Taking a Closer Look at the Ethical Principles that form the Basis of Economics

Economics is the systematic study of efficiently allocating limited resources to meet the diverse needs and wants of individuals and societies. Despite its presence in all activities of production and exchange of goods and services, the ethical underpinnings of economics lack clarity. The purpose of this paper is to shed light on ethical dimensions woven into the structural features of economics. This would allow a deeper understanding of ethical considerations that shape economics, thereby enhancing our understanding of ethical implications in societal decision-making regarding resource allocations to serve the needs of all.