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On today's episode, Acton librarian Dan Hugger speaks with James Otteson from Acton University 2024. They discuss Adam Smith and what he tells us about the role of business in society. Subscribe to our podcasts Acton University Acton On-Demand James Otteson | Mendoza College of Business
James Otteson claims that businesses behave honorably by creating mutually beneficial, and mutually voluntary deals.Today's book: Honorable Business: A Framework for Business in a Just and Humane Society
David Schmidtz discusses the inseparability of successful communities and successful lives.Follow @IdeasHavingSexxToday's Book: Living Together: Inventing Moral ScienceDavid's university page & author pageDiscussed and recommended: The Nicomachean Ethics by Aristotle; The Theory of Moral Sentiments by Adam Smith; A Treatise of Human Nature by David Hume; Anthropology from a Pragmatic Point of View by Immanuel Kant; Honorable Business: A Framework for Business in a Just and Humane Society by James Otteson;
Dr. James Otteson, John T. Ryan Jr. Professor of Business Ethics at the University of Notre Dame and author of the Essential David Hume, joins host Rosemarie Fike to discuss Scottish philosopher and economist David Hume's perspective on human nature—and why he viewed specifically government as an oft-misused vehicle for a select few to extract resources at the expense of others.See omnystudio.com/listener for privacy information.
James Otteson argues against wealth redistribution.Follow @IdeasHavingSexx on Twitter.Today's book: Should Wealth Be Redistributed? A DebateJames's website, Twitter, author page, university page.Recommended and discussed: From Mutual Aid to the Welfare State: Fraternal Societies and Social Services, 1890-1967 by David Beito; Black Liberation Through the Marketplace: Hope, Heartbreak, and the Promise of America by Rachel Ferguson & Marcus Witcher; The Entrepreneurial State: Debunking Public vs. Private Sector Myths by Mariana Mazzucato; & The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century by Walter Scheidel
During a debate on capitalism with James Otteson, Michael Anton opined that free markets are harmful to a nation's economy. Perhaps he needs to learn economics. Original Article: "The Economic Nationalists Are Wrong: Free Trade Means Freedom and Prosperity"
During a debate on capitalism with James Otteson, Michael Anton opined that free markets are harmful to a nation's economy. Perhaps he needs to learn economics. Original Article: "The Economic Nationalists Are Wrong: Free Trade Means Freedom and Prosperity"
You have heard of the Seven Deadly Sins: pride, greed, lust, envy, gluttony, wrath, and sloth. Each is a natural human weakness that impedes happiness. In addition to these vices, however, there are economic sins as well. And they, too, wreak havoc on our lives and in society. They can seem intuitively compelling, yet they lead to waste, loss, and forgone prosperity. James Otteson, the John T. Ryan Professor of Business Ethics at the University of Notre Dame, is the author of Seven Deadly Economic Sins. https://www.youtube.com/watch?v=FxZ8_rxEbyI In this thoughtful and compelling book, James Otteson tells the story of seven central economic fallacies. He explains why believing in these fallacies leads to mistakes and loss, and how to avoid costly errors. This, ultimately, enables us to live in peace and prosperity. Today, on the podcast, we discuss: What economists agree about Why wealth creation is positive-sum, not zero-sum How market economies have enabled more prosperity than any other system of economics Why business can be moral and honorable If you want a conversation about economics, philosophy, and how nations prosper… tune in now! Table of contentsFrom Philosophy to EconomicsTeaching Business EthicsWho is James Otteson's Seven Deadly Economic Sins For? Is Wealth a Zero Sum?The Morality of BusinessAbout James OttesonOtteson at Notre DameBook A Strategy Call From Philosophy to Economics In the blink of an eye, James Otteson found his path changed from medicine to philosophy, thanks to a required college course. [7:40] “I thought if you went to college, you should either become a medical doctor or a lawyer. I thought those were the two things you became. So I was going to be a medical doctor, and I just happened to take a course that I was required to take, that was taught by a Classics professor… It led me into the great books program at Notre Dame.” He notes that when he was in grad school in Chicago, one of his philosophical heroes was David Hume. In particular, he wanted to write his thesis on Hume's moral theory. His research eventually led him to Adam Smith and his book, The Theory of Moral Sentiments, which was a pivotal moment in Otteson's career and became the new subject of his dissertation. What he discovered was that very few people had really written on or responded to Smith's book, and Otteson viewed it as an untapped well. It was Smith's ideology on morals that sparked Otteson's initial interest in the economy and politics. Teaching Business Ethics After teaching courses on the history of economic thought for some time, Otteson was asked to teach a course on business ethics. When working on the course and how he would approach it, Otteson learned there was very little consensus on how a business ethics