In: Economics
This chapter introduced a distinction between morality, virtues, and social ethics. How would you describe each?
Morality can be defined as the combination of different principles which are related to the distinction between the rights and wrongs or good or bad behavior. Morality is the beliefs which indicate that some behaviors are right and acceptable while some behaviors are wrong.
Virtues are the behavior which represents the high moral standards and it is mainly the moral excellence. It is mainly a trait or quality which is considered to be morally good and thus it is treated as a foundation of principle and being a good moral being. The four classic cardinal virtues are temperance, prudence, courage, and justice.
Social ethics are mainly related to the social policies along with the discussion of right and wrong in the human relations. Social ethics are mainly related to the principles and guidelines which govern and regulate the corporate welfare in a certain society particularly related to the determination of which is considered to be right, just and noble.