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Details Title: PHIL 147 Description: FINAL REVIEW Total Flash Cards: 18 Created: 10/18/2006 19:47:29	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Buchanan Definition Background assumptions: -Property rights secure, fully informed, low transaction cost, no negative externalities, scarcity, rational, wants and needs -Pareto Improvements & Optimality Term Friedman Definition -Stockholder -only responsibility is to maximize profits within the law without deceptive or fraudulent practices -can act unethical as long as within law -"hypocritical window dressing" - all about money, anything else is not maximizing profits and will cause corporation to fail Term Mackey Definition -Stakeholder -investors are not the only people who matter -Corporations can exist for purposes other than simply maximizing profits -most successful businesses put the customer first -customer-centered business -critic of Friedman Term Hardin Definition -Tragedy of the commons -Double bind: psychologically screwed, if do then feel horrible as no one else is, but if don't everyone else does and you feel stupid -SI+Markets+Minimal Gov=Efficiency -Public Good vs. Common Good Term Nelson Definition SI+Markets+Business Ethics=Efficiency Term Munzer Definition -Without property rights markets can't exist -Property: 1. owned things of a special kind 2. Relations between entities with respect to things -Hohfeld relations: Claim right - Duty Liberty - No Claim Rights Power - Liability Immunity - Disability (No Power) -Honore: Ownership- complex set of relationships stick is a relationship person does or does not have Bundle of Sticks: Ownership, all relations person has wrt the thing Term Adam Smith Definition Invisible hand: take people with self interest to Pareto optimality in markets Term Radford Definition POW Camp: Markets can and will appear anywhere that -Spontaneous economic activity led to markets -Market: a voluntary exchange between buyers and sellers w.r.t. goods and services Non-market transactions: 1. Gift giving 2. disposal of things (unless paying for it) 3. coercion (gun to your head) 4. Theft Term Kelo v. New London Definition Eminent Domain: Government has the power to take private property away for public use, provided just compensation is given -Needs to be for Public Use -Public use now includes Economic Growth -Private individual should not benefit from the taking of private property -Justice O'Connor- this just opens the door Term UN Global Compact Definition Stakeholder Corporate Social Responsibility -Attempt to get corporations to act in accordance with certain ethical norms -voluntary, only guidelines -Human Rights, Environment, anti- corruption, Labor Friedman:OK because voluntary Hardin: Double Bind Term Vernon Smith Definition -Advocated Markets Market trade: an activity between two people such that the trade makes both people better off than before the trade happened. The result is greater generation of wealth and creation of increased well being -Efficiency creating machines -Efficiency as a moral idea Term Berlin Definition Two Liberties: Positive Freedom- freedom to -Democracy increases (as a gov) -Ideal & actual mrkts good if democratic Negative Freedom- freedom from -Constitution increases (b of r) -Ideal good, trade is voluntary & defined property rights -Actual bad, externalities Term Nozick Definition -Rights=moral side constraints -People are ends, not means -Unless: no rights violated can treat as both means and ends -Entitlement theory; justice in acquisition, justice in trade, rectification -Wilt Chamberlain -Minimal gov -tax bad -ideal good, no rights violations -bad, externalities (violations), court must rectify Term Rawls Definition -Nozick wrong- need to look to future to see injustices in future generations -Liberty & equality- big -Redistribution -Social institutions to balance -Taxation justified -Robust gov extensive rights Term Nagel Definition -Liberal Egalitarian -EQUALITY is the only important goal -YEAH WELFARE -Personal v. Impersonal P.O.V. -Gov needs to be Impersonal as ppl will be personal-externalize responsibility -Robust Gov, Taxes good -Ideal mrkts good -Actual bad, inequalities Term Schmidtz Definition -Internalize Responsibility -Static v. Dynamic=>Welfare=Bad -Looks at successes not injustices -Need developed property rights for IR -Race -Apple Orchard Term Walzer Definition -Pullman -What money can't buy -Not just to be able to buy everything -Mixing of Spheres-(slave trade)-leads to inequality; 1st & 2nd class citizens Term Michelman Definition -Business and ethics don't mix -no place for morals -will/must compromise values -thats just the way it is to be successful (double bind? possibility)