1. According to Heath, some understand shareholder theory as “more…

Question Answered step-by-step 1. According to Heath, some understand shareholder theory as “more… 1. According to Heath, some understand shareholder theory as “more realistic,” treatingfirms like self-interested individual market actors. What major issue(s) does thisunderstanding miss? Why is this mistake important?2. Explain the market failures approach to business ethics. What, according to Heath,makes business ethics a particular kind of ethics? Consider at least five possiblepractical implications of the approach for the moral responsibility of businessmanagers.3. What is meant by the idea of “managing for stakeholders?” According to Freeman, thestakeholder model is not only more consistent with actual business practices, but alsomore consistent with ethics. Explain his four arguments for the latter claim.4. Consider Heath and Norman’s concerns for stakeholder theory. What sorts ofproblems or concerns does a normative account of managing for stakeholders raise?How might a proponent of stakeholder theory respond to these concerns?5. How does the market failures approach understand the morality of the market? Inwhat sense is this morality, and perhaps also business ethics more generally, a “thirdbest” evaluative framework (see p. 185-186 in particular)? What commonmisconceptions does such a framework correct?6. What, in your view, is the purpose of business? What is the moral responsibility ofbusiness managers? Defend your answer. Arts & Humanities Philosophy PHIL 224W Share QuestionEmailCopy link Comments (0)