Utilitarianism and business ethics essay

The recent work of S Jayashree on Morality and the work of S Sadri and S Jayashree on Business Ethics and Corporate Governance form the basis of a philosophical — rationalist-positivist treatment of morals. This paper takes a utilitarian approach since we are living in peripheral capitalist economy where managers are quite self-centred in their approach to their profession. In fact the second edition of Theory and Practice of Managerial Ethics that is due for publication later this year categorically states that Indian managers are very consequentlist in their approach to the ethical dilemma. It is therefore only proper for us to take a similar position since the readership of this journal is professional in nature.

Utilitarianism and business ethics essay

Utilitarianism Case Utilitarianism Case Essay Utilitarianism is the most well-known consequentiality theory of ethics. The most prominent advocates of utilitarianism are John Stuart Mill and Jeremy Bentham — The guiding principle of utilitarianism Utilitarianism and business ethics essay the assumption that eventual goal of all human activity is happiness.

Experience is the determinant of concept of right and wrong in utilitarianism. By this definition, the right action in any case can be calculated by determining the probable consequences of each course of action. The action most likely to bring about the most happiness, or cause the least unhappiness, is the right action in each case.

Utilitarianism deals with probable consequences because it is usually complex, if not impossible, to establish the accurate results of any particular action. Rule Utilitarianism questions the assumption of act utilitarianism that all good is equal. The common practice of throwing Christians to lions for entertainment of crowds of thousands in Ancient Rome is cited as an example.

Act Utilitarianism would assign higher weight to pleasure of thousands over suffering of few Christians, thus declaring that practice moral. Since momentary pleasure of the Romans cannot possibly equal the pain of loss of life, Rule utilitarianism concludes that all good or values cannot be equal.

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The difficulties arising from putting Utilitarianism into practice include the measurement of happiness. Also, act utilitarianism can justify many actions that are usually thought immoral. For example, publicly hanging someone would deter crime and thus provide happiness, but one must question the morality of such an action.

Aristotle believed that everyone wants to flourish, or accomplish eudaimonia. Eudaimonia has application in whole life, not just in particular states one might find himself in from time to time.

According to Aristotle, certain ways of living facilitate human flourishing, just as certain ways of tending a tree will lead it to blossom. A virtue for Aristotle is an inclination to act desire and feel in particular ways in appropriate situations.

It is a quality of an exemplary person, worthy of imitation. One can gain virtuous characteristics with knowledge and experience. As per virtue theorists, virtues such as generosity and courage are needed by any human being to live well. For Aristotle, the virtuous individual is someone who has harmonized all the virtues and can be a role model.

The source of virtue is rationality, the ability to reason, which is uniquely human. A difficulty with this theory is to decide which behavior, desire and feelings are to count as virtues. On which ground something gets a designation of virtue, is unclear.

If a virtue theorist decides to accept only those ways of behaving, which are commonly considered virtuous in a particular society, as virtues, then there is little chance of changing that society on moral grounds1. The primary and most important stakeholders in the state of environment of that valley are undoubtedly the inhabitants of the area.

All other stakeholders, including the government, industrialists, economists and environmentalists have secondary importance and therefore must have lesser influence in the fate of the valley.

Utilitarian approach ignores this distinction and bases its calculation solely on the principle of greatest happiness. So we must give equal importance to all primary and secondary stakeholders in this analysis. The situation offers these alternative courses of action. The second alternative will cause betterment of inhabitants, but will not cause them to be happy.

Although a rational alternative, utilitarianism fails to choose this option solely because it has no appeal in terms of happiness. Inhabitants will have job concerns; industrialists will lose easily accessible labor, and environmentalists will continue to criticize pollution.

In the first scenario, we know that the inhabitants are not concerned by their health vulnerability and actually advocate the presence of polluting industry for the sake of sustaining income.

This may be due to lack of awareness about the conditions they are surviving under. So, their happiness will be caused by the continuation of industry, although this happiness is not synonymous to actual betterment. This scenario satisfies the need of industrialists and economists too, leaving only the environmentalists and to a lesser degree government in an unhappy state.

The third alternative will only cause happiness to environmentalists, with industrialists being very unhappy at investing in technologies that have no tangible return to them.The object of this essay is to establish whether there is an ethical theory that can be successfully applied to business organizations.

In order to answer this question, it is necessary first to define the major ethical theories, which are utilitarianism, deontology and virtue ethics, before determining whether there are .

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Dec 01,  · Utilitarianism is a moral theory, which works as a form of consequentialism helps individuals to assess whether an action is good or bad. Some of the moral philosophers associated with this theory include Jeremy Bentham, David Hume, Henry Sidgwick and many pfmlures.com: AWB.

Utilitarianism is a normative, consequentialist, empirical philosophy which links the idea of a good action to one which promotes maximum pleasure or happiness, found . Utilitarianism should be employed in all business decision-making process to maximize effects and minimize negative outcomes.

Businesses seek to make a . Utilitarianism can be used in any business decision that seeks to maximize positive effects (especially morally, but also financially) and minimize negative ones.

Utilitarianism and business ethics essay

As with Bentham’s formulation, utilitarianism in business ethics is primarily concerned with outcomes rather than processes. Utilitarianism and Business Ethics Utilitarianism is a normative, consequentialist, empirical philosophy which links the idea of a good action to one which promotes maximum pleasure or happiness, found by adding up costs and benefits (or pains and pleasures).

A Utilitarian Perspective on Business Ethics | IOSR Journals - pfmlures.com