course ought to go. [11:41] “I thought it might be more interesting and maybe more productive, if instead of just looking at all the ways that business could go wrong, instead turning it around a little bit and asking: “Is there some kind of moral purpose that a life in business could actually serve?” By reframing the class slightly, he could have students think through whether it is possible to be fully engaged in a business and also be a virtuous person. Who is James Otteson's Seven Deadly Economic Sins For? James Otteson's research heavily influenced his latest book, Seven Deadly Economic Sins. The book was written with an intelligent audience in mind, specifically, those who are not economists yet are interested in working well within the existing economy. [14:10] “We all have our opinions about politics. But we also, many of us, have very strong opinions about economic matters even though, curiously, many of us have not studied economics.” So while everyone may have an opinion about something like minimum wage, not everyone has read the academic literature on the topic. And in fairness, as Otteson shares,
There is no shortage of headlines pointing to another powerful corporation run amok or the consumer base being manipulated. These types of issues have cast a significant shadow on the legitimacy and purpose of business, even the possibility of a good or moral business. This lecture from James Otteson aims to present how a renewed vision of the interconnectedness of morality and prosperity is key to building and sustaining a properly functioning society. Honorable and life-giving business may actually be integral to creating social institutions that produce meaningful value.James Otteson earned his bachelor of arts degree from the Program of Liberal Studies at the University of Notre Dame in 1990. After completing his undergraduate degree, he attended the University of Wisconsin–Milwaukee, earning an M.A. in philosophy in 1992. He then joined the philosophy department at the University of Chicago, receiving a Ph.D. in 1997.He has held visiting scholar positions at the Social Philosophy and Policy Center, then located at Bowling Green State University; at the Centre for the Study of Scottish Philosophy, then located at the University of Aberdeen; at the Institute for Advanced Studies in Humanities at the University of Edinburgh; in the economics and philosophy departments at the University of Missouri-St. Louis; and in the government department at Georgetown University. He has also taught in the economics department at New York University.Otteson lectures widely on Adam Smith, classical liberalism, political economy, business ethics, and related issues, including for The Fund for American Studies, the Adam Smith Society, the Acton Institute, the Institute for Humane Studies, and the Tikvah Fund.Subscribe to our podcastsRegister Now for Business Matters 2023Apply Now for Acton University 2023 (Early Bird Pricing) Hosted on Acast. See acast.com/privacy for more information.
Dr. Dan Sutter of the Manuel Johnson Center for Political Economy hosts EconVersations, a program that explores the role of free markets in promoting prosperity through conversations with Manuel Johnson Center faculty and guests. In this episode, Dr. Sutter interviews Dr. James Otteson, who is the John T. Ryan Professor of Business Ethics at Notre Dame University. as they discuss Seven Deadly Economic Sins
James Otteson talks with Samuel Gregg about Adam Smith's understudied Lectures on Jurisprudence.
Political freedom lies at the core of any democracy. Yet some people claim that even countries like America and England aren't free enough. What does a free society look like and how much liberty is necessary for the moral life? In this encore presentation from 2011, Jack visits with James Otteson. At the time, he was Professor of Philosophy and Economics at Yeshiva University, but has since moved to Notre Dame, where he is the John T. Ryan Jr. Professor of Business Ethics. He is also the Rex and Alice A. Martin faculty director of the Notre Dame Deloitte Center for Ethical Leadership, and the faculty director of the Business Honors Program in the Mendoza College of Business at the University of Notre Dame. And if that's not enough, he's also Senior Scholar at The Fund for American Studies and a Senior Fellow at the Fraser Institute. His latest book is Seven Deadly Economic Sins, published by Cambridge University Press in 2021.
James Otteson joins me to correct popular economic fallacies.Today's book: Seven Deadly Economic SinsFollow @IdeasHavingSexx on TwitterProfessor Otteson's website & twitterOther books by James OttesonOther books discussed in the episode: How Innovation Works, The Great Leveler, The Bourgeois Virtues, & Economics in One Lesson
James Otteson is a business ethics professor at the University of Notre Dame and author of several books, including What Adam Smith Knew. He talks to us about Adam Smith, his life, ideas, and notable works. Also, I recently moved to Liberty Fund's https://www.adamsmithworks.org/ , go check it out!
James Otteson is a business ethics professor at the University of Notre Dame and author of several books, including What Adam Smith Knew. He talks to us about Adam Smith, his life, ideas, and notable works. Also, I recently moved to Liberty Fund's https://www.adamsmithworks.org/ , go check it out!
