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32211 Tuesday May 10 2011 155 AIVI Political Philosophy I Branch of moral philosophy I Questions about rights and liberties Rights and liberties intrinsic features of human nature that are so important that they deserve protection ex Freedom of speech religious liberties I Liberal committed to rights and liberties Distributive Justice I How are material goods divided among all How was this justice achieved I Liberal Egalitarianism John Rawls I Justice demands a level of equity I In favor of higher levels of taxation for the wealthy in order to fund social welfare programs to help the poor and even out the level of equality I High taxation more robust social welfare LibertarianRobert Nozick I In favor of free reign of the free market I Much lower rates of taxation and almost no social welfare Only taxation approved of is to secure protection of property rights for a quotnight watchmenquot state Army and police force How should political institutions be organized Social Contract Theory I What would life be like in the State of Nature I A prepolitical society no politics whatsoever What kind of political institution would most people agree to in a social contract where there previously was none I We would arrive at a 39ust political institution 32911 Tuesday May 10 2011 315 AM 1971 John Rawls A Theory of Justice I Justice as Fairness Theory I Liberal egalitarian I Arbitrary Differences I There are certain differences that are significant in personal identity but are not justifiable bases for differential treatment by the state Ex Gender race From the perspective ofjustice these differences are arbitrary from the moral point of view 39 Original Position I Decision mechanism procedure where contracts get made Starts with imaginary people Contractors I Rational Mutually disinterested rational utility maximizers seeking to maximize their own ends while being selfish but not looking to hurt anyone Reasonable Recognize that a basic set of rules would be good to have to structure conduct I Sense ofjustice These people are behind the Veil of Ignorance I Takes away the arbitrary differences and basic facts about themselves Without this veil people would likely choose a contract that favors themselves and their position in society since they are rational beings I Yields 2 principles ofjustice I Greatest Equal Liberty a People are to be as free as they can possibly be given that everyone has the same rights I The Difference Principle a Concerns distribution ofjustice b In not knowing who you are you are risk averse c Concerned with the worst case scenario being as good as it can possible be MAXMlN Maximize the minimum 33111 Monday May 02 2011 5 9 PM Rawls Lexically orderedLexical Ordering The first principle of justice principle of greatest equal liberty is higher lexically ordered will be exhausted before people choose the second Whole thing is subject to Reflective Equilibrium We structure the original position amp look at the principles ofjustice produced If they were crazy slavery ok etc then you should go back amp change manipulate the OP Continue until achieve good results aka what he got If the results are unexpected then you need to manipulate the system Problem Not based on the truest account of human nature we are more altruistic than he gives credit However not the point just modeling ideas for decision making structure morals and not describing human nature Non philosophical but political problem all politics should be based on human nature However probably not important for exam song likes it 4 5 1 1 Monday May 02 2011 545 PM LIBERTARIANISM Be as free as you can possibly be Rights Natural Rights Religion Association Unviolatable bc we39re human we have them Speech Property Rights Libertarians think property rights are natural Liberal egalitarians do not agree that they exist but libertarians are more robust in its defense Self ownership also extends to property Two kinds Moral Pragmaticpractical as opposed to idealistic Deontological Things work best wo gov intervention Gov violates rights Free market Not in favor of any law or gov regulation policy that smacks or parentalism moral legislation drugs or redistribution of wealth Robert Nozick Professor at Harvard Reacted to Rawls Wrote Anarchy State and Utopia in response to A Theory ofJustice specifically difference principle Avoids talking about quot distributive justicequot because that puts a bias on a more basic view quot justice in holdingsquot things aren39t the gov39s to distribute equally as they see fit Symantics 1 Justice in original acquisition i How you came to posess your things LaborMixing Theory John Locke You own yourselfgt You own your labor gtYou are mixing your labor into dirtgt Your ownership is earned My Rabbit Examplels the rabbit Michael Morrissey39s rabbit or the runners rabbit 2 Jusucemtrznierw uymgzndsemrg L Tzkm 2 permnsbe ungmgsstransferbutwsnutjui 3 Jusucemrem cztmn L thttu du 1 ur Zwere wu zted u thtyuurrwghhs Bum Tu Run Nuzmk Eys 2H patterned heury u uame s zwed C ever cat m m 2 A 39 N y m m H A n n u mumawedetermmesmmmsmbuuunmug mquot w A m w brezkmg pattern m m dez 5 WWW mm m WWWWgt 7mm Amm m1 927w Jusucem hu dwrgs Historical looking at how some Current Time Slice freezing time and people got to their position in life looking at the distribution to determine if Look at the history of someone to distribution