Economics, ethics, and cost-benefit analysis

Article type: Research Article

Authors: Daly, Herman E.

Affiliations: Department of Economics, Louisiana State University, Baton Rouge, LA 70803, U.S.A.

Abstract: The ethical presuppositions of cost-benefit analysis are discussed and related to the economic growth ‘imperative’. The tendency to substitute numerical calculation for qualitative judgment and moral responsibility, especially the functioning of randomness as a moral scapegoat, are considered. It is concluded that improvement in the understanding of objective value and right purpose should take strict priority over further increase in technical power.

Keywords: Economics, ethics, cost-benefit, randomness

DOI: 10.3233/HSM-1981-2103

Journal: Human Systems Management, vol. 2, no. 1, pp. 7-12, 1981