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Business Ethics > Midterm > Flashcards

Midterm Flashcards

1
Q

What is philosophy?

A

The subject which studies the nature of reality, how we study things, moral guidance, how society should be organized

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2
Q

What are the basic reasons why we should take philosophy seriously as a subject we should all be interested in?

A

(Philosophy who needs it) Underlies everything we do, ask “why” enough, ultimately get to some underlying motivation; Already hold philosophical views whether we know it or not from culture or surroundings, not always 100% right

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3
Q

What are the 4 basic branches of philosophy

A

Metaphysics (Nature of reality),Epistemology (Knowledge, how do u know what u know), Ethics, Political philosophy

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4
Q

What is the Euthyphro dialogue essentially about?

A

Conversation between Socrates, Euthyphro and priest; Euthyphro was going to prosecute his father
Virtue/Nature of piety
But really deeper meaning is about how we should think through important decisions and how we should think about abstract topics like moral issues

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5
Q

What makes the Euthyphro dialogue a philosophical dialogue?

A

How do we define these things such as piety and understand that and make correct decisions
This is a philosophical dialogue because it makes the reader think. The reader dives and asks deeper questions

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6
Q

What does the Euthyphro dialogue teach us about how to think?

A

Socratic method is present where Euthyphro gives a definition and Socrates says “ that’s not what I meant”; back and forth trying to define what piety means

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7
Q

What is the Euthyphro dilemma?

A

Is the holy/good/pious that which is loved by the gods or do the gods merely love that which is holy/good/pious?

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8
Q

How can Aristotle and his philosophy best be characterized?

A

Individualistic, egoistic, focusing on bettering self, achieving individual long term happiness; Ethics; “Father of science

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9
Q

What is Aristotle’s conception of happiness?

A

Aristotle believes the purpose of ethics is that it helps us achieve “eudaimonia” – which basically translates as “thriving long-term happiness”; Eudaimonia is (1)Rational Activity, (2) in accordance with virtue, (3) in a complete life (Achieve and develop)
Long term, something we have to achieve and develop

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10
Q

What is Aristotle’s ‘function argument’ for morality?

A

Asks, “what is our function as a human being” if figured out then we can figure out what it means to be moral or good; If we can figure this out we’ll know how to flourish

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11
Q

What did Aristotle think were the 3 most favored types of lives?

A

Life of Gratification, Political Activity, Study/Learning

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12
Q

Life of Gratification

A

Holds pleasure of the body to be highest good; Better for grazing animals then human, circular

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13
Q

Political Activity

A

Do not want to be a dictator; Cultivated people, aim at being in good standing
titles can be taken away

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14
Q

Study/Learning

A

Committed to gain knowledge for happiness

Plausible but has no real end

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15
Q

Why did these fail to be the type of lives we should aim at?

A

Because they were all too superficial ideas and hard to fully attain

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16
Q

What is the role of ‘habit’ in Aristotle’s ethics?

A

Habits are needed to have a moral life because one needs to cultivate virtuous habits; Learn ethics to perform ethics; “Learn by doing” to become good people

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17
Q

What are virtues, for Aristotle?

A

“Virtue” means excellence; Living a life of excellent thinking and action on the basis of this thinking is “a state or condition that decides on the basis of a mean, the mean relative to us (the facts) which is defined by reference to reason, between the vices of excess and deficiency”

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18
Q

What is the golden mean?

A

“All virtues in the middle between two extremes, excess or deficiency”; Aristotle’s motto would be “follow the golden mean”

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19
Q

For Kant, what is the only thing that is purely good?

A

Good Will: Is good in-itself, not because of its ability to attain some proposed end, Usefulness or fruitfulness can neither add anything nor take away anything from its worth; (Intentions must be good)

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20
Q

How does Kant’s concept of Duty differ from ‘following orders from others’?

