PHIL 1273 1st Edition Lecture 15 Outline of Last Lecture I. Review of Previous LectureA. Utilitarian Justification of the MarketB. Critique of ArgumentC. Comment on DisputeII. Deontological Justification of the MarketA. Core ValueB. LibertarianismC. Libertarian Justification of the MarketOutline of Current Lecture I. Review of Previous LecturesA. Utilitarian Justification of the MarketB. Critique of ArgumentII. Justification of the MarketA. Libertarian VersionB. Market Justified by its Preservation of FreedomC. Implications of OutlookD. Libertarian ProposalE. Policy ImplicationsF. Critique of Libertarian JustificationCurrent LectureI. Review of Previous LecturesA. Utilitarian Justification of the Market1. Preference satisfaction is the good2. Markets satisfy preferences, so they have good consequences, so marketsmust be morally justifiedB. Critique of Argument1. Preference satisfaction is not the (only) good2. That markets satisfy preferences does not imply that they have good consequences, so it is not the case that markets are morally justifiedII. Justification of the MarketThese 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. Libertarian Version1. Fundamental value is liberty2. Interactions must be voluntaryB. Market Justified by Its Preservation of Freedom1. Not an argument about maximizing good2. Market justified even if people become worse of3. Inconsistent with utilitarian approachC. Implications of Outlook1. Limit limitations to market2. Government limits the marketa. Government rests on coercionb. Use power to intervene in market exchanges and their resultsi. Regulates what can be bought and sold (free exchanges)- For paternalistic reasons, such as liquor laws- To enforce moral standards, such as prostitution lawsii. Redistributes income, in cases like taxes and social programsD. Libertarian Proposal1. Reduce scale and power of state (which is associated with coercion)a. Have minimal “night watchman” stateb. Police and courts designed to protect rights only2. This leaves maximum room for the market (which is associated with freedom)E. Policy Implications1. Much of what government does cannot be justified2. Stipulate that for at least some of these programs they are supported by amajority of citizens and increase net well-being3. Still, it is ruled out by idea that liberty is primary value, and only market exchanges are free (though one can argue that he can get social goods through market mechanisms)F. Critique of Libertarian Justification1. Pattern of Argumenta. Critique of Utilitarian Justificationi. How does it think about its fundamental value?ii. Sees the good as preference satisfactioniii. Critique sees the good diferently2. Apply pattern to Libertarian justification using Srinivasan’s statements to observea. Consider first two questionsi. Is any exchange between two people in the absence of direct physical compulsion by one party against the other (or the threat thereof) necessarily free?ii. Is any free (not physically compelled) exchange morally permissible?b. What do you think about those questions?c. Why did she ask them? To determine the definition of freedom.d. Recall pattern of argumenti. How does the view think about its fundamental value?ii. Srinivasan: Libertarianism sees freedom as absence of physical control over oneself by anotheriii. She seems to see freedom diferently- Circumstances can compel individuals to act- Even if an exchange is voluntary, it might not be morale. What is going on here?i. Comparison of Libertarian concept of freedom to “common sense” concept to make reader wonder if he accepts the Libertarian premiseii. If the reader does not accept this, he cannot accept the Libertarian conclusion about rightful scope of marketiii. Policy Implication: not true that any intrusion in the market is wrong3. Debate over Libertarianisma. Zwolinskii. Adds to discussion of freedomii. Ofers other reasons in favor of market over governmentb. As with the debate about Utilitarian justification, one needs to decide what he finds most plausiblec. The issue is how you think of