SO FAR…
• HOW DO YOU IDENTIFY AN ISSUE THAT HAS
AN ETHICAL COMPONENT? (ETHICAL ISSUE):
WHEN IT INVOLVES PEOPLE AND WHAT
PEOPLE CARE ABOUT…
• WHAT CHARACTERISTICS OF PEOPLE MUST
NOT BE VIOLATED? ‘RATIONALITY AND
AUTONOMY’ (DIGNITY)
At The Very Least, You Know Your Behavior Is
Unethical When It Violates A Persons
‘RATIONALITY And/or AUTONOMY’.
• THIS IS THE PART OF US THAT ALLOWS US TO
DISTINGUISH BETWEEN RIGHT AND WRONG.
• THIS IS ALSO THE PART OF US THAT ALLOWS
US TO HOLD EACH OTHER RESPONSIBLE FOR
OUR BEHAVIOR.
ECONOMIC SYSTEMS
The big three…
• CAPITALISM
• SOCIALISM
• COMMUNISM
GREATER GOOD
• Quality of life
• Human flourishing
• Happiness
• Freedom/autonomy
• More stuff/ Wealth
• Innovation
• Power
• Safety and Security
• etc.
A DEEPER UNDERSTANDING OF
ADAM SMITH’S FREE MARKET
HANDOUT ON BLACKBOARD
Common (incomplete) view
• We are by nature self-interested/competitive.
• Left to its own devices, free from government intervention, the profit motive will produce the most efficient market
(given there is no deception or fraud).
• The most efficient market will generate the greater good.
• When there appears to be problem with the outcome, leave it alone, the market will fix itself.
• Interfering, by way of regulation, is interfering with the greater good.
Adam Smith moral philosopher:
Theory of Moral Sentiments
political economist:
Wealth of Nations
HUMAN SENTIMENTS
BY ADAM SMITH
• WE ARE BY NATURE SELFINTERESTED AND COMPETITIVE
• WE ARE BY NATURE
COMPASSIONATE, SYMPATHETIC,
AND EMPATHETIC
…Adam Smith cont’d…
Our self-interest/competition & compassion/sympathy are not mutually exclusive.
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