Aristotle on Economics and Ethics

Sungsoo Kim Emel Kahya

Applied Economics and Finance, 2018, vol. 5, issue 6, 23-32

Abstract: Over the last several decades, we have witnessed seismic changes in corporate America: the increasingly myopic perspective of American managers, the relentless pursuit of short-term paper profit, reckless disregard for the interests of the non-shareholder community, a rise in hedge fund activism, and an ever-increasing use of incentive compensation, which arguably motivates managers to take on riskier investments. By revisiting Aristotle¡¯s properties of ethics and economics, and considering their implications for accounting and finance, we try to learn guiding principles of economics, and by extension accounting and finance, from a great philosopher. We then discuss whether we have made progress, stood still, or even retreated from the philosopher¡¯s propositions of more than two millenniums ago.

Keywords: ethics; Aristotle; accounting/financial profession; economics; business (search for similar items in EconPapers)
Date: 2018
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