Ethics

Question 1

Ethics<>Morals

Answer 1

Ethics is concerned with the standards of good and bad, right and wrong that are imposed externally. Morals on the other hand, is considered internal, the personal sense of what is right and wrong.

Question 2

Definition (Craine)

Answer 2

the study of business situations, activities and decisions where issues of right and wrong are addressed
Badaracco, Jr. argues however it is conflicts of right vs right

Question 3

Business of Business (Friedman 1970)

Answer 3

the social responsibility of business is to its shareholders… the business of business is business

Question 4

Wealth of Nations (Adam Smith 1776)

Answer 4

individuals pursuing their own interests within free markets do good for others, even though it may not be their intention

Question 5

Kohlberg Cognitive Moral Development

Answer 5

L1: pre-conventional, S1: punishment avoidance, S2: exchange of favours
L2: conventional, S3: standard/normal, S4: societal impositions
L3: post-conventional, S5: social contract (life vs law), S6: personal moral compass

Question 6

Link to Theories

Answer 6

Beneficence: doing what is considered to be good
Least harm: if no choice is beneficial, choose the one with the least negative outcomes
Respect for autonomy: allow people to reign over themselves (libertarianism/paternalist)
Justice: fair to those involved but also account for extenuating circumstances

Question 7

Approaches to Ethics

Answer 7

Relativism: ethics varies with culture, time and context
Absolutism: there are universal truths
Consequentialist: actions are right or wrong according to the balance of their good and bad consequences A.K.A teleological - looks to outcomes or utilitarianism (maximum well-being and happiness)
Deontological: the morally good action regardless of consequence
Human rights: fair and equal treatment of all
Virtue ethics: acting as a good person/morals, reputation and motivation taken into account when rating an unusual and irregular behaviour considered unethical