[Individual determinants of Moral Standards]
1. Personal Goals: our expectations of outcomes. Including material possessions,
lifestyle preferences, personal goods and social aims.
2. Personal Norms: expectations of behavior. The way we expect to act and the ways in
which we expect others to act in given situations. It is different from moral standards
wince it doesn’t associate with “right” or “wrong.”
3. Personal beliefs: the ways we expect to think, and the ways in which we expect others
to think, about given situations. It supports our norms, and norms usually lead to our
goals. Ex) you believe smoking will cause cancer.
4. Personal Values: the ways we judge the relative importance of what we want to have.
Priorities among goals, norms, and beliefs.
- 4 determinants will be affected from cultural and religious tradition as well as the
economic and social situation of the person.
[Recognize the Moral Impacts]
1. Benefits: whose well-being will be substantially improved by the present or proposed
action. Focus on material or financial or personal benefits to identifiable groups of
2. Harms: whose well-being will be substantially harmed by the present or proposed
3. Rights: whose right will be exercised and made more certain by the present or
4. Wrongs: whose rights will be denied and made less certain by the present or proposed
action. Make certain that there is a clear right or claim of someone to do something
important that is being denied, not just a general desire to do something beneficial.
[Determine the Economic Outcomes]
- It is the net balance of benefits over costs for the full society, given that the values of
those benefits and costs are determined by all of the people within that full society,
acting through open and free markets (Pareto Optimality).
- 3 easy dictums for economic outcomes:
1. More is better than less
2. Specifically, more is better than less when that “more”consists of what ppl really
3. And even more specifically, that more of what ppl really want is better than less
when that “more” is produced as efficiently as possible by using as little as
possible for what ppl least want.
- The greatest possible economic benefits at least possible economic costs.