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Kenneth J Arrow | Social Responsibility and Economic Efficiency

question 39

Multiple Choice

Kenneth J. Arrow | Social Responsibility and Economic Efficiency
Arrow first reveals the shortcomings in arguments against the social responsibility of firms, or in arguments for profit maximization, setting the stage for why firms should be held responsible to society. In particular, corporations should be held responsible for the harms they cause, such as pollution and traffic congestion, for which they do not pay any costs. Lastly, regulations for such social obligations should be embodied in institutional, legal, or ethical manner, so all firms will accept that their competitors will also be held liable for their fulfillment.
-___________ of the social responsibility of firms, according to Arrow, provides assurance that competing firms will also accept the same responsibility.

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Delphi Technique

A method of gathering expert opinions and achieving consensus through a series of questionnaires and iterative feedback.

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A research chef is a professional who combines culinary arts and food science to develop new recipes, products, and technologies in the food industry.

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The skills, knowledge, and abilities that individuals possess, which are critical for successful performance at work.

Delphi Technique

A method of forecasting and decision-making through rounds of questionnaires sent to a panel of experts, with the aim of reaching a consensus.