Philosophy 2074F/G Lecture Notes - Lecture 1: Theodore Levitt, Paternalism, Fallacy
23 Jan 2018
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Psychological egoism: the thesis that everyone is always motivated to act in his or her perceived self interest. Ethi(cid:272)al egois(cid:373): the thesis that o(cid:374)e ought to pursue a(cid:272)ts (cid:449)hi(cid:272)h pro(cid:373)ote o(cid:374)e(cid:859)s self-interests or well-being. Empirical claim: making a description about something (ex. there are roughly 100 people in our class) Normative claim: making a prescriptive claim something that ought to be (ex. that was a really stupid thing to do). Motivation for exchange is motivated by self-interest. Organization and exchange: mutual confidence, cooperation, trust, honesty. In the free market there is competition between businesses. Competition will result in the provision of those goods that society wants, in the qualities that society desires and at the prices society is prepared to pay (supply and demand correlation) Therefore; society benefits from the invisible hand (being the free market) Smith states that capitalism can be saved by elevating the quality of human demand.
