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Essay / Research Paper Abstract
This 4 page paper responds to these questions: How is Adam Smith's 'invisible hand' theory relevant to consumer rights and advertising? Whose responsibility is it when products are dangerous, defective or misused? and Discuss differences between the justice theories from John Rawls and Niznik in reference to employment at will, comparable pay, and intellectual property rights. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGsmranz.rtf
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Unformatted sample text from the term paper:
influential metaphors in economic thought. This theory proposed that as each individual, or company, pursued their own self-interests and acted to their own advantage, they were led by an invisible
hand to promote an end which was no part of his intention: "He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it.....,
he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of
his intention" (Landry, 2001). What an individual or company does, they do out of self-interest, not out of benevolence for others. The result, however, is helping others. When the actions
have the result of benevolence, they are considered by Smith to be just. Smiths theory falls under the umbrella of utilitarian ethics and philosophy. It is very important to
understand that Smiths theory did not apply to actions outside the law: "Smith limits his thesis of the invisible hand to cases in which people stay within the law and
common moral decency" (The University of Southern Mississippi, nd). Smiths invisible hand theory was one that explained how the self-interest of corporations actually benefited society. This is no longer true.
in todays society, corporations use these and other precepts to pass on their own costs to the consumer. According to some, externalities are all about power and corporate power is
used to externalize their costs, to pass them on to the unwitting consumer. Because so many corporations are involved in inaccurate advertising, the government has enacted laws to protect the
unwitting consumer. These laws cover a vast variety of issues. For instance, if a product is defective, the company must replace it or refund the money. If a product is
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