Egoism (Consequentialist) Flashcards
What is egoism?
Man has limited insight into the consequences of his actions and therefore the most appropriate level of analysis is his own immediate interests.
Smith (1793) notion of the ‘invisible hand’ of the market place guides overall combined actions of individuals acting in their own self interest towards a morally better situation. Consumers in essence ‘vote with their dollars’. While they may suffer in short term when discovering bad products, the overall process will guide towards better outcome for all.
Which management author can you link to egoism?
When all parties act in their own self-interest, the most sustainable and logical manner to accomplish this is through synergy and creating win-win scenarios. (Covey 1989)
What is the distinction in egoism?
Graham 1990 provides distinction between egoism following desire and egoism following interests. E.g desire may be short-termism but interest provides more holistic and long-term approach.
What are some criticisms of egoism?
Crane and Matten note that a criticism of the egoist approach to ethics is that there are many examples where the free market has not produced desirable outcomes. They contend that this is part of the reason for such a large kickback against globalism.
One example provided by Crane and Matten is the sustainability debate and depletion of resources. If not dealt with properly then there is a chance that future inhabitants will not have any market to take part in because resources will not be available.
