Ethics in Economics

This document discusses the importance of ethics in economics and its impact on businesses and the economy. It explores the challenges faced by financial institutions in maintaining ethical practices and the implications of unethical behavior. The document also highlights the role of government monitoring and accountability in promoting ethical behavior.

Running head: Economics
ECONOMICS
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Table of contents
Introduction......................................................................................................................................3
Comprehensive, in-depth and wide ranging....................................................................................3
Outstanding ability to grasp concepts and relate theory to practice................................................4
Critical review.................................................................................................................................6
Conclusion.......................................................................................................................................7
Reference list...................................................................................................................................8

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Introduction
The term ethics is important in the sense that bringing the development of human
resources is important to bring the materialistic incorporation so that most of the companies will
be able to work by maintaining work ethics. Through the incorporation of better human
improvement, it is important for most of banking and financial institutions like Commonwealth
Bank, Deutsche Bank to indulge in the development of resources and according to Hayne
Commission banks and financial institutions are losing bunch of customers. On the other hand, it
has been seen that maintaining the business ethics are important and they have to follow by
anyone. The final report published by Royal Bank of Commission is on the human ethics and
dignity. This is important in the sense that through the development of ethics performances will
increase.
Comprehensive, in-depth and wide ranging
In most of the organisations, employees are facing many problems regarding the
development of racial controversies. Most of the employees are looking to indulge the
development of racial discrimination so that most of financial companies and institutions can
minimise the discrimination of their employees based on sex, colour and race of the employees.
In most of financial institutions, it has been seen that the employees are easily molested and
drain of wealth is one of common aspects (Brown, 2015). It has been seen that mostly the
developed nations targets the employees of developing nations and indulge them to migrate out
from their city. Even this scenario is very common for the large and small organisations. In most
case small and medium organisations depends on the large organisations through the help of
consultancy and intermediaries. During this process, it has been seen many times that the large

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organisations are breaching employment law and business ethics and recruiting employees
illegally. They are not at all providing any kind of compensations for the loss that has been faced
by the small organisations. The Royal Commission claimed that in order to increase the
performances, the companies are involved even in breaching the contract, and are doing
misconduct even in the audit purpose. It has been seen that in order to indulge the benefit in the
short run many firms indulge in malpractice while selling goods (Foster, 2018). It has been
witnessed that through the involvement of these faulty policies the companies will create
problems for the employees. Through the improvement in the development of audit, taking best
policy will not only hamper the development of employee but also include the resource
mutualisation.
From the point of view, the companies will be aiming to hide the level of exploitation
that the economy is going to include the development of resources. Through the mutualisation of
resource development, the economy is not going to increase the profitability of the economy and
even the Hayne Commission claimed that sometimes the companies are not willing for the
development of resources on a higher note and the companies are mainly looking for the long run
conditions (Wagner, 2016). This is highly inefficient in the sense that through the development
of resources, it will identify the gaps in the innovation and the economy is mainly going to
highlight the importance of establishment of policies. It is extremely important in the sense that
through the development of better improvement in the ethics the business units will be able to
indulge better performances.
Outstanding ability to grasp concepts and relate theory to practice
After studying the development of concepts in the form of high source of accountability
and they want to hide from monitoring of the government, in order to indulge the development of

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the equity, and in order to do this process, the companies are taking the misconduct into human
ethics and human dignity casually (Wight, 2015). One of the important concepts that came out
from the study is that the close and efficient monitoring will not increase security and will enable
the government to minimise the gaps that are lying within the accounting principles and within
the business ethics that are mainly lying within the corporate cultures. Both Commissioner
Hayne and the Royal Commission has come to conclusion that most of corporate of Australia are
having problems in their accounting principles and how they are helping in the development of
resources. On the other hand, through the incorporation of better improvement within the
economy will not only increase the development of accounting principle but will automatically
allow the incorporation of better development of policies. This will be important in the sense that
through the development of better accessibility in the resource development will allow the
companies in financial institutions to implement the superannuation in the human resources. On
the other hand, through the development of resources it has been significant in the sense that
through breaching of ethics and dignity is not going to help in the development of products and
long-term reputation of the company. On the other hand, concept like deferred payment, lack of
skills of human resources is playing crucial role in the development of policies is also breaching
the human ethics.
The utilisation of business and human ethics will definitely increase the production
ability of the organisation as well as human performances. On the other hand the business ethics
will also improve the accountability and audit process. Through the report, it is clear that in order
to hide the corporate corruptions, most of the banking and financial institutions are looking to
incorporate the development of false methods of accounting by breaching business ethics. This
will not only improve the corruption minimising entity but will also help the company in

