Chaser
Philosophy 6: Ethical Issues in Business Midterm Essay
Chase Novak
Dr. Parker
Need or Greed?
New Protocol: How Drug’s Rebirth as Treatment for Cancer Fueled Price Rises
Immanuel Kant-Kantian Deontology
John Locke- The Justification of Private Property
Adam Smith-Benefits of the Profit Motive
Milton Friedman- The Social Responsibility of Business Is to Increase Its Profits
Thesis: An examination of the case study New Protocol: How Drug’s Rebirth as Treatment for Cancer Fueled Price Rises relies heavily on a keen understanding of the social and economic implications of a capitalist system, and once taken into account it is clear that Celgene Corp. is justified in raising prices based on the business market philosophies asserted by Adam Smith, Milton Friedman, Emanuel Kant, and John Locke.
Word Count: 1690
Perhaps the most difficult situation in business arises when the indigent desire the product being sold. Political pressure is often put on the company to lower prices in order to accommodate the less fortunate consumer, however, this is in direct conflict with the company’s paramount goal of making the largest profit possible. Issues are increasingly complex given the supply-demand aspects of society and the incentive for production. For these reasons approaches to business that emphasize profit over availability can indeed help society in many ways. Upon the question of ethics one must view the entire market as a whole and the benefits of competition when deciding a fair price. An examination of the case study New Protocol: How Drug’s Rebirth as Treatment for Cancer Fueled Price Rises relies heavily on a keen understanding of the social and economic implications of a capitalist system, and once taken into account it is clear that Celgene Corp. is justified in raising prices based on the business market philosophies asserted by Adam Smith, Milton Friedman, Emanuel Kant, and John Locke. Celgene’s decision to raise prices is complex and
Chase Novak
Dr. Parker
Need or Greed?
New Protocol: How Drug’s Rebirth as Treatment for Cancer Fueled Price Rises
Immanuel Kant-Kantian Deontology
John Locke- The Justification of Private Property
Adam Smith-Benefits of the Profit Motive
Milton Friedman- The Social Responsibility of Business Is to Increase Its Profits
Thesis: An examination of the case study New Protocol: How Drug’s Rebirth as Treatment for Cancer Fueled Price Rises relies heavily on a keen understanding of the social and economic implications of a capitalist system, and once taken into account it is clear that Celgene Corp. is justified in raising prices based on the business market philosophies asserted by Adam Smith, Milton Friedman, Emanuel Kant, and John Locke.
Word Count: 1690
Perhaps the most difficult situation in business arises when the indigent desire the product being sold. Political pressure is often put on the company to lower prices in order to accommodate the less fortunate consumer, however, this is in direct conflict with the company’s paramount goal of making the largest profit possible. Issues are increasingly complex given the supply-demand aspects of society and the incentive for production. For these reasons approaches to business that emphasize profit over availability can indeed help society in many ways. Upon the question of ethics one must view the entire market as a whole and the benefits of competition when deciding a fair price. An examination of the case study New Protocol: How Drug’s Rebirth as Treatment for Cancer Fueled Price Rises relies heavily on a keen understanding of the social and economic implications of a capitalist system, and once taken into account it is clear that Celgene Corp. is justified in raising prices based on the business market philosophies asserted by Adam Smith, Milton Friedman, Emanuel Kant, and John Locke. Celgene’s decision to raise prices is complex and
Cited: Donaldson, Thomas, and Patricia Hogue. Werhane. Ethical Issues in Business a Philosophical Approach. Upper Saddle River (N.J.): Prentice Hall, 2008. Print.