LAW 101 Lecture 8: Business Ethics
Document Summary
3: business ethics, social forces & the law. Business ethics: balancing the goal of profits w/ values of individuals & society. Ethics: a branch of philosophy dealing w/ values that relate to nature of human conduct & values associated w/ that conduct. Insider trading is an efficient way to run that market. Field of business ethics deals w/ balance between society"s values & need for businesses to remain profitable. Philosophers debate origin of moral & ethical standards as well as which standards should be applied. Test of whether an act is legal is a common moral standard used frequently in business. Following a positive law standard, the has no legal obligation, in most states, if the transmission falls apart the seller who refuses to repair the transmission has acted ethically. Another view of ethics holds that standards exist universally & cannot be changed or modified by law.
