Moral Dimension of Economics: A Bahá’í Perspective

Abstract

Economics is often associated with material life and economic science attempts to avoid normative judgment. Recent developments in both the economic science and economic reality, however, suggest that ignoring certain moral dimensions in economics not only limits the sphere of a comprehensive scientific inquiry, but it also leads to unpredictable social and economic problems. Ignoring the moral dimensions in economic, in its extreme, may prove to have created unprecedented levels of crises. These moral dimensions are briefly explored in various economic disciplines mainly in the spheres of consumption and production.