Our research of Tomáš Garrigue Masaryk’s opinions on economy and economic principles showed that Masaryk did not create a complex economic theory. In spite of that he dealt with economic issues thoroughly. The central category in Masaryk’s economic thinking was utility. Masaryk understood utility to be a moral category since it determines economic behavior of a person through general ethic rules. Masaryk analyzed other economic terms, such as work, value, goods or trade, from this point of view. He focused on reasons for social and property unevenness, economic crises, unemployment and pathologic features in state economies. The basic problem arises from discrepancy between human acts and ethic standards. Such discrepancy could be eliminated through education, application of ethic principles in business and in interpersonal and international relationships.