FIN 800 Study Guide - Monetary Inflation, Financial Statement, Insider Trading
Document Summary
Consideration of application of fairness to foundations and operations of markets, especially financial markets, illuminates central moral and political questions and suggests that ethical evaluation of complex social and economic phenomena demands careful analysis. Unintended benefits arise as individuals respond to particular circumstances, use their knowledge, and strive to better their own condition. Activities and choices of individuals, as regulated by government or influenced by industry, constitute the operations of markets. In being fair one does not fulfill all of the aims of ethical conduct, so fairness should not be identified with whole of ethics. Justice and fairness may diverge, for some demands of fairness could require violation of constraints of justice: aristotle assets that justice involves giving to equals equally and to unequal unequally. Fairness, referred to as procedural fairness , takes up fairness in relation to rules, agreement, or recognized expectation to generate claims on part of those to whom rules, agreements, or expectations apply.
