lecture 9.3 markets are terrible

Question 1

alienation karl marx

Answer 1

Owing to the extensive use of machinery, and to the division of labour, the work of the proprietarians has lost al individual character and consequently all charm for the workman. He becomes an appendage of the machine, and it is only the most simple most monotonous and most easily acquired knack that is required of him

workers alienated from their work, but it goes further

Question 1

Alienation the origins Marx (2)

Answer 1

1) workers are alienated from the product of their labor (the workers added value is appropriated by the capitalist)

2) Workers are alienated from the activity of their labor (merely to survive, no longer flourish)

3) Everyone (workers and capitalists) is alienated from their own essence, which is creative and social

4) everyone (workersk and capitalists) is alienated from their fellow human beings

5) everyone (workers and capitalists) is alienated from nature itself

Question 2

Alienation today
why is it the case that the majority of us do not act in a way that prevents harming others
Barry maguires

Answer 2

Because markets are incompatible with caring about each other

specifically, markets prevent us from acting from motives that are fitting with caring for a person

Fitting motive: you are non instrumentally motivated by the fact that the option would positively impact (that persons) needs

Question 3

Reasons and motives for actions

Answer 3

think about caring. Imagine a friend is ill in the hospital:

reasons to go visit: a) you would want them to visit you when you are ill

b) you dont want to deal with them being angry

c) because they need you

If you are motivated by a and b you are instrumentally motivated: motivated to do something for someone because of what you get out of it

IF you are motivated by c, you are intrinsically motivated: motivated to do something for someone for the sake of that person

Question 4

Fitting motives for caring are inhibited by two reasons in efficient markets
Markets are exclusionary

Answer 4

exclusionary:
Maguire takes the manager of a mid size firm in a competitive market as guiding example

The manager is committed to the profitability of the firm

The efficient market will make decisions – about which products to sell to whom under what circumstances about hiring and firing, about which products to produce or discontinue, which factories to open and close - all on the basis of what will best promote the profitability of their firm, and not on the basis of loyalty to staff, or sense of pride in making beautiful clocks.

This committed tot he profitability is exclusionary: it excludes ones actions being motivated by caring

does not mean the marketeer does not have other reasons

does not mean the marketeer is indifferent to suffering

maybe the marketer would be motivated by caring if they were not committed to profitability

This is the first way in which markets are alienating

Question 5

Fitting motives for caring are inhibited by two reasons in efficient markets

markets are fetishistic

Answer 5

Caring about an end for its own sake, and hence … being motivated by its interests as such… is fetishistic if the end is not valuable in itself

For example caring about geetting up at 9 am for its own sake

This committed to the profitability is fetishistic

even if raising wages is done to have happier employees, this is only because it is a route to the ultimate end of profitability

benefits to individuals will be abandoned if they are in opposition with profitability