PHI 2397 Lecture Notes - Lecture 19: Grant Brown, Takeover, Independent Business
24 Nov 2016
School
Department
Course
Professor
Document Summary
The question: do those who win profits (and suffer loss) in a market economy deserve them, scott arnold: He claims that the answer to this question is positive: grant brown. Arnold"s account: what is that correct positive account of how and why profits (and losses) come about in a market economy, we must distinguish between the three following roles or functions in production: Entrepreneur: role of entrepreneur is to bring together the needed factors of production (labour and capital), acquire control over capital and labour. They decide what to produce, when to produce it, how much of it to produce and at white price (innovator and gambler) Arnold"s concept of desert: desert, arnold defence of winning profit (and suffering losses) depends upon his concept of desert. Determined by goals or purpose of this institutions. E. g. in sport the best athlete deserves recognition, why wouldn"t entrepreneur deserve the profits they make. The nature of the objects of desert (reward/punishment)
