2004/07/27 by Masudul Alam Choudhury, Mohammad Ziaul Hoque · 1 citation
Economics, Econometrics and Finance · #Economic Theory and Institutions #Economic theories and models #Economic Theory and Policy
paper · doi:10.1108/03068290410546048
openalex publication_date 2004/07/27 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/22
The theme of micro‐foundation of economic theory has not been adequately addressed. This is true even of those who pioneered the area of micro‐foundation of macro‐economics. The great missing link in economic theory, both of micro‐economics and macro‐economics, is the inability to methodologically integrate ethical and moral values through preference mapping. This missing methodology disables the study of institutions, policy formulation and normative statements of structural transformation. On the other hand, such issues are once again haunting the human race in the murky and troubled global relations today – from capitalism to war to governance. This paper addresses the preference mapping and embedding of ethical and moral issues as endogenous dynamics in economic theory. The approach is rigorous and methodological.