Articulation between Ethics and Politics in the History of Economic Thought

Abstract

During its history from Aristotle to Friedman, economic thought has turned itself naturally towards politics as well as towards ethics. This paper reflects on the various ways to understand the articulation between economics, ethics and politics. It argues in favor of a specific understanding: one should look first for what is ethical (rules of just conduct). The implementation of those rules have direct implications for the division and limitation of powers (politics) and once in place allows for rapid economic development. The paper claims that this understanding—which relies on a certain conception of the nature of human beings—has developed throughout the centuries and was dominant at the time of the scholastics. Since then it had to compete with other understanding of economics, politics, ethics and human nature such as found in positivism, marxism or behaviorism.