page_title: Economic ethics
section_title: Classical economics
hierarchical_section_title: Economic ethics / History / Classical economics
caption_attribution_description: PRESIDENTIAL PRIMARIES A FRAUD BY THE RICH &amp; POWERFUL OF AMERICA 105,868 views American President is Elected by Foreign Money Everyone knows that American Israel Public Action Committee (AIPAC) and its numerous losely affiliated PAC’s and members committed to Israel will take out any sitting Congress member or Senator if they DARE speak out against Israel. If someone does not tow the Israelie line when running for office, AIPAC or one of its many affiliate PACs or members will give financial support to the candidate who will. AIPAC and its affiliates working for a foreign country Israel can give unlimited financial contributions to any US candidate for any public office. America has lost its democracy to a foreign entity Israel and its supporters. What if India, China, Russia, or Pakistan started delivering billions to Presidential or Congress candidate of their choice? &lt;a href="http://americafraud.blogspot.com/2013/09/PresidentialPrimariesAfraudInAmerica.html" rel="noreferrer nofollow"&gt;americafraud.blogspot.com/2013/09/PresidentialPrimariesAf...&lt;/a&gt; READ THE COMPLETE STORY
context_page_description: Economic ethics combines economics and ethics, uniting value judgements from both disciplines in order to predict, analyse and model economic phenomena. It encompasses the theoretical ethical prerequisites and foundations of economic systems. The school of thought dates back to the Greek philosopher Aristotle, whose Nicomachean Ethics describes the connection between objective economic principle and the consideration of justice. The academic literature on economic ethics is extensive, citing such authority as natural law and religious law as influences to normative rules in economics. The consideration of moral philosophy, or the idea of a moral economy, for example, is a point of departure in assessing behavioural economic models. Ethics presents a trilemma for economics, namely in standard creation, standard application, and who the beneficiaries of good, by these standards, should be. This, in conjunction with the fundamental assumption of rationality in economics, creates the link between itself and ethics as it is ethics which, in part, studies the concepts of right and wrong.
context_section_description: The Labour Theory of Value holds that labour is the source of all economic value, which was the viewpoint of David Ricardo, Adam Smith and other classical economists. The distinction between 'wage-slaves' and 'proper slaves' in this theory, with both being viewed as commodities, is founded on moral principle given that 'wage-slaves' voluntarily offer their privately owned labour-power to a buyer for a bargained price, while 'proper slaves', according to Karl Marx, have no such rights. Mercantilism, although advocated by classical economics, is regarded as ethically ambiguous in academic literature. Adam Smith noted that the national economic policy favoured the interests of producers at the expense of consumers given that domestically produced goods were subject to high inflation. The competition between domestic households and foreign speculators also led to unfavourable balance of trades, i.e. increasing current account deficits on the balance of payments. Writers and commentators of the time employed Aristotle's ethical counsel in order to solve this economic dilemma.
caption: Adam Smith on corruption.
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