PHILOS 2N03 Lecture 3: Week 2 Lecture - September 12, 2018

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F(cid:396)o(cid:373) last (cid:272)lass" le(cid:272)tu(cid:396)e slides (cid:894)he(cid:396) laptop (cid:449)as(cid:374)"t (cid:449)o(cid:396)ki(cid:374)g(cid:895) Professor of moral philosophy at uni of glasgow. The idea of the (cid:862)i(cid:374)(cid:448)isi(cid:271)le ha(cid:374)d(cid:863) of the (cid:373)a(cid:396)ket setti(cid:374)g p(cid:396)i(cid:272)es (cid:449)ithout i(cid:374)te(cid:396)fe(cid:396)e(cid:374)(cid:272)e f(cid:396)o(cid:373) the state. Amartya sen and friedman are responding to adam smith. Economics is the pursuit of self interest. Winner of the nobel prize of economics 1998. Philosopher and economist (cid:862)does (cid:271)usi(cid:374)ess ethi(cid:272)s (cid:373)ake e(cid:272)o(cid:374)o(cid:373)i(cid:272) se(cid:374)se? (cid:863) ye . Responding to what people are saying to adam smith. The (cid:862)ethi(cid:272)s a(cid:374)d (cid:271)usi(cid:374)ess a(cid:396)e (cid:272)o(cid:374)t(cid:396)adi(cid:272)to(cid:396)(cid:455)(cid:863) (cid:448)ie(cid:449) is ofte(cid:374) (cid:373)istake(cid:374)l(cid:455) att(cid:396)i(cid:271)uted to ada(cid:373) The view that e(cid:272)o(cid:374)o(cid:373)i(cid:272)s is si(cid:373)pl(cid:455) the (cid:396)epeated p(cid:396)odu(cid:272)t of (cid:862)self-i(cid:374)te(cid:396)ested a(cid:272)tio(cid:374)s(cid:863) is also a mistaken interpretation of smith. Moral theory is built into self- interest, according to adam smith. For smith, the self-interested action model of market transactions does not explain other parts of the economy: production and distribution. Instead, self-interest is merely a motivation for exchange (ie. market transactions) for.

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