crit2 - ISS 225 Crit2 April 2005 p.1 Ethical Deficiencies...

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April 2005, p.1 Ethical Deficiencies of Markets 1 Moral Issues Involving Markets 2 A considerable number of moral arguments about -- or against -- markets have been raised. 3 We will consider three such arguments. 4 A person’s wealth is often determined just by his/her ability to perform in the marketplace 5 In the marketplace, people are entitled only to what they can earn. 6 But: How should we treat a person who starts out with many fewer opportunities than other people? 7 Unlucky initial endowments: (8) Many people are born with various kinds of physical and mental disabilities. (9) Lack of strong family structure, training, and socialization (10) Lack of early access to good quality education 11 Unlucky life happenings: (12) Accidents and injuries that reduce or eliminate a person’s chances of making a good living (13) This is especially important when the person is not responsible for the accident. 14 How should we treat people who make unlucky life choices? 15 Choice of an occupation or profession that became obsolete. 16 The result?: Markets may produce very uneven income distributions.
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crit2 - ISS 225 Crit2 April 2005 p.1 Ethical Deficiencies...

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