- This summary
- +380.000 other summaries
- A unique study tool
- A rehearsal system for this summary
- Studycoaching with videos
A snapshot of the summary - Economics, Ethics and the Market Introduction and Applications
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
What happens if we accept emotivism --> moral relativismno moral grounds to address one's responsibility
economics --> descriptive studydescribe 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
John Locke --> market system on the theory of moral rightsright to freedom & right to private property derived from state of nature