Term
| 4 types of Ethical Theories |
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Definition
1. Rights Theory
2. Justice Theory
3. Utilitarianism
4. Profit Maximization |
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Term
| Kant's Categorical Imperative |
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Definition
Rights Theory
- an action is ethical only if it can be applied universally |
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Term
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Definition
Rights Theory
- Treat others as you would want to be treated |
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Term
| What is the strength of Rights Theory |
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Definition
| Strong protection for rights considered to be fundamental |
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Term
| 3 Weaknesses of Rights theory |
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Definition
1. Difficult to agree on what are "fundamental" rights and how to prioritize where they conflict
2. Disregard for costs or benefits
3. Sense of entitlement discourages initiative and entrepreneurship |
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Term
| Rawls' Greatest Equal Liberty Principle |
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Definition
| Each person has an equal right to the same basic rights and liberties |
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Term
| Rawls' Different Principle |
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Definition
| Social inequalities are acceptable only if they can't be eliminated without making the worst-off even worse off |
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Term
| What does Nozick say in regards to justice theory |
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Definition
| Only look at equality of opportunity, not outcome |
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Term
| Strength of Justice Theory |
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Definition
| Protection of the Least advantaged |
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Term
| Weaknesses of the Justice Theory |
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Definition
Disregard for Costs and benefits
Difficulty of measuring and correcting inequalities |
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Term
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Definition
Maximize Social utility
- An action is ethical if its benefits outweigh its cost to society as a whole |
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Term
| How can utility be defined? |
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Definition
| Very broadly or narrowly depending on which society you are basing your action |
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Term
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Definition
| For any given action they are making, they go through the cost benefit analysis and determine which is best for society |
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Term
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Definition
| One who says there may be individual instances where a particular action will have more cost than benefit to society, but in the long run, the adoption of a particular rule will benefit society |
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Term
| Strengths of Utilitarianism |
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Definition
1. Easy to articulate standard of conduct
2. Maximizes social utility |
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Term
| Weaknesses of Utilitarianism |
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Definition
1. Difficult to measure utility
2. Unequal distribution of benefits and costs
3. Not constrained by law- sometimes benefit outweighs breaking the law |
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Term
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Definition
| Maximizing total social welfare by maximizing long-run profits (within the law) for the actor or his/her organization |
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Term
| Strengths of Profit Maximization |
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Definition
1. Allocates society's resources in the most productive and efficient way
2. Requires conduct constrained by law and marketplace |
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Term
| Weaknesses of Profit Maximization |
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Definition
1. Inability to judge profit-maximizing acts (short term vs. long run gains)
2. Disregard for social inequalities |
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Term
| Steps 1-5 in guidelines for ethical decision making |
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Definition
1. What facts impact my decision
2. What are the alternatives
3. Who are the stakeholders
4. How do the alternatives impact society as a whole
5. How do the alternatives impact my business firm |
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Term
| Steps 6-9 in guidelines for ethical decision making |
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Definition
6. How do the alternatives impact me, the decision maker
7. What are the ethics of each alternative
8. What are the practical constraints of each alternative
9. What course of action should be taken and how do we implement it |
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