Robert E. Goodin
- Published in print:
- 2012
- Published Online:
- May 2015
- ISBN:
- 9780195379907
- eISBN:
- 9780190267711
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:osobl/9780195379907.003.0007
- Subject:
- Philosophy, Moral Philosophy
This chapter discusses the Theory of Second-Best, an alternative, non-ideal approach in policymaking. Given that “the real world” cannot guarantee ideal actions in ideal circumstances, the ...
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This chapter discusses the Theory of Second-Best, an alternative, non-ideal approach in policymaking. Given that “the real world” cannot guarantee ideal actions in ideal circumstances, the “first-best” or ideal option may be rendered moot. The Second-Best theory offers partial solutions and strategies to mitigate this lack of an ideal, thereby making the world a little more ideal. However, the theory is not perfect, as there will never be a guarantee that it will work for all eventualities.Less
This chapter discusses the Theory of Second-Best, an alternative, non-ideal approach in policymaking. Given that “the real world” cannot guarantee ideal actions in ideal circumstances, the “first-best” or ideal option may be rendered moot. The Second-Best theory offers partial solutions and strategies to mitigate this lack of an ideal, thereby making the world a little more ideal. However, the theory is not perfect, as there will never be a guarantee that it will work for all eventualities.
Richard S. Markovits
- Published in print:
- 2008
- Published Online:
- October 2013
- ISBN:
- 9780300114591
- eISBN:
- 9780300145229
- Item type:
- book
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300114591.001.0001
- Subject:
- Economics and Finance, History of Economic Thought
Is economic efficiency a sound basis upon which to make public policy or legal decisions? This book considers the way in which scholars and public decision-makers define, predict, and assess the ...
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Is economic efficiency a sound basis upon which to make public policy or legal decisions? This book considers the way in which scholars and public decision-makers define, predict, and assess the moral and legal relevance of economic efficiency. The book begins by identifying imperfections in the traditional definition of economic efficiency. Further, the book develops and illustrates an appropriate response to Second-Best Theory and investigates the moral and legal relevance of economic-efficiency analyses. Not only do virtually all economic, legal, and public policy thinkers misdefine economic efficiency, but also the book concludes, that they ignore or respond inadequately to Second-Best Theory when analyzing the economic efficiency of public choices and mis-assess the relevance of economic-efficiency conclusions both for moral evaluations and for the answer to legal-rights questions that is correct as a matter of law.Less
Is economic efficiency a sound basis upon which to make public policy or legal decisions? This book considers the way in which scholars and public decision-makers define, predict, and assess the moral and legal relevance of economic efficiency. The book begins by identifying imperfections in the traditional definition of economic efficiency. Further, the book develops and illustrates an appropriate response to Second-Best Theory and investigates the moral and legal relevance of economic-efficiency analyses. Not only do virtually all economic, legal, and public policy thinkers misdefine economic efficiency, but also the book concludes, that they ignore or respond inadequately to Second-Best Theory when analyzing the economic efficiency of public choices and mis-assess the relevance of economic-efficiency conclusions both for moral evaluations and for the answer to legal-rights questions that is correct as a matter of law.
Joseph Heath
- Published in print:
- 2014
- Published Online:
- May 2015
- ISBN:
- 9780199990481
- eISBN:
- 9780190267704
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:osobl/9780199990481.003.0008
- Subject:
- Philosophy, Moral Philosophy
This chapter discusses the counterintuitive aspect of business ethics as people find it dissipated as to be bereft of normative authority. It first borrows the idea of first, second, and third best ...
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This chapter discusses the counterintuitive aspect of business ethics as people find it dissipated as to be bereft of normative authority. It first borrows the idea of first, second, and third best normative theory principles from Richard Lipsey and Kevin Lancaster's article “The General Theory of Second Best” where they overturned the assumptions that, when a first-best outcome is unobtainable, the best course of action will be to approximate the conditions required to bring about that outcome. It then clarifies the distinction between ideal and non-ideal theory, and looks into how business ethics is structured by the norms of market economy, which is governed by a set of third-best normative principles where business ethics winds up being so far removed from “the best” giving the impression of being unethical. It also considers business ethics being exercised under non-ideal theory, where individuals fail to do what is morally required of them.Less
This chapter discusses the counterintuitive aspect of business ethics as people find it dissipated as to be bereft of normative authority. It first borrows the idea of first, second, and third best normative theory principles from Richard Lipsey and Kevin Lancaster's article “The General Theory of Second Best” where they overturned the assumptions that, when a first-best outcome is unobtainable, the best course of action will be to approximate the conditions required to bring about that outcome. It then clarifies the distinction between ideal and non-ideal theory, and looks into how business ethics is structured by the norms of market economy, which is governed by a set of third-best normative principles where business ethics winds up being so far removed from “the best” giving the impression of being unethical. It also considers business ethics being exercised under non-ideal theory, where individuals fail to do what is morally required of them.
