Ethics might be defined as virtuous behavior. Clearly, over time, a market economy perceives wealth creation as one form of virtuous behavior. What can go wrong in this process?

Question

Quizplus · Accepted Answer

The Answer is Wealth creation could involve activities that violate the law. Fraud and other illegal activities reduce the welfare of others and reduce the efficiency of the marketplace. Reputational concerns may reduce illegal activity but are not usually a good substitute for well functioning legal systems in promoting efficient market systems.

Ethics Might Be Defined as Virtuous Behavior