Economics is missing its moral root. Moral Sentiments, written by Adam Smith before The Wealth Of Nations, provided the moral founding assumptions of economic thinking. In essence, morality should be the bedrock of economic thinking.
All the classic thinkers, in philosophy and science, depended on ethical standards based on a moral foundation. Economics, which prides itself as a science, has great difficulty demonstrating its moral stance, as it has gradually ignored all the ethical ethos of the humanities. By emphasising 'self interest' and ignoring 'do the other no harm'-a moral sentiment, the science of economics is in reality a biased collection of self-serving hypotheses.
As modern economists go further away from the founding traditions of classical thinking, emphasised in moral philosophy, economics and its derivatives has totally ignored considering the impact of experiment, or practice, on human welfare. It is emphasised in all scientific pursuit that experiment and demonstration should always maintain high ethical standard.
Financial economics which has driven global finance into perpetual crises is the domino result of a science that lacks morality. Driven by economic assumptions-devoid of moral and ethical consideration, greed has been encouraged and the market persists in eternal turmoil.Only ethical considerations and a moral socialisation of economic thought can bring back sanity in financial exchange.
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