Utilitarianism and Free Market Economics: A Philosophical Examination, Summaries of Business Economics

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Free market economics can be thought of as a version of utilitarianism. Preference The market is seen as the most efficient means to the utilitarian end of maximizing happiness because whenever a situation occurs in which , market forces will guarantee that this occurs. one or more individuals can attain an improvement in their own happiness without a net loss in others' happiness One of the challenges to the ethics of utilitarianism is the problem raised from within a utilitarian perspective that involves. finding a defensible version of utilitarianism Egoism focuses on the happiness of individuals while utilitarian acts are judged by their consequences for the general and overall good Which of the following statements are true according to John Stuart Mill's utilitarianism? (Check all that apply.) Mill's utilitarianism does not support an uncritical majority rule in which every opinion of what is good is treated as equally valid. Mill's utilitarianism acknowledges that some people are more competent and more qualified than others in judging what is good. Free markets accomplish the goal of optimally satisfying wants by allowing individuals to decide for themselves what they most want and. then bargain for these goods in a free and competitive marketplace True or false: Attempts to shift focus on to the "expected" utility of an act is to accept utilitarianism. Reason: This is false. Attempts to shift focus, as economists often do, on to the "expected" utility of an act is to abandon utilitarianism. At that point we have adopted an ethics not of consequence but of intentions that is no longer utilitarianism. Free market economics advises one that the most efficient means to attain the goal of maximum satisfaction of consumer demands is to structure one's economy according to the principles of. free market capitalism If one knows what is truly good, then individuals ought to act in certain ways to maximize the good even if they do not want to. Finding a balance between is a challenge that confronts most versions of utilitarianism. individual freedom and the overall good One of the challenges to the ethics of utilitarianism is the problems raised from outside a utilitarian perspective that.

Principle-based ethicists would argue that there are certain commitments and duties that one has, which should not be violated even for the purpose of increasing the net overall happiness. Violating such commitments and duties would require. individuals to sacrifice their own integrity for the common good The utilitarian emphasis on measuring, comparing, and quantifying also reinforces the view that policy makers should be neutral administrators. The standard view is that policy goals should be. left to the democratic decisions of the people A version of utilitarianism public policy holds that there are experts who can predict the outcome of various policies and carry out policies that will attain one's ends. Identify the features of such experts. (Select all that apply.) They are familiar with the specifics of how society works. They are usually trained in social sciences such as economics. They can determine which policy will maximize the overall good. The principle-based approach denies the utilitarian belief that the ends do justify the means and holds that. there are some things that one should, or should not, do regardless of the consequences An influential version of utilitarian policy claims that. competitive markets are the best means for attaining utilitarian goals According to Kant, one’s primary duty is to act only in those ways in which the maxim of one’s acts could be made a universal law where the maxim of one’s acts. can be thought of as the intention behind one's acts dominates among policy makers and policy administrators. Utilitarian reasoning emphasizes the fact that sometimes the correct path is determined not by its consequences but by certain principles or duties. Principle-based ethics The condition of universality, not unlike the Golden Rule, making it a strong requirement of impartiality and equality for ethics. prohibits one from giving one's personal point of view more importance than the points of view of others Within one tradition, one's ethical duty is explained in terms of a principle that the German philosopher Immanuel Kant called. the categorical imperative

Identify the versions of the principle of categorical imperative given by Kant that are less abstract. (Check all that apply.) Ethics requires one to treat all people as ends and never only as means. One is required to treat people as subjects, not as objects. Philosophers will sometimes claim that rights and duties are correlative where a person's rights establish another's duties. and that person's duties correspond to the rights of others Wants are what people will pursue whereas. people do not always want what it is in their interest to have Immanuel Kant tells that one should act only according to those maxims that. could be universally accepted and acted on Rights sometimes override the collective will because they. protect certain interests that are more important and central to human well-being than the mere happiness of others Kant's formulations regarding categorical imperative restates the commitment to treat people as. capable of thinking and choosing for themselves From the author's perspective, duties are what a person owes to others. and other people have certain rights against the person Wants (or desires) are psychological states of an individual and are subjectively known by the individual, while interests. work for a person's benefit and are objectively connected to what is good for that person Making pirated copies of popular books and selling them at low rates may be popular among readers across the globe but they affect the profits of the publishers and the author. This is an example of. how protecting certain interests over the overall happiness is necessary By identifying central important interests, and distinguishing them from mere wants, one. can determine the range of human rights is an example which shows that in some cases, individual interests hold more value than the overall good. Prohibiting people from using children as a cheap form of labor Rights offer protection of certain central human interests, prohibiting. the sacrifice of these interests merely to provide a net increase in the overall happiness

one should act and decide in a particular prescribed way

Virtue ethics is a tradition within philosophical ethics that seeks a full and detailed description of

those character traits, or virtues, that would constitute a good and full human life

The self is identical to a person’s most fundamental and enduring.

dispositions, attitudes, values, and beliefs

Which of the following questions arise because of the practical challenges that virtue ethics has

grappled with from its earliest days? (Check all that apply.)

How do people become honest, trustworthy, reliable, kind?

Why do some people become mean-spirited and others kind, some self-centered and others altruistic?

Utilitarianism is typically identified with the policy of.

maximizing the overall good or of producing the greatest good for the greatest number

Utilitarianism has had a significant impact on the modern world and has been especially influential in

shaping politics, economics, and public policy

Utilitarians tend to be thinkers as they believe no act is ever right or wrong in all cases in every

situation and it depends on the consequences.

pragmatic

Unlike anyone who can offer advice for what one should do, a philosophical and reasoned ethics

should. answer the "Why?" question

An ethics of virtue shifts the focus from questions about what a person should do, to a focus on

. what type of person one is

Utilitarianism has had, and continues to have, an enormous influence on.

business

John sacrifices his turn at playing a particular video game so his friend Tommy can play and thus

prevent infighting among their friends. This is an example of. utilitarianism

True or false: By the time individuals are adults, their entire character is formed by such factors as

their parents, schools, church, friends, and society. This is not affected by any social institutions such

as business and so on.

Reason: This is false. By the time individuals are adults, much of their character is formed by such

factors as their parents, schools, church, friends, and society. But powerful social institutions such as

business and especially their own places of employment and their particular social roles within them

have a profound influence on shaping our character.

According to Jeremy Bentham, happiness should be understood in terms of which of the following

factors? (Check all that apply.) Pleasure, The absence of pain

ethics directs one to consider the moral character of individuals and how various character

traits can contribute to, or obstruct, a happy and meaningful human life. Virtue

A stranger on the road helps an elderly couple fix their flat tire on their car but refuses to take any

money or favor. This is an example of. virtue ethics

Providing stock options to sales staff to motivate them to increase the number of individual sales in a

month and thus improving an organization's overall profits is an example of.

utilitarianism

Sam, an auditor, visits his friend Lee's company for an audit. He finds several discrepancies that he

reported despite their close friendship. This is an example of.

principle-based ethics

Match the types of motivations experienced by human beings (in the left column) with their

descriptions (in the right column).

Virtues- Motivations that are likely to lead one to a good and meaningful life.

Vices- Motivations that are likely to lead one to a life of unhappiness.