Economics and ethics: Is economics a moral science?

Abstract

The contemporary macroeconomic mainstream has faced substantial scrutiny, particularly from economists with more heterodox perspectives. They argue that its assertion of modern economies operating smoothly along an intertemporal equilibrium path lacks alignment with real-world circumstances. Historical evidence shows that such harmony is rarely the norm. However, the conventional viewpoint is open to diverse criticisms. Is it possible for the field of economics to evade its inherent ethical and moral dimensions? Within macroeconomics, there appears to be an absence of ethical grounding. This article addresses this question.