The Didactic Meaning of Institutional Economics as a School of Economic Thought: the Role of Morality in the Economic Life
DOI:
https://doi.org/10.18778/1899-2226.12.2.08Keywords:
institutional economics, mainstream economics, teaching economics, teaching business ethicsAbstract
In the paper a thesis is stated that institutional economics presents considerable support for business ethics teaching. The assumptions of main-stream economics eliminated the problems of morality in economic life. The dominance of neo-classical economics in economic studies curricula contributes to the social opinion that business is deprived of moral dimensions. From this point of view, it is argued that business ethicists should be more interested in institutional economics. Some institutionalists see economics close to social moral philosophy and claim that a normative approach in economics is natural and necessary. The questions of aims and economic morality are integral parts of many institutional research agendas. Especially the New Institutional Economics has developed tools that enable formalization and empirical verification of theories of morality in business. Institutional economics enriches the theoretical and empirical context of business ethics teaching.References
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