Business ethics in a competitive market
Consequentialist reasoning and neoclassical assumptions about perfectly competitive markets encourage business school faculty and students to overlook the role of ethics in a market system. In a perfectly competitive economy, self-interest suffices to bring about a desirable outcome. However, discre...
| Published in: | Journal of business ethics |
|---|---|
| Main Author: | |
| Format: | Electronic Article |
| Language: | English |
| Check availability: | HBZ Gateway |
| Journals Online & Print: | Drawer...
|
| Fernleihe: | Fernleihe für die Fachinformationsdienste |
| Published: |
Springer Science + Business Media B. V
1994
|
| In: |
Journal of business ethics
|
| Further subjects: | B
Market Economy
B Business Ethic B Social Structure B Business School B Economic Growth |
| Online Access: |
Volltext (JSTOR) Volltext (lizenzpflichtig) |
| Summary: | Consequentialist reasoning and neoclassical assumptions about perfectly competitive markets encourage business school faculty and students to overlook the role of ethics in a market system. In a perfectly competitive economy, self-interest suffices to bring about a desirable outcome. However, discrepancies between an economist's assumptions and the realities of a market economy establish a need for business ethics. This essay, written as a lecture for MBA students, first reviews Pareto optimality as an argument in favor of market allocations. It then uses the discrepancies between actual and hypothetical markets to derive a Rawlsian duty of civility. This neoclassical case for business ethics requires individuals to avoid exploiting the defects that are inevitable in any social structure. |
|---|---|
| ISSN: | 1573-0697 |
| Contains: | Enthalten in: Journal of business ethics
|
| Persistent identifiers: | DOI: 10.1007/BF00881324 |