MGSC14H3 Chapter Notes - Chapter 3: Virtue Ethics, Ethics In Religion, Meta-Ethics
Document Summary
Definition: ethics: rules of conduct or general pattern of life. Ada(cid:373) s(cid:373)ith"s e(cid:272)o(cid:374)o(cid:373)i(cid:272) theory: self-interest leads to economic cooperation: the economy is a cooperative social activity, markets are competitive, not adversarial, ethics constrains economic opportunism. 2: business conventions: assets on the left & Liabilities on the right on balance sheets: conventions in the law: driving on the right- hand side in na, ethics not related to business and not written in laws: unethical to cheat on spouse. Ethics: business law, business ethics, ethics that is also written in the law. 3 ethics theories: teleology (utilitarianism & consequentialism): focus on results of ethical decisions. Decisions that lead to positive consequences (> expected) ethi(cid:272)al de(cid:272)isio(cid:374)s. Decisions that lead to less positive/negative consequences (< expected) u(cid:374)ethi(cid:272)al de(cid:272)isio(cid:374)s. * note: the ethicalities are relative (compared to the decision leading to the next best result: utilitarianism (greatest happiness principle) A(cid:272)tio(cid:374)s pro(cid:373)oti(cid:374)g happi(cid:374)ess (cid:894)i(cid:374)te(cid:374)ded pleasure(cid:895) ethi(cid:272)al a(cid:272)tio(cid:374)s. A(cid:272)tio(cid:374)s de(cid:373)oti(cid:374)g happi(cid:374)ess (cid:894)privatio(cid:374) of pleasure(cid:895) u(cid:374)ethi(cid:272)al de(cid:272)isio(cid:374)s.
