Deontology in "Beyond Utilitarianism and

Deontology In "Beyond Utilitarianism and Deontology: Ethics in Economics," Irene van Staveren argues that morality and economics are not mutually exclusive. Rather, economics is imbued with ethics. Hard facts and human values are inextricably tied together and thus an economical ethical theory can and should be explored. Objectivity in economics is but an illusion; social realities cannot be separated entirely out of any science. To explore an ethical theory for economics, van Staveren focuses on Kantian deontology and on Aristotelian virtue ethics.

Deontology posits an absolute ethical value: pure right and wrong decisions based on universal norms. Kant called the moral absolute a Categorical Imperative. Applied to economics, the Categorical Imperative upholds such practices as welfare and equal pay. Often, economics theories based on Kantian deontology must be substantiated by governmental intervention, regulations, or other authoritative means of enforcing the ethical norms. Because of some of the weaknesses inherent in a deontological economics theory, an ethical theory of economics must be broader.

Unlike the universal norms inherent in deontological ethics, virtue ethics are context-based or situational. The potential to be a good person is the core of Aristotelian ethics, which also posits that individuals should make decisions based on their desire to do good and their potential to do good. Virtue ethics is not based either on consequences or on absolute moral values and can thus provide a solid middle ground for basing any ethical economics theory. Unlike deontology, virtue ethics does not rely on authorities for enforcement.

Instead, virtue ethics depends on internal issues like trust. Neither deontology nor virtue ethics alone can create a substantial theory.