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MGMT 1040 (37)


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MGMT 1040
William(bill) Woof

Chapter 3: Justice and Economic Distribution Intricacies of taxation  It wasn’t until the first quarter of the 20 century that the government began taxing corporate earnings and personal income  The capitalist elites pay for the bulk for the country’s taxes  Because this most of our countries income goes to them (subsidies, bailouts etc.)  Inequalities result in less income mobility and a more rigid hierarchy The Nature of Justice  The terms ‘just’ and ‘unjust’ are too vague  Justice is frequently thought of as meaning fairness  Equality is also seen as an attribute of justice Rival Principles of Distribution  Justice is an important subclass of morality  Counter argument for equality: If there was ‘equality of income’, people would be less inclined to perform at their maximum capabilities  Norms and principles dictate how resources should be distributed The Utilitarian View  Moral principles are measured by happiness  Encourages the maximization of happiness  Maximization of happiness determines which actions are just and which actions are unjust Utilitarianism and Economic Distribution  Promotes an economic system that maximizes goodness  Under a utilitarian approach, a cost benefit analysis is used to assess available options  Promotes: private/public ownership, laissez faire, authority structure (managers and workers), material incentives, welfare provisions Worker participation: profit sharing programs (Mills) – Utilitarian Greater Equality of Income: Sympathetic to the idea of reducing disparities in income – Utilitarian Libertarian Approach  Associates justice with social utility  Permits individuals to live as he or she pleases, free from the interference of others  Reject the utilitarian idea of total social well-being  Night-Watchman: dictates that the states only legitimate function is to protect citizens from physical and prevent fraud/breaches of contract Nozick’s Theory of Justice  Nozick was an advocate of libertarianism 1. A person who acquires a holding in accordance with the principle of justice is entitled to that holding 2. A person who acquires a holding through a transfer process that is in accordance with the principle of justice is entitled to that holding 3. No one outside these two criteria’s are entitled to the holding Wilt Chamberlain Example:  Wilt Chamberlain signs a contract that grants him five dollars for every ticket sold  The five dollars that he receives pushes him way above the average earnings of society  Under Nozick’s theory, Wilt Chamberlain has a legitimate claim to the earnings because he acquired the holdings in accordance to the law (contract) Libertarian: involves commitment to leaving market relations – buying, selling and other exchanges totally unrestricted (free-market, free exchange) Property Rights:  Nozick warns that
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