ECON 20505 Markets and Morals

University of Notre Dame

Flanner Hall 925

W 4:00-5:15PM

Fall 2009

Charles K. Wilber

518 Flanner Hall

631-5168

E-mail: cwilber@nd.edu

Office hours: W 2-4pm or by appointment.

DESCRIPTION: This class is designed to investigate questions such as: Do markets need ethical standards? Do markets make us moral? Should a market for transplant organs be allowed? What should we think about sweatshops?

TEXTS: There is no text as such but there are numerous articles and class handouts

REQUIREMENTS:

1. Read the assigned materials and participate in class discussions and projects.

2. Write an 8-10 page paper on one of the following topics:

a. What Should We Think About Sweatshops?

Martin Calkins, "Anh Tien and the Harmony Delight Company."

Nicholas Kristof and Sheryl WuDunn, "Two Cheers for Sweatshops," The New York Times, September 24, 2000.

b. Should a Market for Transplant Organs Be Allowed?

Charles K. Wilber, "Markets for Human Organs and Surrogate Motherhood?," Ch. 8 in Economics and Ethics, Eds. Charles K. Wilber and Amitava Krishna Dutt (Palgrave Press, forthcoming).

c. Do Businesses Have a Social Responsibility?

Milton Friedman, "The Social Responsibility of Business is to Increase Its Profits, The New York Times Magazine, September 13, 1970, pp. 122-6.

John Mackey, "Rethinking the Social Responsibility of Business: Putting Customers Ahead of Investors," Reason, October 2005, pp. 28-32.

d. Ethics and Free Trade

John B. Cobb, Jr, "Ethics, Economics and Free Trade."

e. From Theory to Practice: Professional Ethics and the Economist

George DeMartino, "I do Solemnly Swear: On the Need for and Content of Professional Economic Ethics," Ch. 1 Introduction (University of Michigan Press, forthcoming)

The assigned readings need to be supplemented with additional research including interviews with economists and ethicists.

CLASS SCHEDULE

1. Is Ethics Part of Science? 8/26, 9/2

Charles K. Wilber, "The Ethical Foundations of Economic Inquiry," Ch. 2 in Economics and Ethics, Eds. Charles K. Wilber and Amitava Krishna Dutt (Palgrave Press, forthcoming).

Irene Van Staveren, "The Ethics of Efficiency," SCEME Working Paper #18, 2007, 27pp.

In class project

2. What Is the Difference Between Self-Interest and Greed? 9/9

Charles K. Wilber, "The Rational Agent and Self-Interest," Ch. 6 in Economics and Ethics, Eds. Charles K. Wilber and Amitava Krishna Dutt (Palgrave Press, forthcoming).

In class project

3. Do Markets Need Ethical Standards? 9/16

Charles K. Wilber, "Introduction to Ethical Frameworks," Ch. 5 in Economics and Ethics, Eds. Charles K. Wilber and Amitava Krishna Dutt (Palgrave Press, forthcoming).

Irene Van Staveren, "Beyond Utilitarianism and Deontology: Ethics in Economics"

University of Santa Clara, "A Framework for Thinking Ethically"

4. What Are the Moral Limits of Markets? 9/23

Paul Heyne, "Moral Criticisms of Markets," The Senior Economist, April 1995.

Charles K. Wilber, "Moral Virtues and Limitations to Markets," Ch. 7 in Economics and Ethics, Eds. Charles K. Wilber and Amitava Krishna Dutt (Palgrave Press, forthcoming).

6. Paper Presentations 10/28

7. Paper Presentations 11/4

8. Conclusion 12/9 Final papers due and subject review