Other way Flashcards
- Legal Paternalism
- Gov regulations make things more expensive and make people not have a choice in using a less expensive product that is riskier
Ex: am a lumber jack so I know how to use a chainsaw and do not need all the extra safety features that make it more expensive
Huber
we fail to acknowledge the risk in our lives
Risk aversion in our lives
With more regulation we become more risk adverse (not good)
Less risk adverse in the 80
Main example is Nasa and Apollo Challenger
Fairlie
Cost benefit anaylsis
Dowie
Pecuniary Emulation and Conspicuous Consumption
Pecuniary emulaiton= Wealth conveys honour
- want to show off to people which influences our consumption
Veblen
The Dependence Effect
Advertising creates consumer demands rather then just serving consumer needs
the same process that produces products also produces demand for those products
Galbraith
Counterargument to Galbraith
Hayek
If corporations can make national and moral decision then they can be held morally blameworthy or praise worthy for their actions
Issue is assigning moral responsibility to individuals inside the corporations
Ex: Volkswagen blamed a person for the emission scandal (scape goat)
French
The social responsibility of business is to increase profits
For business to “do good” would interfere with the structure of the free market
Had the Narrow View: Corp responsibility covers only. Profit maximization
Freidman
Why corporations should not be socially responsible
Promissory argument
- Managers seek what owners what Seek profit maximization
Agency argument
- executives act as agents of the shareholders and are responsible for fulfilling their wishes
The Role argument
- People have obligations based on thier roles
- Ex: Dr and confidentiality
The polestar argument
- Stone thinks makes the most sense
- can understand management is pursuing profits as based not the environment they are operating in
Stone
social responsibility and economic responsibility
- business can increase efficiency from a moral code like Dr or lawyer
- need some regulations for free market to operate
Arrow
- everyone should get what they deserve based on their place in society
Plato
Justice requires a principle of equity
not everyone should get the same
Aristotle
- highest good for all is when each individual member of society is allowed to pursue their idea of good
Smith
entitlement theory
- Distribution of goods, money and property is just if people are entitled to what they have
Nozick
Fairness
justice should be distributed fairly
- people choose on basis of self interest
- principles of self interest
- social contractarianism
Rawls
- argument against social contractarianism
- do not need a centralized power telling us when and how to help people less fortunate
Kristol
attempt to impose social justice on a healthy marketplace will in the end only harm the markets and those whom the original action intended to help
Hayek
“Land community”
Is a granted moral standing such that individual member can be treated as resources as long as the community itself is respected
“ethical holism”
Most practical approach to take when making a decision about resource management thinking like a mountain
Leopolds
argues we error when we think all public policy question should be settled on basis of money
Argues
We have policy concerns that are more then financial concerns
Should not substitute efficiency of safety
Should never victimize our citizens or treat them like pawns to serve the interest of those in power
Sagoff
Have no duty to the environment but do have a duty to ourselves and future generations
Baxter
Business do not have obligation to conserve natural resources or pollute less then requires levels by law
business does have environmental obligation such as educating consumer and not opposing environmental regulation in politics
Bowie
Nonhumans animals have moral consideration as they experience pleasure and pain
So need to to acknowledge we have a moral duty to nonhuman when making decision about what happens to them
Singer
capitalism is a regime
Like other regimes with distinctive hierarchies and power structure
Heilbroner
Capitalism has lost its moral foundation
Is now a source of many if not most cultural problems
Bell
“Two kinds of commerce” (art of wealth getting)
Household management has limit
Ex can consumer too much food
retail trade = no limit
Not part of the natural purpose
Can not produce enough
Aristitle
defends capitalism
“wool coat”
When people are free to pursue economic interests they will without intending it product the greatest good for all
Smith
“Fetishism of commodities”
Warns of danger
Is our society desire for things
- we are confused by the desire for them
Marx
need freedom and independence in education
- so government is never involved in indoctination
Mill
Economic troubles are growing pains
The “economic problem“ is being solved
Problem of future is too much leisure
Keynes
importance of economic disaster for the less fortunate (ex: famines)
Both economist and capitalist have duty to help those in need
Sen
Uneven distribution of wealth which is inevitably form a free market poses a challenge to our democratic system
- if we want free markets need to “shake hegemony of the free markets
Kuttner
“labour mixing”
If you own something and mix it with something else that is presently unowned then you come to own the other thing
Locke’s
“labour mixing”
If you own something and mix it with something else that is presently unowned then you come to own the other thing
Locke’s
argued
History has come to an end as free markets and free societies are the natural goal of human kind
Fukuyama
“Market Reasoning”
Moral limits of markets
Sandel
Moral ecology of markets
Finn
