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Summary Economics, Ethics and the Market Introduction and Applications

- Johan J Graafland
ISBN-10 1134133251 ISBN-13 9781134133253
357 Flashcards & Notes
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A snapshot of the summary - Economics, Ethics and the Market Introduction and Applications Author: Johan J Graafland ISBN: 9781134133253

  • 1 Introduction

  • 1.1 deel1

  • 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 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

  • John Locke --> market system on the theory of moral rights
    right to freedom & right to private property derived from state of nature
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