Read the summary and the most important questions on Economics, Ethics and the Market Introduction and Applications | 9781134133253 | Johan J. Graafland

• 1 Introduction

• 1.1 deel1

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• What is the neoclassical definition of economics? (Robbins)

  The science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

• definition: "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses" (Robbins) rests on 4 axioms, namely:

  - the ends of human beings are various
  - the various ends have different importance and are capable of being distinguished in order of importance
  - the time and the means for achieving these ends are limited. Life is short and nature is niggardly
  - the time and means are capable of alternative application for different ends

• What are the differences between moral standards and non-moral standards: 

  - Moral standards are prescriptive statements: describe what people ought to do.
  - Moral standards should overrule non-moral standards
  - Moral standards should be impartial (universal standpoint)
  - Moral standards deal with issues that have serious consequences for the welfare of human beings
  
  include values & norms

• What is the domain of economics?

  Exists of all aspects of human behaviour in circumstances of scarcity.

• 1.2 deel 2

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• What happens if we accept emotivism --> moral relativism

  no moral grounds to address one's responsibility

• economics --> descriptive study

  describe or explain the economy without reaching conclusions about what ought to be done

• what policy makers should do:

  1. value statement: the government should foster goal x
  2. positive statement: if the government intensifies the use of instrument y, x will increase
  3. policy conclusion: the government should intensify the use of instrument y

• What are the 2 reasons for connecting economics and ethics?

  1. Increase without limit may cause an inversion in goals and means.
  2. Neoclassical economic theory is not so value-neutral as its proponents claim.

• When is exchange right according to Aristotle?

  When it contributes to the community's self-sufficiency by correcting shortages & surpluses and is done from a virtuous attitude.

• 1.3 deel 3

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• John Locke --> market system on the theory of moral rights

  right to freedom & right to private property derived from state of nature