ethical pluralism in economics

Question 1

pluralism in economics

Answer 1

focuses on economics with looking at
1. real life examples (families, markets, governments)
2. using different methods and values

Question 2

Pluralism in Ethical Dimensions of Economics

Answer 2

looking at economics through different moral perspectives to understand why people act the way they do and how to make fair policies

Question 3

Whats important to note about these frameworks

Answer 3

they can sometimes compete but also complement each other

Question 4

peoples behavior can be driven by … and … and norms based on …

Answer 4

instinctual or learned social behaviors and norms based on moral (not self interest)

Question 5

why are ethics important in economics

Answer 5

helps us to understand behavior and make better decisions:
1. understanding human behavior
2. making normative claims of how people should behave

Question 6

horizontal pluralism

Answer 6

focuses on different layers of economic activity:
1. actors: individuals/groups –> who is involved?
2. actions: include formal rules and informal rules –> what is happening?
3. outcomes: goals/results of economic activity –> what results do we want?

Question 7

duties/commitments and horizontal pluralism

Answer 7

shape motives and can limit what actors can or should do

Question 8

vertical pluralism

Answer 8

different traditions within each moral framework. looks at how people can combine/balance different moral perspectives when making decisions

Question 8

what do horizontal pluralists advocate?

Answer 8

bridging frameworks

Question 9

vertical pluralism: three main approaches to decision-making

Answer 9

outcomes, duties/rules, and virtues

Question 10

Outcome-Based Vertical Pluralism

Answer 10

1. focuses on results (maximizing economic benefits, promoting fairness, freedom, minimizing pain)

Question 11

tell me something about different outcomes and vertical pluralism

Answer 11

they care about more than outcome so sometimes have to work with trade-offs.

Question 12

Duty-and-Rules-Based Vertical Pluralism

Answer 12

1. focuses on what is the right thing to do? (regardless of the result)

Question 13

Virtue in Vertical Pluralism (Character of the Actor)

Answer 13

1. What kind of person do I want to be?
2. They can’t be traded off or replaced by one another.
3. These virtues need to be balanced rather than focusing on one virtue at the expense of others

Question 14

firms focus on two other things beside making profit

Answer 14

1. abiding by the law
2. acting ethically (treating employees fairly, respecting the environment)

Question 15

what makes it hard to predict humans with simple economic models?

Answer 15

we are complex and varied

Question 16

ethical custom

Answer 16

behaviors/practices that people adopt bc they believe they are morally right.

Question 17

Name the example of ethical custom with the shareholders interest and manager

Answer 17

managers might prioritize shareholders interests and ignore personal gain because they believe that that is the right thing to do.

Question 18

ethical customers are … values

Answer 18

internalized values that guide behavior, even if they go against self-interest

Question 19

What does Friedman say about ethics?

Answer 19

Friedman argues that professionals show self-control by following strong norms of duty rather than acting selfishly (ethical custom)

Question 20

what does Amartya sen say about ethics?

Answer 20

horizontal pluralism highlights that people don’t just act to maximize personal gain (utility); they also consider moral commitments like duty and virtue in their decisions