Module 5 - Moral Egoism

Question 1

Moral Egoism

Answer 1

ethical theory that takes self interest as its moral standard.
Bridge statement: an act is right iff the act produces optimal consequences for oneself. If the practical claim is true (that the act produces optimal conseq), then an egoist concludes that the act is right

Question 2

Theoretical Criticism of Egoism (Prisoner’s Dilemma)

Answer 2

it is sometimes in ones self-interest to act in the general interest

Question 3

Practical Criticism of Egoism

Answer 3

it is difficult to account for all consequences produced by an act. (can only know consequences after the act is done)

Question 4

Actual consequence

Answer 4

can only know consequences after the act is done

Question 5

Expected consequences

Answer 5

one can only guess that they are doing the right thing (because those consequences may never occur)

Question 6

Adam Smith

Answer 6

18th cent (1723-1790) scottish philosopher who provided an example of moral egoism. Was chair of moral philosophy @ Uni of Glasgow and is known as the Father of Capitalism

Question 7

Capitalism

Answer 7

economic system that requires individual businesses and consumers to act in their self-interest. Capitalist thinking concludes that these self-interests when added together, produce the general interest)

Question 8

Smith’s contribution

Answer 8

describes an invisible hand that transforms individual business interests into the general interests of the economy

Question 9

Criticisms of capitalism

Answer 9

on a larger scale but the same as moral egoism
1. the prisoner’s dilemma (better to act in group interest in order to help the self)
2. practically difficult to predict consequences

Question 10

self interest in capitalism leads to

Answer 10

recessions and monopolies, which can only be resolved with govt intervention

Question 11

market failures

Answer 11

unintended consequences of the pursuit of self-interest (in capitalism). ex. recession, monopoly

Question 12

Arguably, all issues of business ethics are ____

Answer 12

egotistical (bc pit interest of business to other values). Moral egoism criticism apply to business ethics

Question 13

Prisoner’s Dilemma specifics

Answer 13

two prisoner’s interrogated separately by the police. Person who confesses go free, if they dont help (and the other confesses, then they get the serious crime).
2. if both confess, both get reduced punishment
3. if neither confess, trivial conviction with much reduced punishment

Question 14

Game theoriests respond to the prisoner’s dilemma

Answer 14

always confess because it would be hard for both people to make the irrational choice (to not confess)

Question 15

philosophers’ respond to the prisoner’s dilemma

Answer 15

do not confess, bc if both do this, then both will win. It is in both prisoner;s interest to cooperate to create the general interest, but this would make general interest the moral standard (opposed to self-interest) While acting in one’s self interest is rational, it may not be moral when the consequences in total are considered