Philosophy 2730F/G Lecture Notes - Lecture 24: Invisible Hand, Egotism, Externality
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11 Apr 2018
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Jan 24
Market Norms – Profit
• Impersonality
• Egoism
• Exclusivity
• Want regardiness
o If people want something; others will sell it
• Exit rather than voice
o Media works in idea of voice
Rational: look at various possibilities (part);
**Page 52
Market:
Exchange – seller and buyer
Competition – supply/demand
• Price is what drives competition; what might drive exchanges
• Issue with monopoly
• Competition among suppliers for business of consumers; what drives down prices
Economy
Capitalism – amoral
• Defining feature that there is a robust set of property rights
Attractive features:
1. Efficiency (best captured by notion of invisible hand)
2. autonomy
Media Norms – Public Interest
• Truth valuing
• Objectivity
• Representativeness
Public Interest
• Democracy
• Truth
• Development of critical faculties
o Mil
Rights:
1. Non-interference (simply speaking of liberty right)
2. Diversity of perspectives (what comes along is first, is second right)
Market Failure
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