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Buddhist Economics: For capitalist employer, labor is an item of cost that needs to be
minimized. Buddhist says work (Labor) has 3 functions: i. to give man a chance to utilize and develop his faculties develop ii. To enable him to overcome his ego-centeredness by joining with other people in a common task iii. To bring forth the goods and services needed for a becoming existence Materialist is mainly interested in Goods. Buddhism is interested in liberation For Modern economist standard of living is measured by the amount of annual consumption. Buddhist wants to obtain maximum well being with minimum of consumption. There is more violence in modern economies as people competing to work and consumer more (raise their living standard) may get each others throat and therefore. Buddhist advocate simplicity and simplicity and non-violence are closely related. Modern economy does not differentiate between renewable and non-renewable fuel. It uses the one that is cheapest. Buddhist says we must use nonrenewable fuel only if we have no choice. They say we have to plant a tree every 3 year and take care of it to grow. 2. Businesss responsibilities in environmental issues: Modern industry has provided us with enormous material prosperity. But they also damage our environment including: Air pollution, water pollution, resource depletion, global warming, greenhouse gases, ozone depletion, Acid rain, airborne toxics, smog, organic & solid waste, nuclear waste, mineral depletion. So industrial productions have two different costs; internal cost (Production costs to industry) and external costs (pollution costs to the society). We need to internalize the external costs (i.e., let firms pay for the environment cost and not society). 2 ways to internalize external costs: i. Polluting firms to pay all of the cost ii. Ask polluters to stop pollution by installing pollution control device

3. This way of dealing with pollution (internalizing costs) is consistent with the distributive justice. . When the firm pollutes its shareholders benefit because they do not absorb the external cost of pollution. It is largely borne by the poor which is called environmental injustice. Internalizing th costs of pollution removes the burden of external cost from the poor to wealthy. Cost & Benefits: The cost of pollution control devices may be very costly to the firms. So they may look into cost vs benefits of the pollution and decide not to pollute at all. 4 Eco-feminism: Belief that the root of our ecological crisis lies in a pattern of domination of nature by social practices and institutions through which women have been subordinated by men 5 Responsibilities of consumers and producers in the market place: Contract Theory of Business Firms duties to consumers: When consumer buys a product he voluntarily enters into a sales contract with firm and the firms moral duties to the consumer are those created by this contractual relationship. The seller then has to comply with the claims the firm expressly made about product in terms of reliability, service life, maintainability, product safety. The firm also has a duty to disclose, not to misrepresent, and not to coerce. The due care theory says that consumer products are complicated items these days and consumers must depend on the producer to live up to the express and implied claims about it but also has a duty due care to prevent others from being injured by it even if the producer disclaims this responsibility and the buyer agrees. Areas of producer responsibility are design, production, information Social Cost View: Manufacturer should pay the cost of any injuries sustained through any defect in product even when they exercised due care in design and manufacturing

6. Moral Issues in advertising: Advertising is a big business and consumer pays for the enormous costs of advertising. But what consumers receive from advertising, many feels that they get vey little. Thus advertisers has a moral duty to provide accurate and complete information about the product. Advertisers should not deceive, mislead, or misrepresent the product. Advertisers also should not withhold critical information about a product such as the ganger, risk, or side effects involved with the product. 7. Evidence of Job Discrimination: 1.Discrimination in recruitment practice 2. in screening practices 3. : in promotion practices 4. in conditions of employment 5. in discharge 8. Argument Against Discrimination Utility: Societys productivity will be optimized to the extent that jobs are awarded on the basis of competency or merit. So discrimination in hiring based on race, sex, etc is inefficient and contrary to utilitarian principles Rights: Discrimination is wrong because it violates a persons basic moral rights Kant says that human beings should be treated as ends and never used as means. Justice: Discrimination is a violation of the principle of justice. 9. Sexual Harassment: Under certain conditions, unwelcome sexual advances, requests for sexual favors, and other verbal or physical contact of sexual nature. Critics says that some situations that count as the kind of intimidating, hostile, or offensive working environment are not created intentionally to degrade women, rather, they are part of the social mores of (male) American workers that it is hopeless to change them and they do not unjustly harm women. . 10: To remedy the past discriminations many employers have instituted affirmative action programs designed to achieve a more representative distribution of minorities and women within the firm by giving preferences to women and minorities. 11: Affirmative Action: i. Supporter: It compensate groups for past discriminations. Critics: Is unfair because it benefits those who were not harmed in the past ii.It reduces needs and increases utility. Critics: Cost outweighs benefits. There are other ways to reduce needs and increase utility. iii. It will secure equal opportunity. It is a morally legitimate means: Critics: It discriminates against white men. It is a preferential treatment that is against equality. It even harms women and minorities 12. Rational vs Political Organization: Rational model defines the organization as structure of formal (explicitly defined {in organizational chart}and openly employed) relationship designed to achieve some technical or economic goal with maximum efficiency. So: there is Formal hierarchy, to achieve the org goal with max efficiency. Employee is obligated to pursue the org goal and employer to provide fair wage and working condition. Political model sees org as a system of competing power coalitions and formal and informal lines of influence and communication that radiates from these coalitions 13. Employee obligations: Conflict of interest, employee theft, insider trading

Employees in certain job have an interest that might motivate them to do that job in a way that may not be in the best interest of the firm 14. Employer Obligations: Wages and working conditions (health & Safety, job satisfaction 15. Employee Rights: Right to privacy, freedom of conscience (if he sees the firm is doing something that is injurious to society), whistle blowing (to disclose wrongs in the organization), right to participate in participatory management, right to due process vs employment at will, right to plant closing, union and right to organize 16.The role of unions: Jst as owners have the right to join with each other to establish and run a business to achieve their morally legitimate ends, workers have similar rights to form a labor union to achieve their morally legitimate goals. Workers unions have the right to morally justifiable strike. There has been a great degree of dissatisfaction with labor unions in the U.S. Therefore membership has decreased from 35% in 1947 to 14% in 2004