What is America - Essay Example

Q. 1 There are varied ethical considerations discussed in the video and most of them tend to focus on the issues of promoting the public interests in the American society. It is significant to understand the behavior of people and possible reactions when attempting to make economic policies. Many economists seem to employ economic policy and the use this model in predicting the behavior of people in the society logically based on varied aspects such as price, interests, aggregate supply and demand.

Friedman generally neither intends to promote the interests of the public and even does not know the way to promote it (Freidman, 2012). This is because by directing the business in such a way that its producers may be of the utmost value only intends to promote personal values. Another ethical considerations discussed is the business ethics and this would only be achieved through employing effective policies vital for conducting business. Ethical considerations attempts to focus on effective business decisions on both local and across the globe.

The ethical priorities aims of offer effective distribution of economic goods and services among varied people who have freedom for choice of employment, right to work, equal pay, favorable working conditions and protection against unemployment. Lieberman and Hall (2005) argue that the principle of business ethics is to create wealth in a manner that makes one a better person and creates the world a better place. Q.2 The questions posed on the video are still applicable today in light of the current business settings.

Freidman focused on the influences shaping business and competition in the contemporary business world, which are fueled by increasing technology in the global environment; thus a call for the government to take significant action to stay a head or sustain a competitive advantage in the business world. The message of Freidman is clear when he urges that the government should be prepared because this phenomenon waits for no one. Secondly, another issue is that of freedom where people should be left to make their own decisions but the government has taken much control of the citizens, and this is also experienced in the contemporary business world.

Poor government policies, poor security and other aspects are among the problems that impact many business industries from achieving their business goals effectively. Lastly, in a well regulated market based economy, which is driven by a free trade and increased economic growth, the least-advantaged people in the society should benefit from the mechanisms of the system. However, higher level of inequality and poor resource distribution are among the common problems impacting many people in the contemporary business world; thus driving economy behind. Q. 3 The lecture of Freidman can help me to become a better business person because of varied reasons.

First, Freidman talks about bad laws and the way they should be changed and make them flexible in order to enable business carry out their business successfully. Some of the law such as laws protecting workers, employers, wage laws, free trade laws and many others are significant in an economy. The intervention of the government in the contemporary markets and promoting the practice of freely floating exchange rates and other governmental practices should be flexible