Lecture 4

Question 1

What are ethical theories

Answer 1

Rules and principles that determine right and wrong for any given situation

Normative ethical theories are those that prescribe the morally correct way of acting

Descriptive ethical theories seek to describe how ethics decisions are actually made in business

Question 2

What are non consequentialist ethical theories

Answer 2

What kind of principles we base a decision on

Question 3

What are consequentialist ethical theories

Answer 3

What kind of consequences our decisions will have

Question 4

What is smiths theory of ethical egoism

Answer 4

An action is morally right if either the decision maker freely decides to pursue either their short term desires or long term interests

Adam smith pursuit of individual interest is morally acceptable because the invisible hand of the market creates benefit for all
Relies free competition and good information

Difference between selfishness and ethical egoism selfish always act in own interests
Egoism - may want to benefit others before yourself

Question 5

What is utilitarianism

Answer 5

An action is morally right if it results in the greatest amount of good for the greatest number of people

Based on cost benefit analysis

E.g assassination of hitler
Animal testing

Question 6

What are the two problems associated with utilitarianism

Answer 6

Subjectivity and issues around quantification and distribution of utility

Question 7

What is rule utilitarianism

Answer 7

Asks whether the underlying principles of an action produce more pleasure than pain for society in the long run

Question 8

What is act utilitarianism?

Answer 8

Single actions- moral judgements based on the amount of pleasure and pain the single action causes

Question 9

What is ethics of duties

Answer 9

Categorical imperative

Maxim 1 consistency-
Act according to that maxim by which you can at the same time will that it should become universal law

Maxim 2 human dignity
Act so that you treat humanity, always as and end and never as a means

Maxim 3 universality
Act so that the will through it’s maxims could regard itself at the same time as universally law giving

Question 10

What are the three problems with ethics of duties

Answer 10

Undervaluing outcomes
Complexity
Misplaced optimism