is just Atemporal determine ifdistribution isjust Patterned 1 2 Rawls difference principle and predetermined distributive justice Everyone should picture of how have their slice of the pie and poverty is justice should be unjust because everyone deserves something LITERAL EGALITARIAN Unpatterned no 3 Nozick just the way things 4 Doesn39t exist pattern are because of how you got there LIB Nozick extremely clever in his argumentation O Wilt Chamberlin Argument argument against patterned theories ofjustice Grant theorists their patterned justice society with egalitarian pattern where everyone is equal At the beginning of the season Wilt Chamberlin is the same as everyone else Then when the basketball season starts people are willing to pay extra money to see him play When the season is over Wilt Chamberlin has made money and is now richer than everyone else Now everyone is not equal and the pattern is broken The only way that a pattern can be maintained is by constantly violating people39s liberties which is wrong Any patterned theory ofjustice is wrong quot Liberty Upsets Patternsquot Sandel offers objections to Nozick39s argument and the libertarianism in general which is that people own themselves and they should be free to do as much as they want without interference But this theory has far reaching consequences Example Laws against prostitution Libertarians would be for prostitution But some may say that sex has a value and it shouldn t be sold Puts coercive pressure on people to entertain that market But libertarians would say that some may believe that but they shouldn t impose their values on everyone else Example Selling organs before death Also places coercive pressure on people to entertain this market Rich people may prey on the poor to sustain their own lives Sandel Argument German man puts an ad in the paper He is interested in eating a human being A few people met with him And he chose someone to have dinner with and the man got very drunk and the German guy cut offa body part and ate it The man died and the German guy cut him up and froze him and ate him over the next few months Libertarians would argue that this was concentual and there is something wrong about limiting the actions of adults 41 2 1 1 Tuesday April 12 2011 930 AM Reductio ad absurdum a mode of argumentation that seeks to establish a contention by deriving an absurdity from its denial thus arguing that a thesis must be accepted because its rejection would be untenable Pasted from lthttgwwwiegutmedureductiogt Property rights What are they Libertarian Natural rights given to humans at birth and inviolable Liberal Egalitarian Conventional Rights rights that depend on human agreement Ex You39re at home you wash a tablecloth and you hang it up to drive and leave A drunken bus driver runs off the road and kills the children in the accident They need bandages so they rip up your tablecloth to use You come home and say quotstop that39s my tablecloth its minequot Have they wronged you by using your tablecloth Probably not Other Same scenario but you see it happen The children need organs this time though and they see you watching and chase you down and take your kidney In this case they are obviously wronging you and this case will probably be undisputed because no one should be able to violate your bodily integrity Markets and Morality Sandel A Intro example quotStory of the Donquot at the end of the semester a student thanks him for the class and leaves him a tip Why is this weird He is evaluating as well as performing a service Not a social convention The constitutive value of education is separate and distinct from just economic value It corrupts the value of the service to tip a professor or don B Commodification the act of taking something not originally bought and sold and selling it Commercialization The model of an economic market being applied to things that are not concerned with economics Ex LSU brand football and advertizing Thinking of students as consumers i Some may worry that this corrupts the service or activity 0 Sandel Arguments Against Commodification Coercion A reason that selling a good that hasn t been previously sold is morally wrong is that it puts coercive pressure on people to enter this market Corruption selling certain things as goods that haven39t previously been sold corrupts the activity 4 26 1 1 Tuesday April 26 2011 920 AM Classical Economics The Market Rewards success I Punishes failure I Price mechanism Price goes up produce more goods I Price goes down produce less goods I Conveys information quickly and only to the people who need it Kuttner Thinks that the power of free markets is almost magical I Supermarkets I They almost never go out of business I They operate on razor thin margins usually 1 or 2 profits make 1 or 2 more than they buy products for I Good at getting things and selling things very efficiently Book is about conditions in which free markets will not work efficiently Market Failures I Types of things needed for market efficiency Perfect Information a You need to know the prices of all goods to have market efficiency 2 Perfect Competition a If there39s only one place to buy a good market efficiency is low 3 Mobility of Factors a You need money in order to start a business If you don39t have access to loaning institutions you cannot start your business and there will be no competition b If you do not have labor