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Professional Responsibility: Market, Ethics And Law (Stern School of Business, New York University)

This is a course in professional responsibility. It is designed to enable students to think critically about the broader context and consequences of the decisions they will make as professionals and managers.

To this end, the course demonstrates that ethical considerations are important in the decision-making process. The course then develops analytical reasoning skills that enable the student to identify and weigh competing ethical concerns, and lastly, through specific examples and case discussion, the student is made aware of the importance of understanding the interdependence of markets, ethics, and law in a free market society.

Some sample topics and examples of recommended readings include:

Introduction to ethics and compliance

·      Skepticism about business ethics – the ethics paradox

- L. Bouckaert, The ethics management paradox, Centre for Economics and Ethics, Catholic University of Leuven, 2002

Navigating the tensions between principles and rules

- R. Berenbeim and J.M. Kaplan, The convergence of principle- and rule based ethics programs :an emerging global trend? The Conference Board Inc., 2007

·      What is market failure and related concepts : (1) Externalities; (2) Moral Hazard; (3) Misaligned Incentives 

Basic concepts and methods

·      Ethics methods (1) Consequentialism (2) Deontology (3) Virtue (4) Machiavelianism; (5) Game Theory

·      Ethical leadership

- R. Berenbeim, Why ethical leaders are different? The Conference Board Inc., 2005

·      Identifying market failure situations

- Anonymous, The price of lobster thermidor, The Economist, London: August 23, 1997, vol.344, iss. 8031

Market failure – information assymetries

·      Truth and bluffing

·      Conflicts of interest

·      Neutral Omnipartial Rule Making  (NORM)

·      The fiduciary duty

·      Sales ethics in financial markets

·     Insider trading

Market failure – Externalities 

·      Product liability

·      Social responsibility

·      Discrimination

·      Privacy

 Market failure – Developing v. developed world 

·      Global statistics

·      Machine tool theft

·      Trade and transport – business institutions in global development

For further information about this course, see:

14 Nov 2013

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