right conduct, propriety; justice
Phonosemantic compound. 羊 represents the meaning and 我 represents the sound. In ancient China sheep (羊) were associated with goodness and beauty, which is why 羊 is a component in characters like 美 (beautiful), 善 (benevolent), and 義 (justice).
《說文》：“義，己之威儀也。从我羊。羛，《墨翟書》義从弗。魏郡有羛陽鄉，讀若錡。今屬鄴，本內黃北二十里。”