BUS 082 Lecture Notes - Lecture 18: Market Economy, Life Satisfaction, Sissela Bok
31 Aug 2020
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Expansion of markets and market values into spheres of life where they don"t belong. Moral limits of markets we need to overcome them. Value becomes only about price (only illustrated by price) Dan price: cut his own executive pay for this. Company received great feedback, more clients, more profits, higher productivity, more resumes/applications. Happiness (emotional well-being) refer to the emotional quality of an individual"s everyday life experience. Income and education: linked to life satisfaction, not happiness. Skipping background checks and interviews financial and personal investment immediately. Teach skills can have promotion opportunities. Some things cannot or perhaps should not be monetized. Think about what you hold sacred and would not think of in terms of price. Forced outcome trap: need a solution/deal; no deal is bad. Escalated commitment: the process of negotiating creates inertia towards a specific solution, even if quitting is more rational (sunk cost)
