Is there a word or phrase for ethical value based on economic value?
Welfarism has this sense in it and it is one of the theories in normative ethics.
Welfarism is the view that the morally significant consequences are impacts on human (or animal) welfare. There are many different understandings of human welfare, but the term "welfarism" is usually associated with the economic conception of welfare.
Welfarism is a form of consequentialism. Like all forms of consequentialism, welfarism is based on the premise that actions, policies, and/or rules should be evaluated on the basis of their consequences.
From the book "Welfare, Happiness, and Ethics" By L. W. Sumner:
Also, a basic definition and an example of welfarism from the book "Business Ethics For Dummies" By Norman E. Bowie, Meg Schnieder:
The notion you have in mind may be related to "prosperity theology," according to which God rewards faith with increasing material success and inflicts poverty as a punishment (or an inherited curse) for wrongdoing. Viewed without sophistication (or sophistry), this explanation for economic inequality would seem to make wealth a sign of moral virtue and poverty a sign of depravity.
"Prosperity theology," in turn, seems to have something in common with "economic Calvinism," the notion that God's providence flows to those lead their lives properly (by obeying God, working hard, and avoiding frivolous luxuries), so that prosperity may become a sign of God's favor—assuming that the prosperous individual also upholds the other tenets of the religion.
The somewhat awkward theoretical relationship between religious or ethical virtue and economic affluence has been a subject of sociological inquiry at least since Max Weber's The Protestant Ethic and the Spirit of Capitalism (1905). The emergence of a religious rationale that equates the two is especially interesting because, during the first 1500 years of Christianity, the orthodox view was certainly not that dedication to acquiring wealth represented a reliable path to virtue.