Index Investing News
Friday, May 16, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

The Agency to Act – Econlib

by Index Investing News
September 28, 2023
in Economy
Reading Time: 3 mins read
A A
0
Home Economy
Share on FacebookShare on Twitter


In the original version of a now classic thought experiment, five people are about to be killed by a runaway trolley. Would you divert the trolley knowing that your choice will kill a single innocent bystander? That thought experiment is the seed for this conversation between EconTalk host Russ Roberts and fan fav Mike Munger. It gets even more interesting when Munger claims that Adam Smith had an elegant solution for this problem- a problem not articulated until the 20th century!

Part of the challenge of the trolley problem is the question of using cost-benefit analysis to make life or death decisions. As Roberts expresses the challenge of the trolley problem, it’s the difference between killing and allowing to die. Phillipa Foot, the mid 20th century philosopher who formally posed the trolley problem, it’s the doctrine of double effect- when you’re faced with a choice between two alternatives which you did not create. I’ll not ask how you would solve the trolley problem, but I will ask how you feel abut some of the permutations Roberts and Munger discuss. We hope you’ll share your responses to the prompts below in the comments; we love to hear from you.

 

 

1- Roberts suggests we’re so uncomfortable with thought experiments like the trolley problem is because they pose a moral dilemma. That is, if we operates by a strictly utilitarian calculus, the “answer” would be obvious (assuming the original trolley problem- not a baby on the tracks, etc.). Why do we feel there’s a difference between the two options in terms of moral agency?

 

2- The trolley problem is, of course, a hypothetical puzzle. Munger describes his class discussions on the movie Oppenheimer, emphasizing that the United States’ decision to drop the atomic bomb was NOT a hypothetical. After listening to the conversation, do you think the US was morally justified in using atomic weapons? Why or why not? How does your answer take into account the distinction between killing and “not allowing to die?” (And if you’ve still got some ethical muscle left, why do you think the firebombing of Tokyo was treated differently than the atomic bomb, as Roberts asks?)

 

3- Roberts and Munger discuss Adam Smith’s famous example of the Chinese earthquake, which Munger points to as Smith’s version of the trolley problem. How is the earthquake example analogous to the trolley problem? What is Smith’s “solution,” according to Munger? What’s the “second part of the story” that commentators often leave out, and why is this important to Smith’s solution? Does his solution depend  on this second part? Explain.

 

4- I pose this next question with great trepidation… And that’s because I think Russ is wrong on the point he makes about externalities (53:27). He says, in response to Munger’s reading from the Book of Smith:

If Smith were literally right in that passage–if that passage was accurate–we would not worry about externalities in economics. We would just say, ‘Well, they’re not important, because people internalize them because of the man in the breast.’ They would never pollute or litter, or do things that harmed other people, because they would be aware that they were putting themselves forward.

Why do you think that I think Russ is wrong? Would there really be no externalities if Smith’s impartial spectator always worked? Why or why not?

 

5- Roberts closes by asking Munger, “Do you think capitalism and the commercial society encourage us to put ourselves before others? Do you believe that we are coarsened by the competitive nature of capitalism and tend to frequently ask, ‘What’s in it for me’?” How does Munger respond? How would you respond? In what ways does your response differ from Munger’s, and why?

 



Source link

Tags: actagencyEconlib
ShareTweetShareShare
Previous Post

Every Strong Company Needs a “Perpetual Customer Engine”

Next Post

Fed’s ‘higher for longer’ message hits US stocks and bonds

Related Posts

The Bother with Surveys – The Massive Image

The Bother with Surveys – The Massive Image

by Index Investing News
May 16, 2025
0

  Hey, simply again after taking the redeye residence from Futureproof Colorado, and getting my toes again beneath me. However...

Extra Fronts within the Warfare on Costs

Extra Fronts within the Warfare on Costs

by Index Investing News
May 15, 2025
0

Once we speak about opposition to costs, we’re normally speaking about value controls. This isn’t unreasonable. There are nonetheless requires...

Trump whiplash jolts AI

Trump whiplash jolts AI

by Index Investing News
May 15, 2025
0

Unlock the White Home Watch e-newsletter free of chargeYour information to what Trump’s second time period means for Washington, enterprise...

Thoughts Your Personal Rattling Enterprise!

Thoughts Your Personal Rattling Enterprise!

by Index Investing News
May 15, 2025
0

Vice-presidential candidate Tim Walz, of whom I'm not a fan, had one superb line that he used rather a lot...

In reward of America’s commerce deficit

In reward of America’s commerce deficit

by Index Investing News
May 15, 2025
0

This text is an on-site model of Free Lunch e-newsletter. Premium subscribers can enroll right here to get the e-newsletter...

Next Post
Fed’s ‘higher for longer’ message hits US stocks and bonds

Fed’s ‘higher for longer’ message hits US stocks and bonds

Dividend Kings In Focus: California Water Service

Dividend Kings In Focus: California Water Service

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

‘Penalty Loop’ Is One other Unforgettable Time Loop Gem From Japan

‘Penalty Loop’ Is One other Unforgettable Time Loop Gem From Japan

August 18, 2024
What He Mentioned In regards to the Republican – Hollywood Life

What He Mentioned In regards to the Republican – Hollywood Life

November 3, 2024
The Best Movie You Never Saw

The Best Movie You Never Saw

December 29, 2022
AI brokers simpler than GenAI for enterprise productiveness: Deloitte research

AI brokers simpler than GenAI for enterprise productiveness: Deloitte research

November 10, 2024
5 Best Vegan Stocks to Invest In Plant-Based Foods

5 Best Vegan Stocks to Invest In Plant-Based Foods

October 18, 2022
The right way to Select Your Actual Property Funding Technique

The right way to Select Your Actual Property Funding Technique

June 19, 2022
The hypocritical major-media plot in advance to suppress The Post’s Hunter Biden reporting

The hypocritical major-media plot in advance to suppress The Post’s Hunter Biden reporting

May 5, 2023
Singapore raises ABSD stamp duties to cool property market

Singapore raises ABSD stamp duties to cool property market

April 30, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In