economists Flashcards
Adam Smith
-People are influenced by both moral and self-interest
-Theory of moral sentiments
- invisible hand
John Maynard Keynes
Government intervention to manage aggerate demand
Deci and Ryan
Self-determination theory
intrinsic values are affected by extrinsic values.
R. Edward Freeman
stakeholder theory:
grouping of stakeholders and the purpose of the organization should be to manage their interests, needs and viewpoints
Michael Jensen
Shareholders are the most important, but stakeholders also play an important role.
He invented the … and was mainly focused on long term view, if the stakeholders do not focus on longterm then you can just exclude them
Milton Friedman
shareholders are the most important.
Focus on making profit but being ethical only for business considerations (1970)
NOT good at benefitting good causes
Amartya Sen
capability approach
companies have responsibilities beyond profit maximization
contributing to the enhancement of well-being and people’s capabilities
John Stuart Mill
utilitarianism
Immanual Kant
deontology
Martha Nussbaum
among with Amartya sen, capability approach
John Stuart Mill/Jemery bentham
utilitarianism
John Rawls
- Maximin principle
- Justice of fairness
- Veil of ignorance (designing social rules as if one doesn’t know to which group they belong
Michael Sandal
Justice theories (honoring and recognizing virtues) sport/golf example/ honorific theological (purpose)
Karl max
Labor produces products but get paid less than the value they produce, the rest goes to the owners (capitalism)
Against capitalism
Nozick
Entitlement theory (besides the maximum principle and utilitarianism)
states that if it is JUSTLY ACQUIRED and VOLUNTARILY EXCHANGED, there is inequality by free choice.
but START WITH AN EQUAL DISTRIBUTION, some people will watch De Jong play, some dont
not the outcome but the PROCESS
