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What’s the Point of...
What’s the Point of Efficiency? On Heath’s Market Failures Approach
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- Endörfer, Richard, 1989 (author)
- Gothenburg University,Göteborgs universitet,Institutionen för filosofi, lingvistik och vetenskapsteori,Department of Philosophy, Linguistics and Theory of Science
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- Larue, Louis, 1989 (author)
- Gothenburg University,Göteborgs universitet,Institutionen för filosofi, lingvistik och vetenskapsteori,Department of Philosophy, Linguistics and Theory of Science
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(creator_code:org_t)
- 2022-09-20
- 2024
- English.
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In: Business Ethics Quarterly. - : Cambridge University Press (CUP). - 1052-150X .- 2153-3326. ; 34:1, s. 35-59
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Abstract
Subject headings
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- This article reviews and criticizes Joseph Heath’s market failures approach (MFA) to business ethics. Our criticism is organized into three sections. First, we argue that, even under the ideal assumptions of perfect competition, when markets generate Pareto-efficient distributions, Heath’s approach does not rule out significant harms. Second, we show that, under nonideal conditions, the MFA is either too demanding, if efficiency is to be attained, or not sufficiently demanding, if the goal of Pareto efficiency is abandoned. Finally, we argue that Heath’s appeal to regulations and specific moral requirements as a remedy for market failures is unlikely to safeguard efficiency and exposes a number of general worries regarding the moral force of the MFA. We end this article with a constructive suggestion on how to adjust the MFA to avoid these problems while preserving its contractualist and Paretian spirit.
Subject headings
- HUMANIORA -- Filosofi, etik och religion (hsv//swe)
- HUMANITIES -- Philosophy, Ethics and Religion (hsv//eng)
- HUMANIORA -- Filosofi, etik och religion -- Filosofi (hsv//swe)
- HUMANITIES -- Philosophy, Ethics and Religion -- Philosophy (hsv//eng)
- HUMANIORA -- Filosofi, etik och religion -- Etik (hsv//swe)
- HUMANITIES -- Philosophy, Ethics and Religion -- Ethics (hsv//eng)
Keyword
- Joseph Heath
- Market Failures Approach
- Pareto Efficiency
- Market Harm
Publication and Content Type
- ref (subject category)
- art (subject category)
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