The inputs and outputs of economic systems are dependent on the culturally
determined value structures of a society. To the extent that economics explains
observable phenomenon and proposes optimal outcomes, the discipline can be not
only responsible for the maintenance of an economic framework but can also be
the catalyst for change. Economic outcomes in essence mimic the values of the
participants in an economic system, as these evolve, so does the outcome of the
economy.
Evaluating the historical cultural progression of human society can promote a
stronger understanding of the economic relationship with resource allocation, both
intra- and inter-society, and most importantly provide insights with respect to how
perceptions of the world are shaped through cultural frameworks at a given point in
time. The pace at which cultural attributes evolve may also provide a deeper
understanding of why institutional and social frameworks may be inconsistent
with the manifestation of contemporary challenges. Viewing economic thought or
philosophy over time reveals the dynamic and cultural elements of society, as well as
the basis of economic thought that remains in the principles literature in the present
period.
2.5
Reconciling Economic Theory and Historical Context
The cultural attribution of value is a significant and arguably primary differentiator
with respect to the variation in the perspective between societies of the quality of life
for both human and non-human elements. Examples of surviving written works that
provide a foundation or insight with respect to economic activities include Plato’s
Republic and Aristotle’s Politics. The similarities in economic circumstances as
described by the authors are consistent with the phenomenon observable today;
however, the evaluation of human behavior as it applied to accumulation of wealth,
stratification of society, and the role and impact of gratification were framed within
an evaluation and discussion of moral philosophy and ethics, positioning Western
economics up to the eighteenth century within the discipline of moral philosophy
and politics. The evolution of the discipline continued through the modern era until
the discipline formerly separated from moral and political philosophy through
iteration as political economy to its present standalone context as economics. The
observable mechanics of economic systems were the basis of discussion in conjunction with the human values, whether assumed as innate or culturally inspired. A
connection between the qualitative and quantitative aspects of economic outcomes
was articulated and addressed as an evolving and dynamic process. From this
perspective, economics discussions offered both a normative and a positive perspective, where the former provided opinions and values related to optimization and the
latter described observable activity. At the present time, economics in practice has
shed the normative element of the discipline opting for a positive attribution as a
means to enhance its standing as a science. In essence, the focus on optimization has
been to the exclusion of explicit evaluation of prevailing values. Given the significance of embedded values in conscious decision-making, the lack of articulation of
2 The Role of Culture and Moral Responsibility in Facilitating a Sustainable. . .
19
determined value structures of a society. To the extent that economics explains
observable phenomenon and proposes optimal outcomes, the discipline can be not
only responsible for the maintenance of an economic framework but can also be
the catalyst for change. Economic outcomes in essence mimic the values of the
participants in an economic system, as these evolve, so does the outcome of the
economy.
Evaluating the historical cultural progression of human society can promote a
stronger understanding of the economic relationship with resource allocation, both
intra- and inter-society, and most importantly provide insights with respect to how
perceptions of the world are shaped through cultural frameworks at a given point in
time. The pace at which cultural attributes evolve may also provide a deeper
understanding of why institutional and social frameworks may be inconsistent
with the manifestation of contemporary challenges. Viewing economic thought or
philosophy over time reveals the dynamic and cultural elements of society, as well as
the basis of economic thought that remains in the principles literature in the present
period.
2.5
Reconciling Economic Theory and Historical Context
The cultural attribution of value is a significant and arguably primary differentiator
with respect to the variation in the perspective between societies of the quality of life
for both human and non-human elements. Examples of surviving written works that
provide a foundation or insight with respect to economic activities include Plato’s
Republic and Aristotle’s Politics. The similarities in economic circumstances as
described by the authors are consistent with the phenomenon observable today;
however, the evaluation of human behavior as it applied to accumulation of wealth,
stratification of society, and the role and impact of gratification were framed within
an evaluation and discussion of moral philosophy and ethics, positioning Western
economics up to the eighteenth century within the discipline of moral philosophy
and politics. The evolution of the discipline continued through the modern era until
the discipline formerly separated from moral and political philosophy through
iteration as political economy to its present standalone context as economics. The
observable mechanics of economic systems were the basis of discussion in conjunction with the human values, whether assumed as innate or culturally inspired. A
connection between the qualitative and quantitative aspects of economic outcomes
was articulated and addressed as an evolving and dynamic process. From this
perspective, economics discussions offered both a normative and a positive perspective, where the former provided opinions and values related to optimization and the
latter described observable activity. At the present time, economics in practice has
shed the normative element of the discipline opting for a positive attribution as a
means to enhance its standing as a science. In essence, the focus on optimization has
been to the exclusion of explicit evaluation of prevailing values. Given the significance of embedded values in conscious decision-making, the lack of articulation of
2 The Role of Culture and Moral Responsibility in Facilitating a Sustainable. . .
19