A

He thought morality was a duty you applied to yourself, Self-imposed, do it as a rule (following rules); Motto would be “follow your duty”

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21
Q

Categorical Imperative

A

The universal moral principle that captures the essence of morality that is at once commanding and universal; Does not depend on particular desires or situation, unconditional/absolute (applicable at all times)

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22
Q

Hypothetical Imperative

A

Structured as “if > then” (Kant disagreed, believed one shoukd just do)

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23
Q

How does one apply the ‘categorical imperative’, for Kant?

A

To take any decision you plan to make and ask yourself if you were to make your action a universal law, would if any contradictions result?

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24
Q

What is the main principle or motto of Mill’s Utilitarianism?

A

Mill thought consequences made someone a good person, “Pursuit of pleasure”
“Do the greatest good for the greatest number of people”

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25
Q

How does Mill answer the criticism that Utilitarianism is a morality fit for swine (is purely about pleasure)?

A

He did not agree because he said that human beings have greater pleasures such as using the mind

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26
Q

How does Mill Answer the following criticisms?: (1) It’s too hard to put into practice:

A

You don’t have to satisfy everyone (society as a whole) focus on friends and family

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27
Q

How does Mill Answer the following criticisms?: (2) It’s un-Christian:

A

Satisfying the greatest number of people is what jesus would do

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28
Q

Medieval Life (Basic Differences between Medieval Life and Contemporary Life)

A

Low life expectancy ~35
Poorest of poor
Little technology, mass production, mass transport, mass communication, or financial
Agriculture was primarily used for personal consumption
Literacy was 5-15% in europe
No access to books

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29
Q

Contemporary Life (Basic Differences between Medieval Life and Contemporary Life)

A 
Life expectancy increased
Safety and sanitation got better
Knowledge increased
Divisions of labor 
Steam engine
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30
Q

The types of living conditions in the “Pre-Industrialized” era (see Bernstein reading)

A

Famines were frequent
No indoor plumbing or knowledge of sanitation, human and animal waste regularly entered drinking water causing disease
Infant mortality stats were high

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31
Q

Some indicators of increased prosperity / increased well-being

A

Steam engine

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32
Q

Better & Worse explanations for the growth in material prosperity in the West

A

Flawed: Science/Invention, Natural Resources, Psychological Conditions, Luck, Unequal Wealth Distribution, Exploitation, Colonialism, Slavery
Better explanations of the Industrial Revolution: Growth in freedom and respect for Reason & Science in the West.

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33
Q

What is a Division of Labor

A

Individuals like by producing or helping to produce one, or a relatively few things, and are supplied by the labor of others for the far greater part of the needs

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34
Q

6 benefits of a division of labor economic system

A

(1) Improves production and efficiency→ increases knowledge in society
(2) Makes possible for geniuses to specialize and not waste knowledge
(3) Enables one to concentrate on the kind of work they like
(4) Enables various regions of the world to concentrate on producing their climate/region are naturally endowed for
(5) Increases efficiency and production through repetition, learning, and use
(6) Gives rise to the need for machinery and further specialization

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35
Q

Internal Conditions (Philosophical Foundations of a Market Economy)

A

Reason, Materialism, Self-interest

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36
Q

External Conditions (Philosophical Foundations of a Market Economy)

A

Political freedom, Property rights, Exchange and Money, Economic Competition, Profit & Loss

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37
Q

Aspects of business that are morally controversial:

A
  1. Self-interest/Selfishness
  2. Pursuit of profit
  3. Focus on materialism (material production)
  4. Dependence on money & interest (%)
  5. Production of wealth leads to Inequality
  6. Production of wealth leads to the accumulation of economic power
  7. Managerial duties & intellectual labor appear unproductive
38
Q

What is Reason?

A

Focused, conscientious thinking; It is mental work to understand oneself and the world one lives in

39
Q

Why is the birth of Reason said to begin with the philosopher Thales?

A

Through observation and rational thinking, he recognizes patterns in movements of the heavenly bodies; He recognizes they are natural objects, not “Gods moving around on giant chariots;” Discovers the concept of “Nature” or the “Natural World”

40
Q

What can Reason be distinguished from?

