The paper argues that the attempt to relocate economics from the domain of the moral sciences to one closer to that of the natural sciences necessarily meant that free will, intentionality
and moral judgment were excluded from its purview. However, the resulting surrogate reality has proven to be less than satisfactory because economic life is simultaneously about what should be as well as what is. Because economic life is lived with a purpose in mind, economic ‘facts’ are interwoven with intentionality.
Attempts to reconstruct economics as a moral science
show how utility
calculations and moral considerations co-determine the behavior of economic agent
s, and throw light on the deep connection between virtue ethics
and all levels of economic activity
as well as the deleterious consequences when that connection is impaired or severed.