PHI 2397 Lecture Notes - Lecture 18: Neoclassical Economics, Corporate Social Responsibility, Profit Maximization
27 Nov 2016
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Classical and neo-classical theory: argues that there is nothing morally wrong with pursuing profit, because it contributes to social good (corporate social responsibility), e. g. Nor is it always the worse for society that it was no part of it. By pursuing his own interest, he frequently promotes that of the society more effectively than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. (pages 308-309) Two interpretations: classical and neo-classical economic theory is construed in two distinct ways, the weaker argument: If pursuing individual profits effectively promotes the public welfare, it is morally justified (permissible): the stronger argument: If seeking individual profit is the only effective means of promoting social ends, it is morally obligatory: it is worth to note that both interpretations agree that there is nothing wrong with seeking and maximizing profit.
