Christian economic ethics as a way to reduce risks in the economy

E. A. Orlyansky
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E. A. Orlyansky: Omsk Humanitarian Academy, Omsk, Russian Federation

Russian Journal of Social Sciences and Humanities, 2023, vol. 17, issue 3, 233-241

Abstract: The problem of risks has always aroused the interest of economists in connection with the damage those hazards can cause to economic activity. However, most mainstream economic theories treat risk as a natural and inevitable element of a market economy. It seems that this approach is not productive. This article, based on the approach of neo-institutional theory, will show the possibilities of Christian economic ethics, as an informal institution, in terms of leveling risks and the uncertainty that generates them in a market economy.Representatives of traditional economic theories refer to risks as an immanent feature of a market economy, which is a natural consequence of the uncertainty of economic activity. The more productive approach is the neo-institutional theory, which is built around the category of “institution” and is aimed at the maximum leveling of risk and uncertainty being its causes. Formal and informal institutions should contribute to this. Among informal institutions, economic ethics stands out as an institution with the greatest opportunities for risk leveling. The strongest variant of economic ethics is religious economic ethics.Religious economic ethics has a powerful spiritual foundation. The ethization of the economy from religious positions changes the motivation, first of all, of entrepreneurs, and it creates a tool to influence purely economic sources of uncertainty and risks i.e. market volatility, etc.

Keywords: risks; uncertainty in the economy; market conditions; entrepreneurship; business ethics (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aws:omskjl:v:17:y:2023:i:3:p:233-241

DOI: 10.57015/issn1998-5320.2023.17.3.25

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