you will not be able to start a business Will only achieve efficiency through government regulation General Theory of the Second Best I To have a properly functioning market you need all three things If you don39t have all three adding one of these things wont necessarily make the market better I Attempts to make a second best market more marketlike may or may not increase efficiency I Innovation and market growth I Underpriced research and innovation Innovation is only possible when the spread between production and profit is large enough to invest a large chunk of money in something else em mency 11 mm mm 32u11 911 w Kmtnerr Markets cmmh and nnuvztmn Neudzssmz mude Lawssezfzwrefree market Chas er Fasterecunummgruwth Juseph Shumpmer cumpetmun and mm munupuhesluhgzrchwes prmesznd mvesl m makecumpzny mare 2mm The FinancialLiquidity Crisis The Traditional Mortgage Median home price in Baton Rouge in 2005 164600 Home price 200000 Traditional 30 year Mortgage 20 down payment 40000 80 mortgage 160000 45 interest 800month Over 30 yea rs 288000 Local bank source Lender has local knowledge Traditionally local banks made money by paying a savings rate to get you to put your money in their bank and loaning out that money at a higher rate 363 pay 3 savings rate charge 6 loan rate on the golf course by 3pm The local bank held the note for the term of the loan The New Mortgage Business I Local lenders concentrate profits derived by loan origination fees the person making the loan will charge a fee to make the loan Having turned a profit on such fees the lender quotflipsquot the loan to some other mortgage company in order to recoup its investment so it can in turn use that money to originate another loan The mortgage note buyer then collects the monthly interest Specialization I Loan originators get really good at this specialized task of originating loans I The companies who buy the loans are in the staid old business of making slow money on steady interest but profits are expanded just because these companies are so large I These companies engage in further financial innovations making the process more and more complex CDO39s CDS39s SCDO39s I Two kinds of Investments I Stocks or Equities I Bonds I Corporate bonds Collateralized Debt Obligations CDO39s I A CDC is a quotdebt obligationquot which is to say bond a financial instrument that is bought and sold on bond markets tied to a real asset houses I It is collateralized in the sense that its value is tied to some real collateral or asset I A CDC is different from an ordinary bond in that it bundles numerous assets into a single investment device I Mitigates risk quotrisk freequot because there are so many mortgages that if one disappears not much damage is done 39 These individual assets are divided up into tranches based on risk riskier assets are more likely to default but pay a higher interest rate I The appeal of CDO39s is that in bundling numerous assets into one investment device it minimizes risk And they earn really high interest payments CDO CDO39s are cut up into tranches A B and C A gets paid off first B second C last Payoff increases by tranch you can take the risk and be in C to get V paid last but paid more 3A 4B 5C 100039s 5 3 1 1 Tuesday May 03 2011 924 AM 4 CDO39s CDS39s SCDO39s I Credit Default Swaps CDS39s O A financial innovation that allows investors to ameliorate their risk 0 It is a default swap in the sense that one is swapping the risk of defaulting on some investment 0 CDS39s in effect operate as financial insurance 0 The genius of CDS is that they eliminate risk and a well hedged firm can make money 0 matter what happens to an asset 0 They also allow third parties to speculate on the value of an asset that they do not own I Synthetic CDO39s 0 An SCDO is a CDS that is structured to act like a CD0 0 Like a regular CDO it is security whose value rests upon underlying assets 0 Unlike a regular CDO there are no real assets It is composed entirely of CDS39s that are structured to mimic some CD0 0 The genius of SCDO39s is that they allow investors to speculate on assets that they do not own The Meltdown 0 Housing bubble A financial bubble is when the value of some asset class rises at an unrealistic of unsustainable rate The price is an asset does not reflect its real value Through the 200039s housing prices soared at unrealistic rates driven in part through policies that encouraged home ownership low interest rates and nancial speculation that encouraged subprime loans 0 Rampant Financial Speculation I Leverage I Prime Mortgages I Subprime Mortgages s I Bond Rating Agencies I A Vicious Feedback Loop 0 Liquidity Crisis Homeowners begin defaulting I Value of CDO39s plummet I Creditors call back loans Investment firms go bankrupt N ozick Tuesday May 03 2011 143 I M Nozick illustrates and defends the entitlement theory in a famous thought experiment involving the basketball playerWilt Chamberlain Imagine a society in which the distribution of wealth ts a particular structure or pattern favored by a non entitlement conception of justice suppose to keep things simple that it is an equal distribution and call it D1 Nozick s opponent must of course grant that this distribution is just since Nozick has allowed the opponent himself to determine it Now suppose that among the members of this society is Wilt Chamberlain and that he has as a condition of his contract with his team that he will