Economic Morality: Overview of the Video by Dr. Jerry Hionis
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Economic Morality
Overview of the Video
Dr. Jerry Hionis in the video is giving a presentation on microeconomic foundations with a focus on the field of Islamic economics (YouTube, 2015). The professor tries to explain the experiences in economics and gives reasons for the study of economics. In his overview, he mentions that economics is about analyzing the markets, the business, and money. He goes ahead to define economics as a social science where different groups deal with their existing problems involving all world and adds that it is all about how people maximize their happiness and minimize the cost. He explains the aspect of morality in that economic morality dictates that the propriety of actions be weighed by first looking at its costs. Such measures should be considered with the existing systems, what is believed to be right or wrong. Dr. Hionis explains the relationship between economics and decision-making and actions, in that whatever a person does define that individual (YouTube, 2015).
The professor goes ahead to say that there are significant issues that comeup, and that people have to deal with them. He explains that, however, much how one gets money is not important, the priorities and planning on how one spends that money relates to how the money was acquired (YouTube, 2015). People stress the need for the government to involve in economics for it to progress, and people have distinct choices of sales, but it is important to focus on the source of the issues and understand their basis. Before an understanding is brought on the morality of economics, it is important to realize the principles and the context of economics and economics practice then relate them to the actions. The expenditure of the marginal profits and even interest in a better use refers to morality (YouTube, 2015). It is not important to do almost everything as a person can identify some actions that are not right and decide not to do them. People even need to concentrate on the things they buy even as much as they cannot monitor every product.
Due to the increased consumption and the few number of production points for the goods such as food, the prices of the products increases and more has to be spent on the purchase of goods and services. It is economically moral to think on the cause of the ever-increasing cost of goods and services and the possibility of expanding production of products and services for the economic and social interests. People have to exploit the best of their abilities just as commercial trades and the decisions should not only focus on long-term. All parties should conduct sound practices and transactions in justifiable manner with morality.
Ethical Implications Presented in the Video
Economic morality dictates that the propriety of actions should be weighed by first looking at its costs of such activities in comparison to the existing systems, what is believed to be right or wrong (YouTube, 2015). Every action of an individual and decisions made defines such a person and had economic implications. Another ethical implication presented is on how decisions are made on expenditures and how it relates to the manner in which the money was acquired. The speaker stresses the need for compliance and the best practices in the manner in which transactions are carried out as per the best expectations (YouTube, 2015). The video stresses the importance of understanding the principles and contexts of economics and practices and relating them to the actions undertaken. People should only do what is morally acceptable and desist from what is not important, and it is necessary to transact on adequate supplies through monitoring their compliance as much as possible.
The Effectiveness of the Video
The session was presented effectively with clear sound and imaging, even though, the voice of the speaker highly fluctuated. The intended audiences were those Muslims in the field of economics to learn on economics morality (YouTube, 2015). In addition, based on the knowledge shared on the video, I would recommend this video to a peer to get the idea of the speaker about morality in economics.