A

Mysticism, Superstition, Faith, Revelation, Thinking/’Hope and Pray, Memorization, Evasion, Drift/Not thinking/Mental Passivity
Tradition worship (the truth resides in tradition.)
Authority worship (the truth resides in select authority figures).
Majority worship (the truth resides in society or will of majority).
Feelings/Emotions/Instinct/Fantasy/Whim/Wishful

41
Q

What Reason requires:

A

Perceiving reality and being committed to this process
Gathering observations, facts, data
Integrating observations, facts, data
Logical consistency/non-contradiction
Objectivity
Scrupulousness/Checking your premises regularly

42
Q

Altruism:

A

Not immoral, it allows people to matter for their own sake and respect and support themselves which is necessary in order to live

43
Q

Egoism:

A

Individuals should perform actions in order to realize their own interests and ultimately achieve happiness and not sacrifice that for another (the opposite of altruism)

44
Q

Confusions surrounding these concepts:

A

Is selfishness always bad?
Is everyone always selfish?
Can an egoistic person be generous and have good relations with others.
How can altruism be detrimental to a person’s well-being?

45
Q

Rand’s criticism Egoism/Altruism:

A

There is a false alternative in how we view egoism/altruism (Bernie Madoff or Mother Teresa). A third alternative exists, which is to live your life rationally and self-interestedly.

46
Q

What did the Enlightenment thinkers mean by “freedom” or “liberty”?

A

A condition where there is an absence of the initiation of physical force in human affairs (not the right to do whatever you feel like)

47
Q

Symbolically, what did they want to be free from?

A

Authority (Political, Moral and Philosophic) and the necessity of obedience to authority

48
Q

Intellectual Freedom:

A

To come up with scientific, philosophical ideas to advocate for these

49
Q

Moral & Religious Freedom:

A

To think and practice the customs and religious/ moral beliefs of your choice, to seek out the values you choose, and to advocate for them

50
Q

Economic Freedom:

A

To pursue and acquire the material values you desire, so as long as you acquire these voluntarily without coercion or fraud

51
Q

Definition of Government

A

An institution that holds the exclusive power to enforce certain rules of social conduct in a given geographical area; It is an institution that has a monopoly on physical force

52
Q

What are the three primary functions of a good rights-respecting government according to Locke and the Enlightenment Thinkers?

A

The Police: Stop criminals and fraudsters, respond to emergencies)
The Military: Protect against foreign invaders)
The Courts: Resolve disputes and punish aggressors).

53
Q

Does Locke and regard government as a necessary evil?

A

“Limited government is a moral good, not a necessary evil;” Rational individuals cannot live without it because while they may not resort to criminal behavior and fraud, incidents happen and rational individuals often have complex contract disputes

54
Q

What does Economist Frederic Bastiat mean by ‘legal plunder’

A

A concept in libertarian thought which describes the act of using the law to redistribute wealth. (including taxation, protectionism, and eminent domain.)

55
Q

What does Economist Frederic Bastiat mean by ‘enforce fraternity’

A

Would result in liberty being legally destroyed and justice legally trampled underfoot

56
Q

Where do rights come from according to Locke?

A

He held that it came from Reason, though often claims such Reason was “God-given”.

57
Q

Definition of Exchange

A

An agreement between A and B to transfer the goods or services of one man for the goods and services of the other

58
Q

Two Important points about exchange

A

Exchange does not result in an equality, but grows wealth
“It may seem odd that the world’s prosperity can be augmented just by people swapping things with each other.”
Exchange, when voluntary is mutually beneficial
“Both parties are satisfied with the deal, otherwise it would never have taken place.”

59
Q

Barter/direct exchange

A

Involves trading on good/service for another

60
Q

Two main problems with barter

A

Indivisibility, Lack of Coincidence of Wants:

61
Q

Indivisibility:

A

Some goods can be divided or would cause problems for the seller of divided (ex. cow, tree, etc.)

