When political philosophers reflected on the kinds of societies they would like to see, they often asked themselves whether existing social systems provide the best possible outcomes for citizens. The economy emerged from philosophy as well, while economists have looked into these kinds of questions, asking what happens if people try to maximize their own utility (defined as happiness), rather than society’s welfare. They find that certain kinds of economic activity are socially harmful: for example, if consumers buy things they do not need (for example, cars to drive around town) because they believe others will pay more for them, then everyone suffers. Similarly, firms that cut costs by firing workers may actually reduce their own profit margins, so they lose money and lay off workers. Economists have come to think of economics as being about how people share scarce resources. Philosophers have added further layers of complexity by thinking about things such as justice, equality, and freedom. This approach came to be known as ‘political economy’ and the moral philosophy in the question of business as ‘business ethics’.
Introduction
How do we really define Philosophy? The Greek word φιλοσοφία – Philosophia. Or as the term has been coined by modern Western language – Philosophy. The literal meaning of this word is relatively static. Derived from its Greek origin it comprises two separate words...
