Harmonizing the fundamental principles of economy and moral philosophy

Abstract

In its simplest form, morality refers to the value judgments that we define as "good" or "right" in human relations. Here, questions arise such as "what is understood from good? what is the criteria?, and what is good for whom?". Basically, morality has formed the basis of value judgments in almost all religions. Being moral is a phenomenon that should also be present in economic thought as it is present in every place in life. The conditions of free competition essentially provide the necessary situations for being moral in economics but it is not possible to ensure morality in terms of production and distribution under monopolistic structures. Taking these into concern, this review article attempts to prove that economics and morality are not independent from each other and both of them complete each other by means of fundamental principles in economy; and thus, provide suggestions.