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OU PHIL 1273 - Utilitarian Justifications of the Market

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PHIL 1273 1st Edition Lecture 12Outline of Last Lecture I. Ethics of MarketsA. Markets and JusticeB. The “Ideal” of Free MarketC. Main ArgumentII. Moral Justification of the Free MarketOutline of Current Lecture I. Ethics of MarketsA. Markets and JusticeB. “Free Market Army” CaseC. Moral Justifications of the Free MarketD. Utilitarianism and the MarketCurrent LectureI. Ethics of MarketsA. Markets and Justice1. Main institution for distributing goods and services across society2. Is distribution just and worthy of moral approval?a. For many people, there are conflicts between markets and other moral values, which is the theme of Case Response 2b. Utilize the knowledge of moral theories to aid thinkingB. “Free Market Army” Case1. Most prefer the market system to the drafa. The market system is arguably more effective as a product of Utilitarian justification because people more or less want to participateb. In regards to a deontological justification, people can choose rather than be mandated to participate, supporting the notion of freedom2. Moral justification for the drafa. From a Utilitarian perspective, society benefits as a whole becausedue to the increasing size capacityb. Because deontological ethics is based on a system of duty, such as to one’s society, it supports these idealsThese 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.C. Moral Justifications of the Free Market1. Utilitarianisma. Markets are good at getting people what they wantb. Thus, markets produce good consequences, subsequently making them correct2. Deontological Ethicsa. Markets allow people to act freelyb. Thus, markets respect rights, subsequently making them correct3. These two approaches are still very different and come into conflict because they are not two aspects of the same broad justificationD. Utilitarianism and the Market1. Economic Efficiencya. The situation in which it is impossible to generate a larger welfare total from the available resources – some people cannot be made better off through the reallocation of goods or resources without making others worse offb. Utilitarian tonec. Efficient exchange: at least one person is made better off, and no one is made worse offi. Demonstration 1: phone exchange for nothing not efficientbecause although one individual was made better off, one person was also made worse offii. Demonstration 2: phone exchange for phone efficient because both people involved are made better off, and they prefer the new situation to the old situationd. Efficient Outcomei. No one can be made better off without someone being made worse offi. “Pareto Optimum,” or “Pareto Optimality”ii. Claim: exchanges on a free market are efficient and lead to an efficient outcomeiii. The distribution of goods and services produced by free markets is efficientiv. This is a way of saying that the distribution is just and meets a moral standard2. How is this Utilitarianism?a. Moral Argumenti. In free exchange, both parties give up what they want less to gain what they want more – both parties have preferences satisfiedii. Preference satisfaction equates to the goodiii. The consequence of free exchange is good, so the iv. exchange is morally right, so the system of exchange (the market) is moral right, thus justifying


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