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Responsible risk management: associated basic moral concepts
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Right : A capacity of action that others are obliged to recognize and respect. A key right in the context of risk is free and informed consent. (See below)
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Duty : The obligation to recognize and respect the essential capacities of actions of others. Duties are correlative to rights. For example, the duty to avoid paternalism in the management and communication of risk is correlative to the right of free and informed consent.
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Virtue : Responsible risk management can also be formulated as a virtue. Virtues are traits that extend "deep down" into an individual's character. They include an orientation toward excellence in decision and execution, perceptual sensitivities that help to uncover moral relevance, and emotions/attitudes that help motivate decisions and actions oriented toward achieving excellence. For example, a responsible risk communicator has curiosity that drives understanding and appreciating risk, a concern for the well being of the risk bearer, and a strong desire to communicate risk information truthfully and clearly.
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Justice : Justice can be generally defined as giving each his or her due. Distributive justice, in the context of risk, prescribes a fair distribution of the benefits and harms associated with taking a certain risk. Ideal pattern approaches argue that distribution should conform to a pattern such as
equality (equal shares to everyone),
need (greatest share to those with the greatest needs), and
merit (greatest share to those who demonstrate superior merit).
Ideal pattern approaches require continual redistribution by government through measures such as a progressive income tax.
Historical process approaches prefer maintaining current patterns of distribution provided the historical process leading to them has been free of force or fraud. Justice in the context of risk lies in determining how the benefits and harms associated with risk are distributed, and how the uncertainty that permeates the risk assessment and management process is distributed among those involved.
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Responsibility : Herbert Fingarette defines responsibility (in the context of criminal insanity) as (moral) response to (moral) relevance. Different senses of responsibility include causal, legal (vs. moral), role, capacity, and blame. Responsibility can be reactive when it focuses on the past and the assigning of praise and blame; or it can be proactive when it turns to preventing harm (minimizing risk) and realizing value.
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Trust : The expectation of moral behavior on the part of others. Trust is built out of the social capital accumulated through successful interactions with others. It is consumed or undermined by those who choose to free ride on social cooperation, i.e., compete while others are cooperating. The prisoner's dilemma (see link above) provides a simplified model to show the fragility of trust (m17367).
Key terms in risk practices
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Safety : "A thing is safe if, were its risks fully known, those risks would be judged acceptable in light of settled value principles." (IEE 108)
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Risk : "A risk is the potential that something unwanted and harmful may occur." (IEE 108)
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NIMBY : This acronym stands for "Not in my backyard." Citizens often find the risks associated with a project or product acceptable only if these are located somewhere else, i.e., in another person's backyard. NIMBY has made it next to impossible for the U.S. DOE (Department of Energy) to find an acceptable permanent storage facility for nuclear waste.
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Free and Informed Consent : The right to decide if a risk is acceptable based on access to pertinent information and absence of compulsion. The
Belmont Report defines informed consent in the following way: "[that] subjects, to the degree that they are capable, be given the opportunity to choose what shall or shall not happen to them. This opportunity is provided when adequate standards for informed consent are satisfied." The Online Ethics Center spells out conditions necessary for fulfilling informed consent: (a)
disclosure (of information to the patient/subject); (b)
comprehension (by the patient/subject of the information being disclosed); (c)
voluntariness (of the patient/subject in making his/her choice); (d)
competence (of the patient/subject to make a decision); and (e)
consent (by the patient/subject).
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Paternalism : Often experts are tempted to act as overly concerned parents and take over the decision-making perogatives of the public because they (the experts) "know better." Paternalism, while well motivated, is based on the misconception that the public doesn't understand risk because it often reaches different conclusions on the acceptability of a given risk than the expert. But the public often appreciates risk from a broader, richer standpoint, especially if the expert has properly and clearly communicated it. As will be seen below, the public perception of risk is rational because it is predictable.
Questions & Answers
it is the relatively stable flow of income
what is circular flow of income
branches of macroeconomics
what is Flexible exchang rate?
is gdp a reliable measurement of wealth
introduction to econometrics
Why is unemployment rate never zero at full employment?
bcoz of existence of frictional unemployment in our economy.
Umashankar
what is flexible exchang rate?
poudel
due to existence of the pple with disabilities
Abdulraufu
the demand of a good rises, causing the demand for another good to fall
is it possible to leave every good at the same level
Joseph
I don't think so. because check it, if the demand for chicken increases, people will no longer consume fish like they used to causing a fall in the demand for fish
Anuolu
is not really possible to let the value of a goods to be same at the same time.....
Salome
Suppose the inflation rate is 6%, does it mean that all the goods you purchase will cost
6% more than previous year? Provide with reasoning.
Not necessarily. To measure the inflation rate economists normally use an averaged price index of a basket of certain goods. So if you purchase goods included in the basket, you will notice that you pay 6% more, otherwise not necessarily.
Waeth
discus major problems of macroeconomics
what is the problem of macroeconomics
Yoal
Economic growth
Stable prices
and low unemployment
Ephraim
explain inflationcause and itis degre
increase in general price levels
WEETO
Good day
How do I calculate this question: C= 100+5yd G= 2000 T= 2000 I(planned)=200.
Suppose the actual output is 3000. What is the level of planned expenditures at this level of output?
how to calculate actual output?
Chisomo
how to calculate the equilibrium income
Beshir
Criteria for determining money supply
who we can define macroeconomics in one line
Muhammad
Aggregate demand
Mohammed
C=k100 +9y and i=k50.calculate the equilibrium level of output
nawalparasi district
from belatari
Amisha
I am Camara from Guinea west Africa... happy to meet you guys here
Sekou
ahile becheclor ho
Amisha
hjr ktm bta ho
ani k kaam grnu hunxa tw
Amisha
money as unit of account means what?
Kalombe
A unit of account is something that can be used to value goods and services and make calculations
Jim
all of you please speak in English I can't understand you're language
Muhammad
I want to know how can we define macroeconomics in one line
Muhammad
it must be .9 or 0.9
no Mpc is greater than 1
Y=100+.9Y+50
Y-.9Y=150
0.1Y/0.1=150/0.1
Y=1500
Kalombe
Mercy is it clear?😋
Kalombe
hi can someone help me on this question
If a negative shocks shifts the IS curve to the left, what type of policy do you suggest so as to stabilize the level of output?
discuss your answer using appropriate graph.
if interest rate is increased this will will reduce the level of income shifting the curve to the left ◀️
Kalombe
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Source:
OpenStax, Civis project - uprm. OpenStax CNX. Nov 20, 2013 Download for free at http://cnx.org/content/col11359/1.4
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