Introduction
The aim of any business or rather organization is to make profit and thus prosper in the business world. However for this to happen there must some things or rather requirements which ought to be met by the business as well the individuals involved in that business. There are requirements which the business or organization itself has to meet while there are those which must be met by the employers and employees in order to foster the success of the business or organization. The main topic which is going to be focused on this paper is professional ethics. It is about whether economists should or should not have professional ethics and how moral theories affect this. Basically the paper is going to address the question and try to justify which side has more weight. Should economists have professional ethics or should they not have?
The issue of professional ethics by economists is one which has been tabled many times. Some are for the idea that it is inevitable while others think that it is not. Many economists form different organization have however employed the professional code of conduct except for a few who have remained reluctant and ignorant to apply the code. It has been seen and proven that professional ethics of course by those who practice it, brings success to an organization or business in that a good image or reputation is brought out thus attracting clients as well as investors. This take appears to be supported by virtue ethics which is basically the driving or rather the motivating force which fosters ethical behavior. Economists who apply the professional code of conduct abide by this moral theory.
Kantianism is a moral theory where people act mainly because it is their duty and not look or rather visualize at the end goal or achievement. Professional ethics has grown to be more of a duty than a choice economists have to make. Many businesses and organization have applied professional ethics but others are too proud or ignorant such that they overlook the effects that it has. It is nowadays not a choice but a requirement that economists must apply professional ethics in their work. This would in turn foster great success for the business or organization in terms of goal achieving.
There is mostly a conflict between professional ethics and code of conduct. Economists have found it difficult to figure which of the two is most effective. According to chapter 6, many economists have fallen victims of overlooking professional ethics and going for the code of conduct as they believe that it is one and the same thing. It therefore shows that the confusion has led to not only economists but also other people believing that professional ethics is not all that effective as opposed to code of conduct. Professional ethics basically entails the character, identity and also behavior of people but in this matter an economist to be specific. This however is not the case with the code of conduct and therefore professional ethics turns out to be the best alternative for economists. They should adopt it into their dealings with clients.
Conclusion
Judging from the points given above, economists should apply professional ethics in their work. This is because people or rather clients get to have a clear image of the kind of person that they are dealing with as opposed to the case of the code of conduct. Professional ethics is therefore the best option for economists.
Work cited
Kelly, Eugene. 2006. The Basics of Western Philosophy. Greenwood Press: 160.
Olson, Robert G. 1967. 'Deontological Ethics'. In Paul Edwards (ed.) The Encyclopedia of Philosophy. London: Collier Macmillan: 343.