62
Q

Lack of Coincidence of Wants:

A

In addition to you wanting what the seller has, the seller has to want what you have (Rarely this is the case)

63
Q

Indirect exchange the origin of money

A

The exchange with a third party for a good desired by the party who has the good you desire to acquire

64
Q

Definition of money

A

A medium of exchange

65
Q

Properties that make something a good money

A

Durable, Easily divisible, High value per unit, Portable/convenient, Rare (not easily duplicated), Fungible (equal quality per unit)

66
Q

Benefits of money in an economy

A

Store of Wealth, Unit of Calculation, Eases and Exchange:

67
Q

Store of Wealth:

A

Leading to savings, banking, and capital accumulation

68
Q

Unit of Calculation:

A

Leading to accounting and better calculation of profit/ loss with increasingly complex methods of production

69
Q

Eases and Exchange:

A

Provides liquidity in the market

70
Q

Definition of economic competition:

A

Rivalry in the production of economic goods

71
Q

Competition in the state of nature vs. Sport competition vs. Economic competition

A

Competition in the animal kingdom results in death or starvation, fight over food and mates; Sport Competition results in winning or losing (clear), and trophies, also have set start and end points; Economic Competition results in many winners and material benefits

72
Q

Main features of sports competition.

A

Competition, Coordination, Cooperation

73
Q

Main features of economic competition.

A

Firms compete and many may profit but may also lead to bankruptcy of competitors; Winners survive, prosper, and continue, while losers are bankrupt, reorganized, or dissolved

74
Q

What did Ludwig von Mises mean when he said the Market Economy functions like a democracy?

A

xxx

75
Q

The Positive Results of Economic Competition

A

Material benefits, Innovation, Improved quality,

76
Q

Definition of Profit

A

Profits were simply unnecessary charges added on to the inherent costs of producing goods and services, driving up the cost to consumers.

77
Q

What signals do profits and losses send to a company?

A

Profits mean the business is flourishing, loses means the business is struggling

78
Q

4 types of changes that businesses need to adjust to in order to maintain profits and examples

A

Business need to be sharp, focused, aware, and changing (social changes, or preferences to customs and behaviors)

79
Q

Capitalism:

A

A political-economic system in which the “means of production” are privately owned and directed for private profit; Stereotype View: Productive, Freedom, but seems heartless

80
Q

Socialism:

A

A political-economic system in which the “means of production” are publicly-owned (owned by the government) and directed toward the common good or equally distributed
Stereotype View: Fairer, equal wealth distribution but prone to bureaucracy/ inefficacy

81
Q

“Means of Production:”

A

Factories, Business, Capital, Machinery

82
Q

Business (Capitalism vs. Socialism)

A

Capitalism: Unregulated; Socialism: Regulated

83
Q

Size of Government (Capitalism vs. Socialism)

A

Capitalism: Limited; Socialism: Expanded

84
Q

Inheritance (Capitalism vs. Socialism)

A

Capitalism: Permitted; Socialism: Taxed

85
Q

Taxation (Capitalism vs. Socialism)

A

Capitalism: Low Taxes; Socialism: Progressive

86
Q

Moral Focus (Capitalism vs. Socialism)

A

Capitalism: Individualist; Socialism: Collectivist

87
Q

Rights (Capitalism vs. Socialism)

A

Capitalism: “Individual Rights” (-); Socialism: “Human Rights” (+)

88
Q

View towards Government (Capitalism vs. Socialism)

A

Capitalism: “Government is Fire”; Socialism: “Gov. is our friend, it is US”

89
Q

Wealth in Society (Capitalism vs. Socialism)

A

Capitalism: Held individually; Socialism: Held collectively

90
Q

Rewarded (Capitalism vs. Socialism)

A

Capitalism: “Based on Ability”; Socialism: “Based on Need”

91
Q

Moral Motive for Producing (Capitalism vs. Socialism)

A

Capitalism: Profit; Socialism: Others/Other Feelings

92
Q

What examples does A. Bernstein (Capitalism) and G.A. Cohen (Socialism) give to try to appeal to our ‘common sense’ views about how society should be run. What are some problems with these two examples.

A

xxx

Business Ethics (1 decks)

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