play only if each person coming to see the game puts twenty ve cents into a special box at the gate of the sports arena the contents of which will go to him Suppose further that over the course of the season one million fans decide to pay the twenty ve cents to watch him play The result will be a new distribution D2 in which Chamberlain now has 250000 much more than anyone else a distribution which thereby breaks the original pattern established in D1 Now is D2 just Is Chamberlain entitled to his money The answer to these questions Nozick says is clearly Yes For everyone in D1 was by hypothesis entitled to what he had there is no injustice in the starting point that led up to D2 Moreover everyone who gave up twenty ve cents in the transition from D1 to D2 did so voluntarily and thus has no grounds for complaint and those who did not want to pay to see Chamberlain play still have their twenty ve cents so they have no grounds for complaint either But then no one has any grounds for a complaint of injustice and thus there is no injustice What this shows in Nozick s view is that all non entitlement theories of justice are false For all such theories claim that it is a necessary condition for a distribution s being just that it have a certain structure or t a certain pattern but the Wilt Chamberlain example which can be reformulated so that D1 is instead of an egalitarian distribution a distribution according to hard work desert or whatever shows that a distribution such as D2 can be just even if it doesn t have a particular structure or pattern Moreover the example shows that liberty upsets patterns that allowing individuals freely to use their holdings as they choose will inevitably destroy any distribution advocated by non entitlement theories whether they be socialist egalitarian liberal or some other theory of distribution And the corollary of this is that patterns destroy liberty that attempts to enforce a particular distributional pattern or structure over time will necessarily involve intolerable levels of coercion forbidding individuals from using the fruits of their talents abilities and labor as they see t As Nozick puts it the socialist society would have to forbid capitalist acts between consenting adults This is not merely a regrettable side effect of the quest to attain a just distribution of wealth it is a positive injustice for it violates the principle of self ownership Distributive justice properly understood thus does not require a redistribution of wealth indeed it forbids such a redistribution Accordingly the minimal state far from being inconsistent with the demands of distributive justice is in fact the only sure means of securing those demands Pasted from lthttglwwwiegutmedulnozickgt Web Sources for PHIL 2020 Tuesday May 03 2011 152 PM More Nozick htt wwwie utmedu nozick John Rawls htt wwwie utmedu rawls SHZc Distributive justice httDI 39 lthnfnrrl quot entriesiusticc quot quot 39 I Final Exam Study Questions Thursday May 05 2011 923 AM FINAL EXAM STUDY QUESTIONS PHIL2020 ETHICS Friday May 13th 730930AM 1 What is a social contract theory How do they work a A social contract theory determines what life would be like in the State of Nature which is a pre political society with no politics whatsoever b Next determines what kind of political institution most people would agree to in a social contract where there previously was none c This would allow us to arrive at a ust political institution 2 What is the veil of ignorance What normative ideal is it supposed to stand for Normative ideal that Raws thinks is widely and deeply held differences that are arbitrary from the moral point of view should not be used to treat people differently the law shouldn t treat you differently based on race religion etc The veil masks these arbitrary moral differences from the contractors 3 What are the two principles ofjustice Briefly describe each 4 Briefly describe the position of Rawls s original position contractors and describe the logic that leads them to choose the Difference Principle Rawls offers a social contract theory They are a way to determine principles of justice that a political institution should have Rawls39s are 39 quot quot 39 They have 2 key features They are rational in a very specific way they are mutually disinterested not looking to help other people selfish rational utility maximizers will always pursue the rational means to satisfy their desiresmaximize their own happiness They are reasonable they recognize that life will be better if everyone adheres to certain rules that benefit everyone They are willing to abide by those rules as long as everyone else is These contractors when behind the veil of ignorance Behind the veil of ignorance you don t know who you are so you will make sure that your worst case scenario is as good as it can possibly be so that when the veil is lifted if you end up at the bottom you will still be sustained The principle of greatest egual liberty people are to be as free as they can possibly be As extensive a set of liberties as possible The difference principle primary social goods should be distributed so as to maximize the share of the most disadvantaged Free market society with pretty generous welfare provisions 5 According to Nozick any comprehensive theory ofjustice of holdings would have three parts What are they and briefly describe each a Justice in original acquisition i How