Person and there theory

Question 1

Huber- liability

Answer 1

• 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

Question 2

Fairlie- product liability

Answer 2

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

Question 3

Dowie- product liability

Answer 3

• cost benefit anyalysis

Question 4

Veblen

Answer 4

Pecuniary Emulation and Conspicuous Consumption

Pecuniary emulaiton= Wealth conveys honour

• want to show off to people which influences our consumption

Question 5

Galbraith

Answer 5

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

Question 6

Hayek

Answer 6

innate needs and cultural needs with comparison to the arts (only innate needs are food, shelter and sex)
we have other wants that are created form our environment and advertising is in that process)

Counterargument to Galbraith

Suggested that it is non sequitur (it does not follow)

Question 7

French

Answer 7

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)

Question 8

Freidman- CSR

Answer 8

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

Question 9

Stone -CSR

Answer 9

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

Question 10

Arrow -CSR

Answer 10

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

Question 11

Plato- fairness and justice

Answer 11

• everyone should get what they deserve based on their place in society

Question 12

Aristotle- fairness and Justice

Answer 12

Justice requires a principle of equity

not everyone should get the same

Question 13

Smith - Fairness and justice

Answer 13

• highest good for all is when each individual member of society is allowed to pursue their idea of good

Question 14

Nozick - Fairness and Justice

Answer 14

entitlement theory

• Distribution of goods, money and property is just if people are entitled to what they have
• They have acquired thier possession without violating the rights of anyone else

Question 15

Rawls -Fairness and Justice

Answer 15

• Fairness
  justice should be distributed fairly
• people choose on basis of self interest
• principles of self interest
• social contractarianism

Question 16

Kristol -Fairness and Justice

Answer 16

• argument against social contractarianism
• do not need a centralized power telling us when and how to help people less fortunate

Question 17

Hayek - Fairness and Justice

Answer 17

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

Question 18

Mill

Answer 18

Justice identifies certain very important social utilities and injustice involves the violation of the rights of some specific individual

Question 19

Leopolds - Enviormental

Answer 19

“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

Question 20

Sagoff - Environment

Answer 20

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

Question 21

Baxter- Environment

Answer 21

Have no duty to the environment but do have a duty to ourselves and future generations

When choosing between penguins and people we must choose people

Question 22

Bowie -Environment

Answer 22

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

Question 23

Singer - Environment

Answer 23

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

Question 24

Heilbroner -Future of Free Market

Answer 24

• capitalism is a regime
  Like other regimes with distinctive hierarchies and power structure

Question 25

Bell - Future of Free Market

Answer 25

Capitalism has lost its moral foundation
Is now a source of many if not most cultural problems

Question 26

Aristotle - Future of Free Market

Answer 26

“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

Question 27

Smith - Future of Free Market

Answer 27

defends capitalism

wool coat

When people are free to pursue economic interests they will without intending it product the greatest good for all

Question 28

Marx - Future of Free Market

Answer 28

“Fetishism of commodities”
Warns of danger
Is our society desire for things
- we are confused by the desire for them

Question 29

Mill - Future of Free Market

Answer 29

need freedom and independence in education

• so government is never involved in indoctination

Question 30

Keynes - Future of Free Markets

Answer 30

Economic troubles are growing pains

The “economic problem“ is being solved

Problem of future is too much leisure

Question 31

Sen- Future of Free Markets

Answer 31

importance of economic disaster for the less fortunate (ex: famines)
Both economist and capitalist have duty to help those in need

Question 32

Kuttner - Future of Free Markets

Answer 32

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

Question 33

Locke’s - Future of Free Markets

Answer 33

“labour mixing”
If you own something and mix it with something else that is presently unowned then you come to own the other thing

Question 34

Francis Fukuyama - Future of Free Market

Answer 34

argued
History has come to an end as free markets and free societies are the natural goal of human kind

Question 35

Sandel

Answer 35

“Market Reasoning”

Moral limits of markets

Two objections to market reasoning (basis of argument for moral limit to markets)

Fairness objection = inequality that marker choices reflect
Respect freedom of should and value markets because they are free choice

Some markets choices are not voluntary
To know if market choice is free need to ask why inequalities in the background
Corruption objection = attitudes and norms that marker relations may damage or dissolve
Points to degrading effect of market evaluation and exchange on certain goods and practices
Certain moral and civic goods are diminished or corrupted if bought and sold

Question 36

Finn

Answer 36

Moral ecology of markets

market outcomes can be just or not just depending on the situation in which they occur in
moral ecology
Includes the construction of markets and what decision and outcomes are left to the market and what are fenced off and taken away from the market (government makes rules)

are
need
1) need vibrant civil society
2) Market properly defined by law (construction of markets)
3) essential goods and services are supplied
4) morality of individual is apparent