Phil 349

  1. Morality
    • An informal public system applying to all rational persons,governing behavior that affects others.
    • Moral rules, ideas and virtues.
  2. Ethics
    • "the philosophical study of morality"
    • Morality is the subject-matter of ethics
    • An actions ethicists say can be right or wrong;an object,person or state of affairs can be good or evil
  3. Ethical Relativism
    • View that there are no unviersally valid moral principles.
    • All moral principles are valid relative to culture or individual choice.
  4. Ethical Conventionalism
    • Moral Principles are valid relative to the conventions of a given culture or society.
    • W/E a social group or culture accepts is right is automatically right-"for it"
  5. Ethical Objectivism
    Some moral principles have universal validity- ie. don't kill fellow man
  6. Nihilism
    No valid moral principles.
  7. Ethical Skepticism
    We cannot know whether any moral principle is valid
  8. Welfare Economics
    • Branch of mainstream econ. that takes welfare as its ultimate value.
    • Concerned with the meaning of the term 'optimal' and whether given policy or event has improved or reduced social welfare.
  9. Welfare
    • The satisfaction of preferences.(every preference is adaptive).
    • Welfare of an individual is defined by what the individual prefers.
  10. Optimality
    Maximizing socail welfare.
  11. Socail Welfare
    The sum of the welfares of all members of a defined society.
  12. Opportunity Cost
    next best mutually exclusive choice available.
  13. Comparative advantage
    ability of a party to produce particular good or service at a lower opportunity cost.
  14. Public funding or provision of primary and secondary education
    • Paternalistic- state institutions have a responsibility to provide minumum lvl of benefits to children.not all parents are willing or aple to indentify childrens "intersts
    • Distributive- equality of opportunity requires adequate education for disadvantaged childeren
    • Political- students must be prepared for full citizenship,civic responsiblity, and so forth.
  15. Field of Study
    Welfare econ.
    Voucher Debate
    Unemployment Debate
    • Value
    • Welfare
    • Happines/absence of pain
    • Individual Preference/freedom/effeciency
    • Voluntarines
  16. Unemployment Rate
    =Unemplyed workers/Total Labour force
  17. Technological Unemplyment
    due to replacement of workers by machines
  18. Fricitonal Unemplyment
    Time period between jobs when a worker moves from one job to another
  19. Choice
    • actions that arise from constraints, preferences, and expectationts(or beliefs).
    • Rational if determined by preferences
  20. Preferences
    • Predetermined or given facts about individuals and not theselves in neeed of eplanation or subject to rational appraisal.
    • Economic analyses begin with an individual's preferences.
    • Are rational if they are transitive and complete
  21. Rational agent
    • if preferences are rational and if she chooses what she most prefers among those things she can obatain.
    • If preferences are trasitive and complete.
    • if his or her prefences may be represented by ordinal utility functions and his or her choices maximize utility.
  22. Transitive Preference
    if for all alternativce x, y, and z if the agent prefers (or is indifferent) x to y and y to z the she preferes (or is indifferent) to x to z
  23. Complete Preferences
    • Under conditions of certainty, if all alternatives are ranked. always able to rank
    • For all options x and y either agent prefers x to y or y to x or the agent is indifferent to x and y.
  24. Catdinal Utility Function
    the magnitudes of the utility number, rather than just their order , and sinificanct
  25. Psychological Egosim (folk psychology)
    the view that people always do what the believe is in their self-interest and human nature being what it is, they cannot do otherwise.
  26. Positive Economic Assumptions
    • First Assumption of positive eonomics: Individuals are exclusively self-interested. Rational and self intrested agents always prefer what the believe is better for themselves over what they believe is worse.
    • Second Assumption of positive eonomics: individuals have prefect knowledge, ie all info relevant to given exchange. Preferences maximize utility.
  27. Moral Principle of Minimal benevolence
    Other things being equal, it is a morally good thing if people are better off.
  28. Pareto Optimum
    allocation in which it is impossilbe to make anyone better off w/o making someone worse off.
  29. Pareto Improvement
    a change that makes some people better-off w/o making anyone worse-off
  30. Perefect Competition
    • There are no interdependencies among peoples utility functions (no i'm happy when u are)
    • There are markets for all goods and services(no externalities)
    • There are no barriers to entry and exit from any makret; and
    • There are so many traders in every market that no one trader can influence prices
  31. Perfectly competitive Equilibruim
    there is perfect competition and no excess demands on any market.
  32. First welfare Theorem
    The allocation resulting from any perfectly competitive equilibrium among self-interested agernts is Pareto optimal
  33. Secon Welfare theorem
    all pareto optima can be obtained as competitive quilibria from the "right" initial distribution of endowments.
  34. Doctorine of free trade
    • Trade results in a pareto improvement over a no-trade equilibrium.
    • Judgments of prudence, and morality
  35. Social Norms
    Prescreptive rules regarding behaviors that are shared among a group of people that are partly sustained by the approval and disapproval of others.
  36. Moral norms
    enable people to coordinate their actions more efficiently than would be possible w/o a shared morality.
  37. 2 Hallmarks of Moralization
    • The rules it involves are felt to be universl
    • People feel that those who commit immoral acts desreve to be punished.
    • Moral sense is an innate part of human nature.
  38. 5 Spheres moral concern
    Harm, fairnes, community, authority, and purity appear to have deep evolutionary roots.
Card Set
Phil 349
For philosophy 349 CSUN