Explain how the market mechanism is to suppose to solve the three economic problems (what to produce, how, and for whom) in a way that leads to an optimal equilibrium.

This is a limited timed Essay. The proffessor like us to write a response at the moment. He will post a question on December 20th @ 6pm NY time and we are to answer the question only with the sources from the articles. There is no maximum or minimum word count but there is a limit in time, the response has to be written in 1 hour and 45 minutes.

Below are the articles and the questions that you should use to answer the question. This is a review that’ll help with the Essay question.

For reading of Invisible hand, dependence effect and Hayek
1. explain how the market mechanism is to suppose to solve the three economic problems (what to produce, how, and for whom) in a way that
leads to an optimal equilibrium
2. explain Smith’s idea of the “invisible hand”
3. give a general definition of externalities, and give examples of both positive and negative externalities
4. define common resources and public goods, and give examples of each
5. explain the relevance of externalities, common resources, public goods,
and inequality to the moral evaluation of market economies
6. explain Galbraith’s idea of the dependence effect
7. state the assumptions of standard economic theory that are called into
question, according to Galbraith, by the dependence effect
8. summarize Hayek’s reasons for believing that Galbraith’s argument involves a fatal non sequitur

For Friedman, “A Friedman Doctrine” • Donaldson and Preston, “The Stakeholder Theory of the Corporation”
1. explain Friedman’s view of the social responsibilities of business, and
summarize the arguments he offers in support of it
2. explain Donaldson and Preston’s stakeholder theory of the corporation,
and summarize their ethical arguments in support of it

For Hotz and Puko, “Some Climate Change Effects May Be Irreversible, U.N.
Panel Says” • Watson, “The Troubling Evolution of Corporate Greenwashing” • Lovins, Lovins, and Hawken, “A Road Map for Natural Capitalism”
1. define greenwashing and discuss its ethical ramifications

For Czech and Daly, “The Steady State Economy” • Daly, “Steady-State Economics”
1. explain Herman Daly’s conception of the steady state economy
2. identify and discuss the most significant differences between the steady
state economy and the growth-oriented economies of developed nations
3. summarize Daly’s main reasons for advocating a steady state economy
4. state the questions about the steady state economy discussed by Czech
and Daly, and summarize and assess their answers to those questions

For Dimmock and Fisher, “Kantian Ethics”18
1. explain Kant’s analysis of moral worth, and give examples that bring
out the contrast between actions in accordance with the moral law, and actions performed out of reverence for the moral law
2. explain the difference between hypothetical and categorical imperatives,
and give examples of each
3. explain Version 1 (Universal Law) and Version 2 (Respect for Humanity)
of the Categorical Imperative, and apply them to specific cases
4. Discuss the problem of conflicting duties

For Dimmock and Fisher, “Utilitarianism”17
1. define hedonism, and explain why utilitarianism (as developed by Bentham and Mill) is a hedonistic moral theory
2. state the Principle of Utility, and apply it to specific cases
3. describe Mill’s qualitative utilitarianism, and his reasons for thinking it
improves upon Bentham’s version
4. explain the difference between act utilitarianism and rule utilitarianism,
discuss their respective strengths and weaknesses, and apply them to
specific cases
5. discuss the problem of calculation, and the problem of the tyranny of the
majority

For Feary, “Sexual Harassment: Why the Corporate World Still Doesn’t ‘Get
It’ ”19
1. explain each of the six myths about sexual harassment identified by Feary,
and her main reason for thinking that each myth is wrong
2. summarize the seven reasons that sexual harassment is wrong, according
to Feary

For Dimmock and Fisher, “Aristotelian Virtue Ethics”20
1. explain what human flourishing (eudaimonia) is
2. discuss the contribution that specific virtues make to flourishing
3. explain Aristotle’s analysis of virtues as striking a mean between deficiency and excess, and apply that analysis to specific virtues
4. explain how virtue, according to Aristotle, is developed and strengthened
5. define practical wisdom (phronesis) and discuss its role in virtuous action
6. discuss the strengths and weaknesses of the virtue-ethical approach to
moral decision-making

For McCall, “Employee Voice in Corporate Governance”21
1. explain McCall’s definitions of the following kinds of rights: moral, legal,
manifesto
2. explain what McCall means when he says that “workers have a right to
co-determine policy at all levels of the corporation”
3. summarize McCall’s arguments for employee participation rights based
on: dignity, fairness, self-respect, health, and democracy
4. summarize the general idea of each of the four objections to employee
participation rights (based on autonomy, fairness, utility and democracy)
and the general idea of each of McCall’s responses to these objections

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