Ethical Decision-Making Flashcards
What is Friedman’s view on corporate social responsibility?
Friedman’s view is that the businessman is beholden to the owner of the corporation (stockholders) and that any deviation from what the stockholder wants (to make profit) is stealing. Social-responsibility is not of concern to the businessman unless it is of concern of the stockholder.
What is Homo Economicus?
Homo Economicus is the idea that people behave in narrow self-interested rational ways all the time. That they pursue their objectives as optimally as possible while maximizing utility.
What is a Moral Issue?
A moral issue is where a person’s activities have potential to harm or benefit others.
What is an Ethical Decision?
An ethical decision is one that is acceptable to others based on adherence to moral standards.
What is System 1 thinking in regards to Ethical Decision Making?
System 1 thinking is done through gut level reactions, automatic processing, and intuition. It is fast and based on patterns and prototypes, can be activate via stimuli.
What is System 2 thinking in regards to Ethical Decision Making?
System 2 thinking is done through high order conscious reasoning, it is complex thinking and slow. Rule based analysis is often used (do unto those as would have them do unto me), and greater good for the greatest numbers. Not connected to behavior and is activated when no prototype is found.
What are the 8 Key Questions?
(F)airness (just, equitable, balanced interests)
(O)utcomes (best short and long-term outcomes for self and others)
(R)esponsibilities (duties/obligations that apply to the situation)
(C)haracter (becoming ideal self, describing ideal self, engaging in behaviors of ideal self)
(L)iberty (respect for freedom and personal autonomy)
(E)mpathy (how would individual act if cared for all involved)
(A)uthroity (what would legitimate authorities expect of the situation)
(R)ights (what rights apply (innate, legal, social))
