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The maximization of producer surplus can in some cases reduce consumer surplus. [15] Some forms of producer profit maximization are considered anti-competitive practices and are regulated by competition law. [15] Maximization of short-term producer profit can reduce long-term producer profit, which can be exploited by predatory pricing such as ...
Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
However, the neoclassical theory also asks what exactly is causing the supply and demand behaviors of buyers and sellers, and how exactly the preferences and productive abilities of people determine the market prices. Therefore, the neoclassical theory of value is a theory of these forces: the preferences and productive abilities of humans.
Descriptive ethics, also known as comparative ethics, is the study of people's beliefs about morality. [1] It contrasts with prescriptive or normative ethics , which is the study of ethical theories that prescribe how people ought to act, and with meta-ethics , which is the study of what ethical terms and theories actually refer to.
sociology of aging — sociology of architecture — sociology of art — sociology of the body — sociology of childhood — sociology of conflict — sociology of deviance — sociology of disaster — sociology of education — sociology of emotions — sociology of the family — sociology of fatherhood — sociology of film — sociology ...
This index of ethics articles puts articles relevant to well-known ethical (right and wrong, good and bad) debates and decisions in one place – including practical problems long known in philosophy, and the more abstract subjects in law, politics, and some professions and sciences.
Supporters of theories of state capitalism such as the International Socialists reject the definition of the capitalist mode of production given above. In their view, claimed to be more revolutionary (in that true liberation from capitalism must be the self-emancipation of the working class—"socialism from below"), what really defines the ...
This understanding of culture unites economics and ethics as a complete theory of human action. [21] Academic culture has increased interest in economic ethics as a discipline. This led to an increased awareness of the cultural externalities of the actions of economic agents , as well as limited separation between the spheres of culture, which ...