A group of economists has recently begun addressing questions at the intersection of ethics and economics. They are preparing new definitions of individual choice that combine self-interest and other-interest, new processes of interpersonal exchange that result in cooperation rather than conflict, and new measures of social well-being that include rights as well as outcomes. This article surveys that work, and suggests areas where conceptual inputs from business ethicists are clearly needed, and where multiple opportunities for interactive research are obviously present.

This article reports the results of an exploratory investigation of a particular area of moral tension experienced by MBA students in a graduate school of business. During the first phase of the study, MBA students'' own perceptions about the moral climate and culture of the business school were examined. The data gathered in this first part of the study indicate that the students recognize that a central part of this culture is constituted by a shared familiarity with a set of (...) institutionally reinforced premises about human behavior and motivation including the ideas that: 1) people are self-interested utility-maximizers, 2) individuals should be unimpeded in their pursuit of their own self-interest through economic transactions, and 3) virtually all human interactionsare economic transactions. The data further indicated that the business students experience a degree of tension between this ethic of self-maximizing and the everyday ethics prevalent in our broader culture, in which altruism and selflessness are central elements. The final section of the study was an effort to see whether and how these institutionally sanctioned premises were integrated into the students'' arguments about the relationship between self-interest and social responsibility. (shrink)

The social sciences, and particularly economics, play an important role in business. This article reviews the account of the interdisciplinary conversation between Catholic Social Teaching and the social sciences (especially economics) over the last century, and describes Benedict XVI’s development of this account in Caritas in Veritate . Over time the popes recognized that the technical approach of economics was a barrier to fruitful collaboration between economics and Catholic Social Teaching, both because the economic approach is reductionist, and because modern (...) social science is skeptical of comprehensive accounts of human nature. Through an appeal to charity in truth, one can deduce from Caritas in Veritate that economists, along with business and management theorists, need to take seriously the project of reflecting on and promoting true human goods in society. To love the person one must reflect on what is truly good for the person; to discover the true good of the person, one must love the person. (shrink)