New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Professional Ethics, Notes Week 10 Part 2

by: Chloe Luyet

Professional Ethics, Notes Week 10 Part 2 PHI 1120, Professional Ethics

Marketplace > Wayne State University > PHIL-Philosophy > PHI 1120, Professional Ethics > Professional Ethics Notes Week 10 Part 2
Chloe Luyet
Professional Ethics
Dr. Ryan Fanselow

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

These are the notes that were taken in lecture on Thursday (3/24)!
Professional Ethics
Dr. Ryan Fanselow
Class Notes
25 ?




Popular in Professional Ethics

Popular in PHIL-Philosophy

This 0 page Class Notes was uploaded by Chloe Luyet on Thursday March 24, 2016. The Class Notes belongs to PHI 1120, Professional Ethics at Wayne State University taught by Dr. Ryan Fanselow in Winter 2016. Since its upload, it has received 17 views. For similar materials see Professional Ethics in PHIL-Philosophy at Wayne State University.

Similar to PHI 1120, Professional Ethics at WSU

Popular in PHIL-Philosophy


Reviews for Professional Ethics, Notes Week 10 Part 2


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 03/24/16
Learning 1 Be Objectives able to de ne ParetoImprovement and ParetoOptimal 2 Understand the argument that free market exchanges are Pareto Improvements 3 Understand Arrow s criticisms of Friedman Comprehension Quiz Arrow argues in favor of corporate social responsibility o3 fundamental inside concept of capitalism everyone will be better off if they look after themselves Capitalism Cost Bene t Producer Raw Materials Pro t Consumer Money Product gt no one has to pay for a cost they don t bene t from in some way or another gt aw l costs could outweigh the bene ts 0 not true in free market bc everyone agrees to the exchange they make and everyone acts freely no one has a gun to their head in a matter of speaking neither to sell the product nor to purchase it Learning Objective 1 a Pareto Improvement i an exchange constitutes a Pareto improvement if and only if 1 at least one person is made better wo making anyone else worse off no reason to say no to this it s a good thing right 1 EX b4 the exchange I have 10 and you have 2 a after exchange I have 20 and you have 2 i This is a Pareto Improvement b after exchange I have 9 and you have 8 i This is NOT a Pareto Improvement c after exchange I have 11 and you have 1 i This is NOT a Pareto Improvement d after exchange l have 10 and you have 3 i This is a Pareto Improvement b Pareto Ef ciency i an outcome is Paretoef cient when no more Pareto improvements can be made 1 That is no one could be made better off wo making someone else worse off ll Learning Objective 3 a 5 arguments of ArrowCriticisms of Friedman i Arrow says that Friedman s argument assumes that there s competition in the industry Friedman forgets about monopolies When there are monopolies Friedman s argument is rendered useless ii Produces increasing inequality Paretoimprovement 1 some people care that distribution of goods is more equal iii There s a worry of a bad side effect of the capitalist message if everyone only worries about themselves creates people w bad character and sel sh motives iv Externalities 1 the argument for pro t maximization relies on the assumption that companies buy any resources they use a therefore it assumes that they bear the costs that they impose on society b but this isn t true in some cases EX Pollution traf c congestion traf c accidents i EX tearing up the roads if you don t have a car but I do you still pay the same taxes to maintain the roads that l ruin ii these are EXTERNALITIES 2 Arrow says that even if you believe in ef ciency you should also favor corporate social responsibility bc it reduces externalities v The Knowledge Problem 1 EX If you don t know what you re buying you might buy something that doesn t bene t you like some used cars 2 Friedman would say although it s true that consumers can t know everything they still have access to tons of sources testimony of other consumers and professionally a hard to do when product keeps changing new car modelsphones etc b hard to do when something happens to the extreme death


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.