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Kenneth J Arrow | Social Responsibility and Economic Efficiency

question 23

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.
-According to Arrow, profit maximization supporters fail to recognize that

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Understand the conservation efforts and synthetic production of plant-derived medicines.

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Definitions:

Disturbed Emotion

An emotional state that is agitated or disrupted, often leading to psychological discomfort or behavior that deviates from the individual's normal emotional responses.

Concordance Rates

The probability that both individuals in a pair, often twins, will share a particular trait or disorder.

Schizophrenia

A long-term mental disorder involving a breakdown in the relation between thought, emotion, and behavior, leading to faulty perception, inappropriate actions and feelings, withdrawal from reality into fantasy and delusion, and a sense of mental fragmentation.

Identical Twins

Identical twins are two siblings born at the same time, developed from one zygote that splits and forms two embryos, sharing exactly the same genetic materials.