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COMM 2310 - Ethics > Two Basic Perspectives > Flashcards

Two Basic Perspectives Flashcards

1
Q

The Divided Mind

A

We like: low prices, high stock market values, infinite choices as consumers (we have never had it so good), we don’t like the outcomes

Others want to live just like us:

  • three planets to house the waste
  • meat consumption contributes to climate change more than extractive industries
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2
Q

What contributes more to climate change, meat consumption or extractive industries ?

A

Meat Consumption

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3
Q

How many planets does it take to house our waste?

A

3 planets

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4
Q

What is a business?

A

The collection of a private, commercially oriented organization ranging in size from one-person proprietorship to corporate gains

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5
Q

What is a society?

A

A community, nation, or a broad group of people with common traditions, values, institutions, and collective activities

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6
Q

The business role

A

100 countries and corporations with the highest annual revenues in 2014: 63 are corporations and 37 are countries

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7
Q

The business role, economies

A

51 are corporations and 49 are countries

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8
Q

What is Ethical Egoism

A

Persons ought to act to promote their own interests

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9
Q

The invisible hand

A

each customer is free to choose what to buy and each producer is free to chose what to sell and how to produce it… this will lead to a fair price and distribution of products that will benefit the community as a whole

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10
Q

Effects of The Utility of self- interest

A
  • efficient methods of production will be adopted to maximize profits
  • low prices charges to undercut competitors
  • investors will only invest in industries that have maximum returns and withdraw from capital that have create lower returns
  • students are prepared for the most needed, and lucrative careers
  • all these effects will take place DYNAMICALLY and AUTOMATICALLY
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11
Q

What is a pluralistic society?

A

A diverse society that is accepting of all different kinds of beliefs, even if it’s not what they believe in

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12
Q

Pros to a pluralistic society?

A
  • prevents power being concentrated in the hands of a few individuals
  • maximized freedom of expression and action, strikes a balance between monism and anarchy
  • provides a built in check and balance in such that groups can exert power over one another without being dominate or overly influential
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13
Q

What’s an example of a pluralistic society?

A

GM being a big flee provider in China, reason they continue to do so well

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14
Q

What does beware the “Sorcerer’s Apprentice” mean?

A
  • Smith recognizes that the the invisable hand is not wrong, however some government actions might be needed.
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15
Q

What are the three Laws Smith says is needed under the Beware “sorcerer’s Apprentice?

A
  1. Antitrust laws
  2. Property rights
  3. Provide policing and national defence
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16
Q

What is a market failure?

A

When a market is left to itself and fails to allocate its goods and services efficiently. Policy makers allege market failures and call for an intervention

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17
Q

What happens when individuals pursuit their self-interest in a society leading to bad results for the society as a whole?

A

Market failure

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18
Q

Reasons for market failure?

A
  1. Conflicting demands

2. Environmental mishaps

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19
Q

What is an environmental mishap?

A

environmental accident? Market didn’t prepare for the consequences

20
Q

Four reasons for a market failure

A
  1. Abuse of market power
  2. firms did not take into account the economic impact on outsider ( i.e. pollution )
  3. incomplete/ asymmetric information or uncertainty
  4. Public good, such as national defenses, how much would the market provide if it was up to them? NOT ENOUGH?
21
Q

Define negative externalities

A

side effect or by product of actions that were not accounted for in the standard accounting system

  • The actions of individuals have impacts on others that don’t pay or not compensated for - environment and social
22
Q

Examples of negative externalities

A
  • the market will produce too much pollution themselves
  • exploitation of natural resources
  • market themselves will produce too little research information
23
Q

Define “tragedy”

A

a stress

24
Q

Define “ the Commons”

A
  • Living in the Commons is a “continual stress”

- The commons is a shared resource that a group of people use collectively

25
Q

What will destroy the commons

A

If people maximize their own advantages in the short term, the common will be destroyed

26
Q

Mutually agreed upon coercion

A

means regulation

27
Q

5 solutions to the tragedy of the commons

A
  1. What shall we maximize, population or GDP, cant do both
  2. Freedom to breed is intolerable
  3. Legislate temperance
  4. pathogenic effects of conscience
  5. mutually agreed upon coercion
28
Q

Response to Tragedy of the Commons

A
  1. Government regulations

2. Social regulations

29
Q

Government regulations and social regulations are implemented for what reason?

A

To resolve the Tragedy of the Commons

30
Q

Government regulations for the Tragedy of Commons issue?

A
  1. Controls natural monopolies
  2. controls neg. externalities
  3. achieves sales goals
  4. Controls excess profits
  5. Controls excessive competition
31
Q

Social regulations for the Tragedy of the Commons Issue?

A

Special Interest groups

  1. make life more complex for gov. and business
  2. are active, intense, diverse, and focused
  3. pursue their own focused agendas
  4. attract a significant following
  5. work at cross purposes with no unified goals
32
Q

Cost of regulations

A

direct cost and indirect costs to businesses

33
Q

Effects of cost regulations

A

Regulations

  1. Reduce innovation,
  2. reduces investments in plant and equipment
  3. increased pressure on small businesses
34
Q

Business power

A

the ability or capacity to produce an effect or to bring influence to bear on a situation or people

35
Q

The IRON LAW OF RESPONSIBILITY

A
  • if you don’t use the power you have as an advantage you will lose it
36
Q

Free market vs Regulation

A

Free market - you get what you put in

Regulation controls the free market

37
Q

Common challenges

A
  1. Common values
  2. Coercive force
  3. trustworthy administers
38
Q

Business Ethics training

A
  1. Business people needs theory

2. tools needed to address ethical dilemmas

39
Q

Morality definition

A

Defining what right vs wrong is, evil vs good

40
Q

Ethics definition

A

the nature and justification of right actions, applying morality in a day to day basis

41
Q

Business ethics

A

focusing on ethical issues in a commercial realm

42
Q

Ethics is…..

A

a moral response, a social responsibility,

43
Q

Sustainability is…

A

pragmatic necessity

44
Q

Ways of knowing (business ethics)

A 
TARIS
T- Tenacity 
A-authority 
R- reason
I - intuition 
S- Science
45
Q

Ethical reasoning

A

The insufficiency of personal upbringing in an organizational context

46
Q

Resolving a disagreement

A
  • obtaining objective information
  • definitional clarity
  • example and counterexample

COMM 2310 - Ethics (7 decks)

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