you came to posess your things LaborMixing Theory John Locke You own yourselfgt You own your labor gtYou are mixing your labor into dirtgt Your ownership is earned My Rabbit Examplels the rabbit Michael Morrissey39s rabbit or the runners rabbit b Justice in transfer buying and selling i Taking a persons belongings is transfer but is notjust c Justice in rectification i What to do if 1 or 2 were violated ii What your right is 6 What are patternedunpatterned principles of distributive justice according to Nozick Historicalcurrent time slice Historical looking at how some Current Time Slice freezing time and people got to their position in life looking at the distribution to determine if Look at the history of someone to distribution is just Atemporal determine ifdistribution isjust Patterned a b Rawls difference principle predetermined and distributive justice Everyone picture of how should have their slice of the pie and justice should be poverty is unjust because everyone deserves something LITERAL EGALITARIAN Unpatterned no 3 Nozick just the 4 Doesn39t exist pattern way things are because of how you got there LIB 7 Briefly reconstruct Nozick s Wilt ChamberlainMichael Jordan argument Libertarian Nozick thinks that justice demands a small limited government Only the night watchmen state protecting property rights Any other government regulation is unjust Patterned ex difference principle The justice of a dist Is determined by its conformity to some predetermines patterntrict literal egalitarianism Unptterned a theory that is not patterned See april 7th notes for chart Nozick39s argument is directed toward patterned theories of justice Imagine this patterned theory of justice Everyone wants to see Wilt Chamberlain play basketball People buy tickets and now everyone is a little poor and wilt chamberlain is a lot richer People were freely exchanging money to Now the pattern has been disrupted and the only way you can maintain the pattern is by violating liberty and keeping people from spending money like they want to Liberty upsets patterns l3Sandesugges1s that there are two kinds ofargument that can be used to illuminate moral worries about acts of commodification like surrogate motherhood What are they and brie y describe each Sandel Arguments Against Commodification Commodification the act of taking something not originally bought and sold and selling it Coercion A reason that selling a good that hasn t been previously sold is morally wrong is that it puts coercive pressure on people to enter this market Corruption selling certain things as goods that haven39t previously been sold corrupts the activity 9 What according to Friedman is the price mechanism Why is it so important to the functioning of free market Friedman libertarian economist Laissez fare unfettered free markets He thinks they He thinks that markets work less well when there is any 3 39 f Price quot 39 In free markets the price of any good will be determined by the buyer and seller A product does not have a starting value It is determined how much people are willing to pay for it Product value is set by supply and demand A price is not just a price it conveys information It is that efficient transfer of information that makes free market themselves so efficient Price mechanism tells everything that suppliers need to know only to the people that need to know When price increases there is high demand and not enough supply Supply increases price goes down Supply gets constrained price goes up 10 What three basic conditions need to exist in order to achieve market ef ciency Briefly describe each Types of things needed for market efficiency 1 Perfect Information a You need to know the prices of all goods to have market efficiency 2 Perfect Competition 3 If there39s only one place to buy a good market efficiency is low 3 Mobility of Factors 3 You need money in order to start a business If you don39t have access to loaning institutions you cannot start your business and there will be no competition If you do not have labor you will not be able to start a business 11 What is the General Theory of the Second Best General Theory of the Second Best To have a properly functioning market you need all three things I If you don39t have all three adding one of these things wont necessarily make the market better I Attempts to make a second best market more marketlike may or may not increase efficiency 12 Describe how from a standard neoclassical economic perspective economic efficiency should lead to stagnation 13 What is the Schumpeterian view of how and why economic growth occurs Mentioned Sandel Markets growth and innovation Economic growth is driven by innovation that creates new products What is good for economic growth is limited competition between mini monopolies to control costs but to obtain profits that are very robust so that companies can reinvest and innovate 14 Describe the main features under which a traditional mortgage is made How is the new market for mortgages different 15 What is a CDO What is its special appeal 16 What is a CD5 and what original investing purpose did they serve What new use have they come to have 17 What is leverage in the financial sense 18 Name and briefly describe three contributing factors to the recent nancial crisis Will be just like the midterm Be very specific in answering the questions Complete answers Questions may be reworded Need blue book