Summary Economics, Ethics and the Market Introduction and Applications

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ISBN-10 1134133251 ISBN-13 9781134133253
356 Flashcards & Notes
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This is the summary of the book "Economics, Ethics and the Market Introduction and Applications". The author(s) of the book is/are Johan J Graafland. The ISBN of the book is 9781134133253 or 1134133251. This summary is written by students who study efficient with the Study Tool of Study Smart With Chris.

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Summary - Economics, Ethics and the Market Introduction and Applications

  • 1.1 deel1

  • What is the neoclassical definition of economics? (Robbins)
    The science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
  • definition: "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses" (Robbins) rests on 4 axioms, namely:
    - the ends of human beings are various
    - the various ends have different importance and are capable of being distinguished in order of importance
    - the time and the means for achieving these ends are limited. Life is short and nature is niggardly
    - the time and means are capable of alternative application for different ends
  • ethics
    study of morality
  • Velasquez' definition of morality:
    "Morality concerns the standards that an individual or a group has about what is right and wrong?"
  • Moral standars:
    - are prescriptive statements: describe what people ought to do
    - should overrule non-moral standards
    - should be impartial (universal standpoint)
    - deal with issues that have serious consequences for the welfare of human beings

    include values & norms
  • What are the differences between moral standards and non-moral standards: 
    - Moral standards are prescriptive statements: describe what people ought to do.
    - Moral standards should overrule non-moral standards
    - Moral standards should be impartial (universal standpoint)
    - Moral standards deal with issues that have serious consequences for the welfare of human beings

    include values & norms
  • values:
    concern ends or ideals that persons pursue and give content to how they define the good life
  • intrinsic value
    value it in itself, apart from valuing anything else
  • intrinsic value
    value it in itself, apart from valuing anything else
  • extrinsic value (instrumental value)
    values merely good as a means to something else
  • norms
    the rules or conventions that should be followed up in order to realize moral values
  • What is the domain of economics?
    Exists of all aspects of human behaviour in circumstances of scarcity.
  • Dilemma:
    If one has to choose between conflicting principles that seem to obligate a person to perform two mutually exclusive actions.
  • 1.2 deel 2

  • emotivism
    the doctrine that all evaluative judgements and more specifically all moral judgemets are nothing but expressions of preference, attitudes or feelings
  • What happens if we accept emotivism --> moral relativism
    no moral grounds to address one's responsibility
  • emotivism --> moral relativism
    no moral grounds to address one's responsibility
  • economics --> descriptive study
    describe or explain the economy without reaching conclusions about what ought to be done
  • ethics --> normative study
    normative conclusions about what things are good or bad
  • what policy makers should do:
    1. value statement: the government should foster goal x
    2. positive statement: if the government intensifies the use of instrument y, x will increase
    3. policy conclusion: the government should intensify the use of instrument y
  • general normative ethics
    the philosophical attempt to formulate and defend basic moral principles
  • applied ethics
    the application or further specification of moral guides to a certain fiel
  • economic ethics
    reflects on the moral standards that apply to economic phenomena
    economics explains relationships & economic ethics evaluates them
  • macroeconomic ethics
    considers the morality of economic structures
    --> social ethics
  • business ethics
    the study of moral standards that aplly to business only given the institutional setting of the market
    --> economics ethics
  • Can economics do without ethics?
    - Neoclassical economics accepts all preferences as given.
    - Economic means do not have a unique and tradeable value of their own.
    - The neoclassical economist tends to explain the economic reality only in terms of changes in data.
  • What are the 2 reasons for connecting economics and ethics?
    1. Increase without limit may cause an inversion in goals and means.
    2. Neoclassical economic theory is not so value-neutral as its proponents claim.
  • When is exchange right according to Aristotle?
    When it contributes to the community's self-sufficiency by correcting shortages & surpluses and is done from a virtuous attitude.
  • Social ethics:
    Studies the collective decisions of groups and the structural relations that connect these groups.
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Virtues of character
- courage
- temperance
- self-possession
- indignation
- generosity
- high-spiritedness
- justice
according Sue: Right to minimal subsistence (food, water)
is a basic right
Economics rights belong
among the rights with the highest priority
Real freedom or well-being freedom
relates freedom of action to the availability of certain basic capacites
Locke's state of nature: People live in perfect freedom within the bounds of the law of nature=
require that no one harm another in his life, healty, liberty or possessions.
Lock: each persons has a right to liberty and a right to ownership over
1) his own body
2) his own labor
3) the product of his labor
Rights concerns
morality from the point of view op peole on the receiving end of the action
Duty concerns
morality from the point of view of the persons that performs  an action
Moral right
Identify interests that individuals must be left free to pursue as they autonomously choose
prima facie duty
 A prima facie duty is an obligation that presumes fulfillment unless it conflicts on a particular occasion with a stronger obligation.