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improving the importance of resource generating and multiplying effect of resource distribution
will help in the business development. Financial Crisis Inquiry Commission (FCIC) and the
Dodd-Frank Act (DFA) in improving the overall ethics behaviour for most of firms as it will
increase the performance of company along with the improvement in the economy. Most of the
effective policy that has taken the form of better replacement in the economy will not only
indulge the development of resources mitigation but this is one of the important aspects in the
sense that it will implement growth. In Australia, rate of corporate corruption is high and this is
mainly due to lack of proper level of governance within the government level and even the
subordinate level.
Critical review
Through the development of economic evaluation and the implementation of serious
accounting will not only include the development of resources but will also indulge the human
resource to increase their production ability. This will allow the companies indulged in banking
industry to increase the development of resources. It is important to increase the development of
better monitoring will only allow the economy to bring in better level of prediction regarding the
performances. Through the development of resources, companies will indulge the development
of better accessibility so that the whole economy is going to incorporate better production. The
banking sectors are going to help in the development of better productivity so that they will be
helping in the improvement of their economic development. In order to increase the development
of resources the banking sectors will be mainly willing to include the development of structure.
This is important in the sense that through the development of resource will automatically allow
the incorporation of resource distribution. On the other hand, through development of better
resources will allow the development of economic background. It is important in the sense that

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through the development of better accountability, the banks and financial sectors are helping in
the improvement of better accessibility. On the other hand, cases of ASIC v Westpac 02 [2018]
FCA 751 have given rise to a new the theory of entity criminal liability. In the given case, it was
seen that two traders were indulged in misconduct and the misconduct was attributed to the
company. Criminal Code Act (Cth) 1995 includes the corporate cultures as one of the main
inclusion in the corporate criminal liability. The development of better political power will
automatically allow the banking sectors to increase the business ethics and other aspects that are
closely related with the development of better monitoring policy. Through the development of
better accessibility of resources, it is highly affecting the improvement of resources. Through the
development of resources, it is highly significant for the government to increase the
improvement.
Conclusion
The study came to conclusion regarding the development of better monetary policy that is
not only influencing the business but is also making a demand regarding deep challenge to the
government. It is important in the sense that through the development of better improvement in
the strategy the economy will be highlighting the importance of strong fiscal effectiveness.

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Reference list
Brown, P.G., 2015. Ethics for Economics in the Anthropocene. Ecological Economics for the
Anthropocene. An Emerging Paradigm. Edited by Peter G. Brown and Peter Timmerman. New
York: Columbia University Press, pp.66-88.
Davis, J.B., 2018. (WP 2018-03) Comment on White on the Relationship between Economics
and Ethics.
Foster, G., 2018. Ethics in economics. Agenda: A Journal of Policy Analysis and Reform, 25(1),
pp.61-75.
Irlenbusch, B. and Villeval, M.C., 2015. Behavioral ethics: how psychology influenced
economics and how economics might inform psychology?. Current Opinion in Psychology, 6,
pp.87-92.
Lewis, S.C. and Westlund, O., 2015. Big data and journalism: Epistemology, expertise,
economics, and ethics. Digital journalism, 3(3), pp.447-466.
Lumsden, A., 2019. The Wider Implications of the Hayne Report for Corporate
Australia. Available at SSRN 3342855.
Marsh, T. and Phillips, G., 2019. The Hayne report–one giant leap forward for Australia. Law
and Financial Markets Review, pp.1-5.
Scott, E., 2016. Ethics and human resource management. In Practicing professional ethics in
economics and public policy(pp. 215-221). Springer, Dordrecht.
Spash, C.L. and Gattringer, C., 2016. The Economics and Ethics of Human Induced Climate
Change.
Wagner, A., 2016. Ethics and Economics-The Context of an Ambivalent Relationship. Scientia
Moralitas-International Journal of Multidisciplinary Research, 1(1), pp.55-67.

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White, M.D., 2018. On the Relationship between Economics and Ethics.
Wight, J.B., 2015. Ethics in economics: An introduction to moral frameworks. Stanford
University Press.