Today begins a 2-part series, inspired by the Notre Dame Deloitte Center for Ethical Leadership and its Faculty Fellows who recently put together their annual list of Best Books for Ethical Leaders. In it, they share ten books published during the 2021 “that bridge the worlds of business and academia and provide practical insights that can help leaders live and work more ethically.” Over the next two episodes of the Sunday Book Review, I will be exploring their list. · You Have More Influence Than You Think by Vanessa Bohns, selected by Brett Beasley. · Under a White Sky: The Nature of the Future by Elizabeth Kolbert, selected by Jessica McManus Warnell. · Seven Deadly Economic Sins: Obstacles to Prosperity and Happiness Every Citizen Should Know by James Otteson, selected by Brett Beasley. · A Catechism for Business: Tough Ethical Questions and Insights from Catholic Teaching (3rd edition) selected by John Sikorski. · Honesty: The Philosophy and Psychology of a Neglected Virtue by Christian Miller, selected by James Otteson. Learn more about your ad choices. Visit megaphone.fm/adchoices
Summary: Just like The Seven Deadly Sins, there are Seven Economic Sins that can impede success in business. James Otteson joins Andy to discuss economic sins and how personal decision-making can lead to a prosperous life. SHOW NOTES: 5:35: What Is The Invisible Hand? 11:52: How Is Technology Making People More Risk Averse? 19:29: What Are The Unseen Consequences Of Deadly Economic Sins? 28:20: How Does Envy Impede Economic Success? 37:10: How Do You Use Your Best Skills In An Honorable Way?
Taxes are the lever policymakers believe will create equality, but have instead become a heap of mismanagement. Discover how the American Dream has been distorted by a lack of education and manipulation. In this episode, Dr. James Otteson joins Tom to discuss the morality of business and wealth. Learn more about your ad choices. Visit megaphone.fm/adchoices
Alex Aragona speaks with James Otteson as he tours through the seven deadly sins of economics, and how they can avoiding them can improve your thinking on public policy and in personal matters.
https://www.alainguillot.com/james-otteson/ James R. Otteson is a Professor of Business Ethics at the University of Notre Dame. His latest book is Seven Deadly Economic Sins: Obstacles to Prosperity and Happiness Every Citizen Should Know. Get the book here: https://amzn.to/33C5zfm
This week’s episode seems more relevant than ever since we’ve been living during a pandemic and that’s why I’m so glad I get to share it with you all. My guest this week is the author of the newly released book , . Our conversation explores everything from the impact of generational wealth to the economic history behind it. James has an undergraduate degree from the University of Notre Dame and a Ph.D. in philosophy from the University of Chicago. He’s currently the John T. Ryan Jr. Professor of Business Ethics in the Mendoza College of Business at the University of Notre Dame. His specialties include moral philosophy, the history of economic thought, and business ethics. Our conversation delves into the relationship between philosophy and economics and what kind of impact that has in the real world. James echoes a lot of my own feelings of wealth, in that it is a tool and not an end goal. This episode is full of food for thought, as is his new book and so I hope it gives you something to chew on today. For full episode show notes visit https://jessicamoorhouse.com/280
Joe Quinlan, head of CIO market strategy for Merrill Lynch and Bank of America Private Bank, says that the market is in a sweet spot right now -- neither too hot nor cold -- but when inflation heats up and Federal Reserve chairman Jerome Powell tells the market his thoughts, 'that's when things will get dicier.' Quinlan doesn't expect the market to hit a wall, but he expects a 'true testing period' and says investors should prepare for that by diversifying, rebalancing, and being ready to buy when any setback or downturn occurs. Also on the ninth-anniversary edition of Money Life, Tom Dinsmore of the 50-year-old Bancroft Capital Fund talks convertible securities, James Otteson discusses his new book, 'The Seven Deadly Economic Sins,' and Clark Kendall of Kendall Capital Management covers the Biden Administration's infrastructure plan and how investors should react and respond to it.
