Milton Friedman

The core of ethics is doing the right thing, especially under challenging conditions while learning from several sources and not harming people and treating them well in the decision making process. Teleology Ethical Philosophy Also known as consequentialism, teleology extends the rightness or wrongness of actions and is based solely on the goodness or badness of their consequences (Regis-University Ruekert-Hartman). The main consequentialism theories are egoism and utilitarianism. Adam Smith…

Jack Welch, always asked only one thing from his business managers, “Be the market leader in your business – If you are not I will fix it, sell it or close it”. He lived the mantra of competitive advantage – if you don’t have a competitive advantage don’t compete. All business units have to constantly find new and innovative ways to differentiate their products and services. Some take a conscious approach to promote the facts and product features, and while others appeal to customer’s emotions.…

Since when did a house become a tool for profit? Is it wrong for people who could not otherwise afford it to own their own home? The Great Recession was caused, in part, by a “house of cards” that was built by subprime home loans. But who was at fault and are there lessons for the future? This paper will attempt to address these questions in the context of what I have learned in the text Ethical Theory and Business (Arnold, Beauchamp, & Bowie, 2013). “Capitalism is a system of social…

Drugs are widely used around the world and continues to be a huge issue. Many philosophers debate on the effects of making drugs legal. Some say that the forbidden fruit effect helps reduce the urge of doing drugs; however, Wilson believes that an increase of supply at a lower price will increase the amount of people taking these drugs. In addition, many argue that if drugs are not allowed then alcohol should be prohibited as well. This brings up many questions and the philosophers seem to have…

Utilitarianism and Libertarianism on the Redistribution of Resources When it comes to the government, the president, and their cabinet tries to govern the United States in the best way that he or she can; however, it’s understood by some that this individual can not please every citizen. For instance, in the United States, there is a huge income gap between the rich and the poor. Many individuals feel like the government should try to redistribute some resources to the poor; however, others…

We live in a world where transportation makes up the basis of our lives. We use transportation to move people and goods from one place to the next while improving the direct approach to safety for the public. However, when a transit disaster threatens the security and safety of our well being, we need the responsible party and emergency crews to step up and facilitate the disaster quickly and efficiently. The National Transportation Safety Board (NTSB) investigation of the Amtrak train accident…

They seek to create a market without governmental regulation, where the market dynamics, as the "invisible hand" by Adam Smith, always will assure an optimal use of resources. Since people are self-regulated, the market should be self-regulated. Milton Friedman is still one of the biggest advocates for a free market. He believed in free market capitalism and meant that the government’s role in the economy should be restricted. He argued that a free market, where prices are set by demand and…

limitations on their employment because they belong to the least-skilled group of workers which are undesirable for employers (Wilson 9). Poverty is not solved by increasing minimum wages. Milton Friedman wrote, “In fact, insofar as minimum wage laws have any effect at all, their effect is clearly to increase poverty” (Friedman 148). Advocates of the minimum wage and their supporters want to believe that the government can legislate a minimum wage and poverty will be solved. Somehow, they…

Language can be used to invoke feelings upon another. Language can strike any emotion, such as love, happiness, anxiety, paranoia, fear, etc. The United States of America has had its fair share of using language to play with it’s citizens’ emotions. The nation’s 40th president, Ronald Reagan, brought the citizens to the truth by one of his most famous quotes: “The most terrifying words in the English language are: ‘I’m from the government and I’m here to help.’” Those nine words may be the most…

Neoliberalism and political economy Neoliberal political economy is another form of economy within the capitalist mode of production and replacing the Keynesian welfare state with pro corporate state. Post Soviet Union disintegration; most of the state adopted willingly and some places forcibly implemented the neoliberal economy. The neoliberal economy unlike the previous capitalist model came with more unprecedented development advanced information technology and promoting aggressive…