

URMI and its Integration into a framework for Ethics in Economics

Gul, Ejaz (2013): URMI and its Integration into a framework for Ethics in Economics. Published in: INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS , Vol. 3, No. No 8 (16. December 2011): pp. 798-803.

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Abstract

Utility, Rationality and Methodological Individualism (URMI) are the dominant aspects which determine the paradigm of ethics applicable in economic decision making process. Generally, in traditional economics the decision-making process for individuals has no significant space for ethics as individuals are only interested in maximizing their profits. URMI is a very important concept the formulation of which into various combinations determines different functions for ethics in economics. Economists have used different definitions for the constituents of this concept but there can not be sighted noteworthy effort to integrate these multi dimensional phenomena into a framework for ethics in economics. This paper integrates different approaches about URMI and chalk out a framework for incorporating ethics into economics.

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