My guest today is James R. Otteson, the John T. Ryan Jr. Professor of Business Ethics in the Mendoza College of Business at the University of Notre Dame. He received his BA from Notre Dame and a PhD from the University of Chicago, and has taught at Wake Forest University, Yeshiva University, NYU, Georgetown, and the University of Alabama. His published work focuses on Adam Smith, eighteenth-century moral and political thought, liberalism, political economy, and business ethics. The topic is his book Seven Deadly Economic Sins: Obstacles to Prosperity and Happiness Every Citizen Should Know. In this episode of Trend Following Radio we discuss: What is Morality? Ethics and Metaethics Correspondence Theory of Truth Group Identity Positive Sum and Zero Sum Wealth and Prosperity Covid 2020 Jealousy and Resentments Seven Deadly Economic Sins The Importance of Privacy Blockchain Technology Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
We live in a time of cancel culture. A time devoid of reason. A time with so many unwilling to speak truth. My guest today James R. Otteson brings clarity back. You have heard of the Seven Deadly Sins: pride, greed, lust, envy, gluttony, wrath, and sloth. Each is a natural human weakness that impedes happiness. In addition to these vices, however, there are economic sins as well. And they, too, wreak havoc on our lives and in society. They can seem intuitively compelling, yet they lead to waste, loss, and forgone prosperity. James Otteson tells the story of seven central economic fallacies, explaining why they are fallacies, why believing in them leads to mistakes and loss, and how exorcizing them from our thinking can help us avoid costly errors and enable us to live in peace and prosperity. Bio:James R. Otteson is the John T. Ryan Jr. Professor of Business Ethics in the Mendoza College of Business at the University of Notre Dame. He received his BA from Notre Dame and a PhD from the University of Chicago, and has taught at Wake Forest University, Yeshiva University, NYU, Georgetown, and the University of Alabama. His published work focuses on Adam Smith, eighteenth-century moral and political thought, liberalism, political economy, and business ethics. In this episode of Trend Following Radio: What is Morality? Ethics and Metaethics Correspondence Theory of Truth Group Identity Positive Sum and Zero Sum Wealth and Prosperity Covid 2020 Jealousy and Resentments Seven Deadly Economic Sins The Importance of Privacy Blockchain Technology
Through interviews, jokes, spells, and dramatizations we explore the life of the Invisible Man and his Invisible Family. After his wife leaves him, we discover that his life is not as great as we might imagine it to be. Performers: Mark Hines, Raf MacDonald, Maeve Mulroy, Alexander Robia and David Clark. Excerpts from Milton Friedman, James Otteson, Kyle Kulinski, Noam Chomsky Sound Design: David Clark Editing byDavid Clark Texts by David Clark and Mark Hines Produced by David Clark at NSCAD University
Before Adam Smith wrote The Wealth of Nations and made his name as an economist, he wrote The Theory of Moral Sentiments, a work of moral philosophy. For Smith, these two subjects informed each other in crucial ways. Economics was not always a siloed discipline, as we often see it today. In this week's episode, Ari discusses moral philosophy and economics with James Otteson, in particular the interdisciplinary nature of these subjects. Is capitalism a moral system? How much should we take morality into consideration when making economic decisions? James R. Otteson, the John T. Ryan Jr. Professor of Business Ethics in the Mendoza College of Business at the University of Notre Dame. Learn more about the course: https://www.dropbox.com/s/cv1j9ww7iog4xzu/Ethics%20and%20Economics%20%28Otteson%29%20-%20Reader.pdf?dl=0
On this podcast I discussed James Otteson's book The End of Socialism, and the Day Two problem. One of the biggest Achilles heel's of socialism is that socialists ignore production.
Libertarianism Explained: Liberty & Virtue presented by Learn Liberty. Does a free society encourage immoral behavior? Learn More: https://www.learnliberty.org/ Prof. James Otteson of Yeshiva University argues that moral or virtuous behavior can only grow in a climate of individual liberty. The decisions individuals make can only be called virtuous if they are made freely, without compulsion by someone else. Individuals will make mistakes and may sometimes act viciously, but they can only develop good judgment about moral matters by practicing and making some mistakes, which will only happen in a free society.
James Otteson is the author of an excellent new book: Honorable Business: A Framework for Business in a Just and Humane Society. He discusses the purpose of business, outlines a sound approach to business ethics, and contends that contrary to popular prejudice, business can play an important role in building a just and humane society. So I ask him, as devil's advocate: can there be a genuine code of business ethics in a market economy? Wouldn't the most unscrupulous earn the highest profits and displace more ethical firms? And as for business firms and "treating people the right way," as Otteson titles one of his chapters, what about businesses whose closures decimate a whole town? Plenty to discuss in this important episode!
Professor James Otteson of Wake Forest University and the Eudaimonia Institute joins Michael to discuss Aristotle, Eudaimonia, human flourishing, and what it means to lead a good life.
