Two very different ethical theories are involved in adult education: (1) the ethics of self-realization; and (2) the ethics of utilitarianism. The first theory presupposes that every person ought to realize and actualize the qualitatively fullest life possible for that person, whatever that person's circumstances in life. The second theory presupposes that all human relationships ought to be articulated in accordance with the principle of utility, or the greatest happiness for the greatest number with the minimization of pain. It might be possible to begin to reconcile these two conflicting ethical theories, such that each person might achieve the fullest self-realization and communities of persons their fullest economic development. To reach such a reconciliation, it is necessary to take into account what "economics" meant in Greek and Latin terms, and how a narrow, money-specific understanding of the concepts of economics completely fails to grasp the wide and deep cultural, intellectual, and emotional sense of "economics." Understanding of these historical meanings of "economy" can be applied to the economy of development, along with the realization of person. The ethical theories of self-realization and utilitarianism must be reconciled as a necessary presupposition for coherent and consistent theory, practice, and research in adult education. (KC)