ABSTRACT
In the Principles of Economics Alfred Marshall presents a system of economic ethics and a scientific interpretation of economic activity. Deliberate rational conduct is considered simultaneously as an ideal, as a fact, and as the main concern of economics. In spite of his rejection of acquisitive selfishness, Marshall points out that economics centres around monetary matters and material rewards: The steadiest motive to ordinary business work is the desire for the pay which is the material reward of work. However, Marshall’s inner doubts force him to revert to the problem of the ethical justification of money-making. The philosophy of the early nineteenth century had a stronger utilitarian tinge than did Marshallian economics. The first century of the industrial economy in England and, later, in America was characterized by an amalgamation of business ethics with Christian morals. The recognition of higher goals requires the acceptance of qualitative ethical differences.
