Business Ethics

1. Opinion. The free market and only the free market should regulate business. The only efficient way to allocate resources is to through the market mechanism. The invisible hand of supply and demand will ensure that efficient producers survive and thrive and inefficient companies do not. The market mechanism ensures that consumers receive the widest possible choices of goods and services at the lowest possible prices resulting in utility maximization for them as a result of the their participation in a free market economy and all that implies in terms of freedom of choice relating to what to buy, where to live, how to live, whether to spend or save, and what occupation they choose to pursue.

2. Reasons in support of this opinion:

A. The concept of the free market is that of a pure economic system in which rational individuals allocate resources toward the production of goods and services based on the laws of supply and demand. It presumes there is no coercion, and that the marketplace is fair to the extent that new suppliers are free to come and go, and buyers have access to information, and hat buyers have unhindered access and free will in determining with whom they will do business and how much they will spend of their discretionary income. The essential element of the free market is its efficiency.

B. The alternative to a free market is one that is controlled by the government. In the twentieth century, communism was introduced not as a poli

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oducts they purchase will be effective and safe, and if they are not they that they will have recourse against the manufacturer. This protection is only one example of the excesses possible in a market in which businesses self-regulate. 4. Decision: There are serious problems with an unrestrained free market. What most people mean when they say they favor a free market is one that is relatively free from government intervention rather than one that is entirely self regulated. Most people favor limited government intervention in the marketplace to ensure an even "playing field" for both buyers and sellers in which coercion and fraud are limited or eliminated. I favor limited government intervention to the extent that the invisible hand of supply and demand operates efficiently without the excesses that would result from a completely unregulated business environment. 5. Rebuttal: A. The market mechanism is the most efficient way produce and distribute goods and services and that over the long term the market mechanism would address problems such as false advertising and products that harmed users. The problem is the time required to make these changes. B. Any form of government intervention is inherently inefficient,

Category: Business - B