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Moral economy is a way of viewing economic activity in terms of its moral, rather than material, aspects. The concept was developed in 1971 by British Marxist social historian and political activist E. P. Thompson in his essay, "The Moral Economy of the English Crowd in the Eighteenth Century".
In economic theory, moral hazard is a situation in which the behavior of one party may change to the detriment of another after the transaction has taken place. For example, a person with insurance against automobile theft may be less cautious about locking their car because the negative consequences of vehicle theft are now (partially) the ...
Ancient Indian economic thought centred on the relationship between the concepts of happiness, ethics, and economic values, as connections between them led to the constituting description of human existence. [5] The Upanishads' fundamental ideas of transcendental unity, oneness, and stability is an example derivative of this relationship. [6]
An obligation is a course of action which someone is required to take, be it a legal obligation or a moral obligation. Obligations are constraints; they limit freedom. People who are under obligations may choose to freely act under obligations. Obligation exists when there is a choice to do what is morally good and what is morally unacceptable. [1]
In philosophy, moral responsibility is the status of morally deserving praise, blame, reward, or punishment for an act or omission in accordance with one's moral obligations. [ 1 ] [ 2 ] Deciding what (if anything) counts as "morally obligatory" is a principal concern of ethics .
As the consequentialist approach contains an inherent assumption that the outcomes of a moral decision can be quantified in terms of "goodness" or "badness," or at least put in order of increasing preference, it is an especially suited moral theory for a probabilistic and decision theoretical approach.
When peasant leverage becomes inadequate, elites often abandon their traditional moral obligations. Peasants react with shock and outrage, sometimes with riot or rebellion. Scott cites three 1930s rebellions as examples: Cochinchina, the Burmese Saya San Rebellion, and the Vietnamese Nghệ-Tĩnh Soviets.
The demandingness objection is a common [1] [2] argument raised against utilitarianism and other consequentialist ethical theories. The consequentialist requirement that we maximize the good impartially seems to this objection to require us to perform acts that we would normally consider optional.