Notes, summaries, assignments, exams, and problems for Philosophy and ethics

Gruber 12.7: Mandates vs. Direct Public Provision

Why does the government mandate individuals to purchase their own insurance in some cases—such as automobile liability insurance—but directly provide insurance to people in other situations—such as health insurance?

According to Gruber, there are five primary reasons why the government intervenes in the insurance market:

• Adverse selection
• Externalities
• Administrative costs
• Redistribution
• Paternalism

Adverse Selection and Market Stability

Adverse selection occurs when insured individuals know more about their risk level than the insurer does. This asymmetry might cause those most likely to experience an adverse outcome to select insurance, leading the insurer to lose money if they offer coverage.... Continue reading "Government Intervention in Insurance Markets" »

First, a common objection to utilitarianism is that it prioritizes maximizing happiness without considering minority perspectives or moral implications, leading to unfair outcomes. For example, many believe there is no moral obligation to refrain from driving gas-powered cars for leisure. This perceived lack of moral obligation stems from the belief that maximizing happiness for the majority, even if it's for leisure and has detrimental future consequences, is justifiable.

Second, there's a disconnect between the benefits enjoyed by present generations and the costs imposed on future ones. People today often prioritize immediate happiness without considering the long-term environmental costs. A potential solution is to implement measures that... Continue reading "Utilitarianism and Climate Change: A Critical Analysis" »

Insolvency Act 1986: Director Liability

Section 213: Fraudulent Trading

If it can be established that a director committed an act of fraud beyond reasonable doubt, the court may lift the corporate veil and hold the director personally responsible.

Section 214: Wrongful (Negligent) Trading

If a director fails to take appropriate steps to minimize potential loss to creditors when the company is insolvent, they may be held liable on the balance of probabilities.

Corporate Veil and Parent-Subsidiary Relations

Key Legal Precedents

• Re Produce Marketing Consortium Ltd (No. 2): These principles have been extended to parent-subsidiary and multinational company structures.
• DHN Food Distributors Ltd v Tower Hamlets LBC (1976): Lord Denning held that subsidiaries

Stakeholder View Complexity

What do you think?

Stakeholder view is more complex. “Business ethics must clarify the notion of a legitimate interest in a company and the related notion of a justified stake in it. We must ask, then, what ethical responsibilities managers have, to whom and to what strength. The idea of multiple constituencies helps us focus on this question, but there remains much to say to clarify it.” (Audi, page 29).

Case Studies on Business Constituencies

On Monday, we are going to view a PBS Frontline documentary, “Life and Death in Assisted Living Care” (2013). The focus of the documentary is a Seattle-based chain of assisted living care centers called Emeritus. [BTW: “Emeritus” is a Latin term which, applied to a... Continue reading "Business Ethics: Stakeholder Interests and Responsibilities" »

The Illusion of Free Will: Analyzing Sam Harris

Harris sets the foundation for his position by attempting to analyze why so many believe they act freely in the first place. I believe he does this partly because many defenses of free will start with a phenomenological claim: it seems to us that we do, in fact, act freely and are responsible for those acts at times. If Harris can dispense with this experience, or at least explain why these experiences are not what we take them to be, he can cast doubt on an essential Libertarian starting point, which strengthens his case.

Choices, Efforts, and Intentions

In the section titled “Choices, Efforts, and Intentions,” Harris discusses the feeling of freedom and states that this feeling, while not inconsequential,... Continue reading "Sam Harris and the Illusion of Free Will: A Critical Analysis" »

Essentials of Business and Professional Ethics

1. Ethical Responsibilities of a Business

   • To the general public: Avoiding adverse effects on public health, the environment, and philanthropic efforts.
   • To customers: Ensuring informed choices, the right to be heard, and customer safety.
   • To the workforce: Providing a safe workplace, preventing harassment and discrimination, ensuring equal opportunity, and offering a chance for a quality life.
   • To investors: Practicing good accounting, and providing an accurate portrayal of the firm's financial resources and conditions.

Basis for Ethical Business Organizations

1. Ethical Awareness

   Implementing a code of conduct for all employees and managers.

2. Ethical Reasoning

   Providing ethics education for employees and managers.

Professional Ethics: To What and to Whom?

A professional’s ethical responsibility is to what and to whom? Physicians follow the Hippocratic oath to “do no harm.” Journalists are compelled by their profession to follow the ideal to be “honest, fair, and courageous” in “gathering, reporting, and interpreting information.” What about educators or accountants? Accountants are called upon to “be objective, avoid conflicts of interest, and to report clearly and accurately.” The ethical code of teachers instructs them not to indoctrinate.

The Journalist's Perspective

I am quoting Weston and also calling upon my own life experience in covering this topic in more detail. I would be happy to give equal time to physicians and accountants,... Continue reading "Professional Ethics and the Integrity of Journalism" »

Shareholders' Equity and Corporate Structure

Net assets are defined as total assets minus total liabilities. Paid-in Capital and Retained Earnings are two of the three primary account classifications for Shareholders' Equity (SE).

Disadvantages of the Corporate Form

• Paperwork is expensive.
• Double taxation.

Advantages of the Corporate Form

• The corporation is a separate legal entity—separate and distinct from its owners.
• Ownership interest is easily transferred.
• Shareholders do not have a mutual agency relationship.
• Limited liability: Owners are not personally liable for the debts of the corporation.
• Ease of raising capital.

Articles of Incorporation

Corporations have articles of incorporation (corporate charter). It describes the nature of the firm’s... Continue reading "Shareholders' Equity and Accounting Changes" »

The Protestant Reformation

The Protestant Reformation was triggered by Martin Luther's response to the actions of Pope Leo X. The Pope initiated a project in 1517 to rebuild St. Peter's Church, a significant undertaking as tradition holds that Saint Peter is buried beneath it. However, the project faced financial constraints, leading to the sale of indulgences.

This practice, allowing individuals to purportedly shorten their time in purgatory through monetary contributions, deeply troubled Luther. He was particularly disturbed by the notion that salvation could be purchased. Luther felt burdened by the perceived sinfulness of humanity and the idea that wealth could erase sins. Consequently, he composed 95 theses, which were sent to the local... Continue reading "The Protestant Reformation: Origins and Impact" »

The Social Sciences

The social sciences

The activity of thinkers, researchers, and social scientists, mainly during the last three centuries, encompasses the totality of knowledge about humans in society.

The production of social thought, in particular from the 19^th century, gave the social sciences an enormous boost and helped establish them as an alternative for scientific explanations of social phenomena, which was of great interest to humanity.

Sociology

Sociology

Sociology was born as a scientific discipline in the 19^th century in France, in an age of intense intellectual work commonly called the Enlightenment.

Auguste Comte was the first to utilize the term sociology (1822).

Social Physics

Social physics

The term “social physics” reflects an... Continue reading "Social Sciences: Sociology, Economics, Political Science, History" »