On Thursday, November 12, Wake Forest Professor James Otteson gave a spirited defense of capitalism, but argued that we should take seriously some of the moral concerns that lead people to embrace socialism. Otteson conceded that most people today do not embrace full-blown socialism, but he did say that many support “socialist-inclined” policy, which advocates centralized economic decision making over individual autonomy and choice. Professor Otteson began by emphasizing the enormous diversity of human preferences, and the complexity of information government agents would need to gather and process in order to understand how to satisfy their preferences. This is especially true, he argued, because our preferences are often opaque even to ourselves: individual preferences change as new experiences occur and new technology creates new kinds of goods, resources, and opportunities. To demonstrate how powerful decentralized decision-making is at increasing human welfare through market exchange, Otteson presented data that correlates economic freedom and human prosperity. The graphs suggested that across nearly all countries for which we have data, there is a strong positive correlation between economic freedom and length of life, quality of life, and many other things people care about. Finally, Professor Otteson argued that although capitalism inevitably produces economic inequality – because people have different abilities and ambitions, and to some extent simply because of luck – the benefits it produces tend to be so large that the poor are better off in capitalist countries than they are in socialist countries. Thus, Otteson concluded, sometimes we have to choose between reducing inequality and alleviating poverty, and in these cases, he argued, the answer is clear: poverty, not inequality, is the source of most human misery. Some in the audience questioned whether we should compare these theories in their most extreme form. Otteson answered that while most people do not sit on the extreme ends of socialist and capitalist spectrum, it’s worth comparing the moral values and empirical consequences of each system of political economy.
James Otteson is the author of The End of Socialism (2014) and is a professor of political economy at Wake Forest University. This week he joins us to talk about socialism and explains several problems with the philosophy’s methodology that makes it unworkable in the real world.What exactly is socialism? What’s the distinction between socialism and corporatism? Why doesn’t socialism work? See acast.com/privacy for privacy and opt-out information.
Vernon Smith and James Otteson talk with EconTalk host Russ Roberts about Adam Smith in front of a live audience at Ball State University. Topics discussed include Smith's view of human nature, the relevance of Smith for philosophy and economics today, and the connection between Smith's two books, The Theory of Moral Sentiments and The Wealth of Nations.
Is socialism morally superior to other systems of political economy, even if it faces practical difficulties? James Otteson discusses that claim among others in his new book, The End of Socialism. See acast.com/privacy for privacy and opt-out information.
James Otteson of Wake Forest University talks to EconTalk host Russ Roberts about his new book, The End of Socialism. Otteson argues that socialism (including what he calls the "socialist inclination") is morally and practically inferior to capitalism. Otteson contrasts socialism and capitalism through the views of G. A. Cohen and Adam Smith. Otteson emphasizes the importance of moral agency and respect for the individual in his defense of capitalism. The conversation also includes a discussion of the deep appeal of the tenets of socialism such as equality and the impulse for top-down planning.
James Otteson of Wake Forest University talks to EconTalk host Russ Roberts about his new book, The End of Socialism. Otteson argues that socialism (including what he calls the "socialist inclination") is morally and practically inferior to capitalism. Otteson contrasts socialism and capitalism through the views of G. A. Cohen and Adam Smith. Otteson emphasizes the importance of moral agency and respect for the individual in his defense of capitalism. The conversation also includes a discussion of the deep appeal of the tenets of socialism such as equality and the impulse for top-down planning.
James Otteson of Yeshiva University talks with EconTalk host Russ Roberts about Adam Smith. The conversation begins with a brief sketch of David Hume and his influence on Smith and then turns to the so-called Adam Smith problem--the author of The Wealth of Nations appears to have a different take on human nature than the author of The Theory of Moral Sentiments. Smith worked on both books throughout his life, yet their perspectives seem so different. Otteson argues that the books focus on social behavior and the institutions that sustain that behavior--market transactions in The Wealth of Nations and moral behavior in The Theory of Moral Sentiments. Both books use the idea of emergent order to explain the evolution of both kinds of social behavior and social institutions. The conversation concludes with a discussion of what Smith got right and wrong.
James Otteson of Yeshiva University talks with EconTalk host Russ Roberts about Adam Smith. The conversation begins with a brief sketch of David Hume and his influence on Smith and then turns to the so-called Adam Smith problem--the author of The Wealth of Nations appears to have a different take on human nature than the author of The Theory of Moral Sentiments. Smith worked on both books throughout his life, yet their perspectives seem so different. Otteson argues that the books focus on social behavior and the institutions that sustain that behavior--market transactions in The Wealth of Nations and moral behavior in The Theory of Moral Sentiments. Both books use the idea of emergent order to explain the evolution of both kinds of social behavior and social institutions. The conversation concludes with a discussion of what Smith got right and wrong.