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OU PHIL 1273 - Introduction to the Ethics of Markets

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PHIL 1273 1st Edition Lecture 11 Outline of Last Lecture I. Review of Three Types of MoralityII. Virtue TheoryIII. Relation Between Desire and ReasonIV. How Should People Be Trained?Outline of Current Lecture I. Ethics of MarketsA. Markets and JusticeB. The “Ideal” of Free MarketC. Main ArgumentII. Moral Justification of the Free MarketCurrent LectureI. Ethics of MarketsA. Markets and Justice1. Markets are the environment for businessa. The system for exchanging goods and services, typically in exchange for money2. Main institution for distributing goods and services across society not in the details of market transactions in this instance3. Is this distribution just? Is it approved of morally?a. Moral theories provide tools to articulate whether a distribution of goods is morally right or wrongb. In regards to market function for many peoplei. Much of the time, for many things, distribution works well,but not always for everythingii. Sometimes other institutions yield (morally) better distributionsiii. Conflicts between markets and other moral values explainsthese beliefsB. The “Ideal” of Free Market through the use of abstraction1. People are free to make whatever choices they wishThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.a. Reality is never quite like this for better or worse due to complications – a perfectly free market does not and has never existedb. Society experiences mostly mixed systems of markets within a structure of regulation2. Why consider an ideal case?a. Helps viewers to see the moral arguments used to justify markets as well as the moral arguments used to critique themb. These arguments inform policy changes about the role of markets in society (should markets gain more independence or be constricted?)C. Main Arguments1. Three moral conceptual theories create agenda for this unita. Utilitarianismb. Deontological Ethics (Libertarianism focused on freedom and rights)2. The “Free Market Army” Casea. Is it more just, from a moral point of view, to draft people into the military or to hire them from the labor market?i. What moral values are advanced by the system supported?ii. Classify responses to question #1 in terms of moral theoriesiii. What moral values are set back by the system supported?iv. Classify responses to question #3 in terms of moral theoriesII. Moral Justifications of the MarketA. Utilitarianism1. Markets are very good at getting people what they want2. Thus, markets produce good consequencesB. Deontological Ethics1. Markets allow people to act freely2. Thus, markets respect rightsC. These two approaches are very different and come in conflict because there may not be two aspects of the same broad


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OU PHIL 1273 - Introduction to the Ethics of Markets

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