Robert Nozicks entitlement theory

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Entitlement theory
States that each person should be free to pursue his/her own interests within minimal governmental intervention the minimal state is most extensive state that can be justified . . . Any state more extensive violates peoples rights

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Entitlement theory
FREE MARKET: pursuit of self-interest within the free market framework

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Bonifacio G. Train, Jr.

Entitlement theory
FREE MARKET: pursuit of self-interest within the free market framework

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3 principles
1. The principle of just original acquisition 2. The principle of just transfer 3. The principle of rectification

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3 principles
Ideal scenario: the original acquisition of a property by X is just and the transfer to Y is also in accordance with the Principle of Just Transfer. whatever rises from a just situation by just steps is itself just

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3 principles
If one principle is violated, say when someone steals or cheats, this necessitates the Principle of Rectification to correct unjust appropriations by fraud and force.

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Entitlement theory
Patterned principle a principle that designates a particular feature or features of a desired distribution and the distribution is made in accordance with those features. However, may infringe upon the right to liberty of persons. How?

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Entitlement theory
There would be no obligation on the part of the rich to assist the poor. (assuming that the rich obtained their wealth through just original acquisition or just transfers, they cannot be forced to part with or share their assets with the less advantaged) If they do, it would violate the two principles enunciated
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Entitlement theory
Taxation of the rich to redistribute the wealth in society should not be allowed: even if the poor have to starve and beg in the streets, taxation should not be required of the rich to assist the poor with basic needs.
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Entitlement theory
In contrast with Rawls to give the greatest benefits to the least advantaged in society Nozick takes into account historical events affecting an existing distribution

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Ethics and the Free Market

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but their regard to their own interest. We address ourselves, not to their humanity but to their self-love.

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Ethical Egoism
A theory that an action is right to the extent that it is based on self-interest.

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Ethical Egoism
Each individuals pursuit of their self-interest will achieve, via the invisible hand, overall benefits for the economy. by pursuing his own interest, he frequently promotes that of society more effectually than when he really intends to promote it. Adam Smith

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Ethical Egoism
Trading one good for another or for its moneys worth is based on the notion of comparative advantage

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Ethical Egoism
Pareto Efficiency the situation where trading or voluntary exchange allows both parties to be better off or one party to be better off and the other not worse off. Hence, trading should in theory, result in greater benefit for the economy

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Ethical Egoism
Critique 1. Free market cannot be relied solely upon to provide such public goods and that the government would have to intervene to produce public goods (primarily for free riders) essential for the economy as a whole 2. Marxist critique: it is based on naked selfinterest and bourgeois exploitation of the working class
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The free market theory and the modern corporation

Milton Friedman To make profit for the shareholders Corporate executive is prohibited from spending the principals money on social purposes open and free competition Edward Freeman Companies to take consideration the interest of the stakeholders Businesses and executives should create value for the stakeholders instead of resorting to tradeoffs among different stakeholder interests

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The free market theory and the modern corporation

Milton Friedman open and free competition, business executives may not have the requisite knowledge to determine the societal interests responsibility and under the purview of elected political representatives Edward Freeman Capitalism as a system of social cooperation and collaboration, rather than primarily a system of competition.

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Virtue Ethics: Aristotle and Robert Solomon

Focuses on the human character, actions, or practices rather than pure knowledge: not on what goodness is, but how to be good men Aristotle Actions speak louder than words

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Virtue Ethics: Aristotle and Robert Solomon

Virtue a purposive disposition, lying in a mean that is relative to us and determined by a rational principle Aristotle e.g. Rashness Courage Cowardice (excess of confidence) (deficiency of confidence) Licentiousness Temperance Insensibility (excess of pleasure) (deficiency of pleasure)
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Virtue Ethics: Aristotle and Robert Solomon

Virtue a purposive disposition, lying in a mean that is relative to us and determined by a rational principle Aristotle Purposive suggests some mental deliberation or connotes the existence of an objective aimed at by the moral actor

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Virtue Ethics: Aristotle and Robert Solomon

The doctrine of voluntary choice the moral actor caused the act and is aware of the specific circumstances of the actions. This implies a choice, that is, something that is within a persons power to perform upon deliberation (as opposed to involuntary acts characterized by ignorance of the circumstances and compulsion or when the agent contributes nothing to the act)

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Virtue Ethics: Aristotle and Robert Solomon

Theory of Practice (Robert Solomon) application of day-to-day operational business activities

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Virtue Ethics: Aristotle and Robert Solomon

Theory of Practice (Robert Solomon) focuses on the individual in the corporation, and of the corporation in society, resulting to respect within the community, and not merely from narrow objective of achieving the bottom-line

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Virtue Ethics: Aristotle and Robert Solomon

Six parameters that define virtues in business ethics: a. Community the corporation is itself a citizen and a member of a larger community b. Excellence emphasis on merit as opposed to mediocrity c. Membership focus on the individual within the organization and corporate role morality
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Virtue Ethics: Aristotle and Robert Solomon

Six parameters that define virtues in business ethics: d. Integrity wholeness, a sense of social context as well as moral courage e. Judgment making best decision f. Holism concept of social responsibility

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Ethics of care
Ethical theory based on virtues such as empathy, compassion, love and friendship and the needs and desires of other people. Self is defined by the relationship between itself and other selves.

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Ethics of care
Emphasis on the principles of impartiality and universality: human emotions in ethical decisions (in contrast with Kants categorical imperatives: abstract reasoning)

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