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J. R. Boatright
differentiate the different forms of ethical theories, i.e. teleological, deontological, utilitarianism, rights and justice.
explain cost-benefit analysis and the operations of the market system.
2010 Pearson Education South Asia Pte. Ltd. All rights reserved
2010 Pearson Education South Asia Pte. Ltd. All rights reserved
Your Call?
A group of children were playing near two railway tracks, one still in use while the other disused. Only one child played on the disused track, the rest on the operational track. You are the station master and you see the train coming. You could make the train change its course to the disused track and save most of the kids. However, that would mean the lone child playing by the disused track would be sacrificed. WHAT IS YOUR DECISION? 2010 Pearson Education South
Asia Pte. Ltd. All rights reserved
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Teleological Theories (Jeremy Bentham [1748 1832]; J. Stuart Mill [1806 1873])
Derived from the Greek word telos, which refers to an end. Holds that the rightness of an action is determined solely by the amount of good consequences they produce. Define good on the basis of each persons conception of what it means to be better off.
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Ignored the consequences of actions and focused on the nature of the actions and the rules from which they follow.
The Golden Rule and ethical principles appeal to both human dignity and respect.
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UTILITARIANISM
Utilitarianism is a powerful and widely accepted ethical theory that has special relevance in business. Its application involves developing a list of available alternatives, following the consequences of each as far into the future as possible and selecting the alternative with the greatest balance of benefits over harms for everyone.
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Classical Utilitarianism
JEREMY BENTHAM (1748-1832) Actions that augment happiness are supported whilst those that oppose happiness are rejected. Measured pleasure or pain using a hedonistic calculus. If the above process were repeated for all individuals, the resulting sums would show the good or bad tendency of an action for the entire community.
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Actions that promote happiness are right whilst those that oppose happiness are wrong. Happiness is pleasure and the absence of pain. Humans enjoy higher pleasures than animals.
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Teleological Theory
Utilitarianism
Egoism
Personal
Impersonal
Follow goals not because they benefit others but because help achieve own interests too
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Forms of Utilitarianism
Consequentialism Hedonism Maximalism
Universalism
Consequences for everyone must be considered.
Rightness determined not by just some consequences but the greatest amount of good consequences.
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Forms of Utilitarianism
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Forms of Utilitarianism
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Advantages of Utilitarianism
It fits with much of our moral reasoning. Provides a relatively precise and objective method for moral decision making, i.e. a person need only to calculate the consequences of the available alternatives.
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Concept of a Right
Used in many different ways yielding different
interpretations. Can come into conflict with one another. Tendency to stretch the concept of a right in ways that dilute its meaning. Disagreement over the existence of a particular right.
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Entitlements that enable us to act on our own and be treated by others in a certain way, without asking for permission or being dependent on other peoples good will
(H. J. McCloskey, 1965)
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Moral rights
Specific rights
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Negative rights
Obligations on the part of others to refrain from acting in certain ways that interfere with our own freedom of action. Obligations imposed on others to provide us with some good or service and thereby act positively on our behalf. E.g. right to education, medical treatment, etc.
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Positive rights
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2010 Pearson Education South Asia Pte. Ltd. All rights reserved
2010 Pearson Education South Asia Pte. Ltd. All rights reserved
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JUSTICE
Justice is the fair treatment and due reward in accordance with ethical or legal standards.
Concerned with the righting of wrongs. Concerned with the fair distribution of benefits
and rewards
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Questions to Ponder?
What would be the fairest means of distributing a bookcase of books on different subjects? How can you ensure that the individual gets the book/s he/she values most? Can this end be achieved by auctioning off the books?
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Effort
Need
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Social contribution
Merit
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Universal
Particular
Whole of Virtue
Distributive
Compensatory
Retributive
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Deals with the distribution of benefits and burdens in the evaluation of social, political and economic situations.
Distributive justice is comparative.
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Concerned with the compensation of persons for wrongs done to them in voluntary relations, such as contract breaches. Restore the moral equilibrium of the victim to his/her previous condition; or punishing the perpetrator for the crime.
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Involve the punishment of wrong doers who have committed criminal acts. The moral equilibrium of the victim is restored with a punishment that fits the crime. Both compensatory and distributive justice are non-comparative.
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Like cases should be treated alike unless there is some relevant difference between the cases. As share of P Bs share of P = As share of Q Bs share of Q
Relevant differences consists of: Ability, Effort, Accomplishment, Contribution and Need.
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Argument
right to equal treatment unless the inequalities are justified by a social need [Mill, 1806 1873]
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goods
The profit motive
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a profit.
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The main justification of a market system over other forms of economic organization
Promotion of efficiency and hence welfare
Efficiency
Obtaining the greatest output for the least input
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Public goods - markets ignore public goods due to the lack of profit and leave it to the government to supply them.
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Cost-Benefit Analysis
A quantitative method of decision-making, whereby any project that promises the greatest net benefit as measured in dollars, out to be chosen.
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Quantitative method
Monetary units used to express benefits and drawbacks of alternatives
Not all costs & benefits have an easily determined monetary value Market price does not correspond to opportunity cost Heavily value laden Shadow pricing
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Heavily value-laden - involves assigning monetary values to all things Shadow pricing - an approach that enables a value to be placed on goods that reflect peoples market and non-market behaviour.
E.g. By comparing prices of houses near airports with prices of similar houses elsewhere, can infer the value people are willing to pay for peace and quiet.
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Conclusions
Utilitarianism is a powerful and widely accepted method for evaluating alternatives and choosing the course of action with the greatest overall benefit. Utilitarianism fits easily with the concept of value in economics that underlie the market system and cost-benefit analysis. Utilitarianism fits with much of our ordinary moral reasoning.
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