The term ethonomics refers to ‘ethical economics’ and also this organisation.
Specifically, ethonomics refers to a field encompassing economics but in which the terms of reference have been widened:
- from concerns related to price, quality, range and service (PQRS);
- to also include all ethical issues, appropriately weighted against current economic priorities.
The inclusion and this type of extension of economics shows that ethonomics has the potential to be a rich, influential and multi-faceted academic area. The growth of interest in areas such as corporate social responsibility, fair trade and microfinance underline the growing interest in this area.
In today’s world the pivotal significance of ethonomics is shown by problems such as global warming, pollution, and human inequalities fostered by elements such as disparities in wages or standards of working conditions.
It is worth emphasising that ethonomics would not ignore the importance of PQRS, merely balance it against other concerns.