Pricing policies and fair-trade practices are critical for sustaining commercial relationships between firms and customers. Nevertheless, in current business practices, fairness has been mistakenly reduced to a minimalistic ethic wherein justice only demands legal and explicit norms to which commercial parties voluntarily agree. Aimed at giving a different explanation of commercial agreements, this paper will introduce a Virtue Ethics (VE) explanation of the relationship between pricing and the common good by taking up classical concepts related to justice in commerce. In (...) particular, we will explore three principles associated with the notion of fairness in commerce as defined in Neo-Aristotelian ethics towards a relationship between a common good and justice in pricing, i.e., proportionality, benevolence and well-being. To exemplify how these criteria of justice apply to decision-making in commercial practices, we will discuss several cases of fair and unfair commercial relationships. (shrink)

The gap between economic rationality, as embedded in utility maximization, and ethical rationality, identified with a set of rules that prescribe the right course of action, has been a challenging issue for economists, philosophers, and business ethicists. Despite the difference and the noncompetition between a scientific economic approach of economics and business ethics, and a behavioral and philosophical one, we highlight the importance of the Aristotelian concept of prudence or phronesis applied to business activity. Phronesis allows for a conceptualization of (...) rationality that can be simultaneously applied to economics and ethics. It also allows conceiving the intrinsically ethical nature of economic rationality. This relationship requires an appropriate education and the intervention of the state. (shrink)

This article aims at showing the need for a sound ethical and anthropological foundation of economics and business, and argues the importance of a correct understanding of human values and human nature for the sake of economics and of businesses themselves. It is suggested that the ethical-anthropological side of economics and business can be grasped by taking Aristotle’s virtue ethics and Amartya Sen’s capability approach (CA) as major reference points. We hold that an “Aristotelian economics of virtues”, connected with the (...) CA’s notion of human richness, can promote the shift to the concept of personhood, and can lead to a more “humanized” business, by fostering human flourishing, the enhancement of human capabilities, and the pursuit of a more humane development for each and every person. (shrink)

In this paper it is demonstrated how the understanding of resilience is enhanced and shaped when using the concepts of oikos and life-modes. Instead of applying a rather problematic welfare capitalism model, which partially provides a negative social reproduction and production, it is suggested to apply a household/family model. The household/family model outlines that positive social reproduction and production, including real and productive values, potentially creates an essential bond between viable household, family, work, socialisation, and network based communities, resulting in (...) socially, economically, mentally, and ecologically sustainable survival of families and livelihoods over generations. Furthermore, it is stressed that serious fallacies will occur if resilience is solely understood and explained in terms of individual resources and characteristics. Nonetheless, it is recognised that non-cognitive traits such as persistence are important. Offspring is more strongly socialised and positioned in intact and viable families by transmitting and practicing a set of long-term reproduction and production strategies, which compared to upper strata are less common in the lower and middle strata. Thus, resilience is unequal. (shrink)