Ethics and the conduct of business 8th by john boatright and smith 2017 chapter 3

Learning Objectives 1 of 2• 3.1: Describe the four theses of classical utilitarianism, the utilitarian approach to decision making, and the main criticisms of the cost-benefit analysis m

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Ethics and the Conduct of Business

Eighth edition

Chapter 3

Ethical Theories

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• Introduction: Ethical Theories

• 3.1: Utilitarianism

• 3.2: Kantian Ethics

• 3.3: Virtue Ethics

• 3.4: Rights

• 3.5: Justice

• Conclusion: Ethical Theories

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Learning Objectives (1 of 2)

• 3.1: Describe the four theses of classical utilitarianism, the utilitarian approach to decision making, and the main

criticisms of the cost-benefit analysis method

• 3.2: Summarize the two intuitive principles of Kantian ethics and their implications for moral reasoning

• 3.3: Define virtue and explain how virtues and principles of virtue ethics are relevant to business

• 3.4: Identify the meaning and importance of rights and the types of rights that apply in different situations

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Learning Objectives (2 of 2)

• 3.5: Explain the role of justice in business ethics, the three kinds of justice outlined by Aristotle, and the contemporary principles of justice offered by Rawls and Nozick

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Introduction: Ethical Theories

• Types of ethical theories

• Teleological theories

• Deontological theories

• Virtue ethics

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Figure 3.1

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3.1: Utilitarianism

Objective: Describe the four theses of classical utilitarianism, the utilitarian approach to decision making, and the main criticisms of the cost-benefit analysis method

• 3.1.1: Principle of Utility

– Four these of utilitarian principle

– Act- and rule-utilitarianism

– Calculating utility

• 3.1.2: Cost-Benefit Analysis

– Quantitative method for decision making

– Advantage of cost-benefit analysis

– Evaluation of cost-benefit analysis

– Assigning monetary values

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Table 3.1: Pros and Cons of

Cost-Benefit Analysis

Consequences measured by

monetary value in a market The market price or value of goods and services can be used to compare

outcomes.

Not all costs and benefits have a discernible market value or can be objectively valued.

Shadow pricing of nonmarket

goods Market value can be estimated by analyzing the relative worth of

choices suggested by actual behavior

Not all people are able to act or choose in accordance with their preferences, or make rational decisions.

Placing a value on human life and

experiences Can apply cost-benefit analysis to issues such as human health and

safety

Seems cold-hearted and reductive; life, love, happiness, etc cannot be bought and are cheapened by assigned values

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3.2: Kantian Ethics

Objective: Summarize the two intuitive principles of Kantian ethics and their implications for moral reasoning

• 3.2.1: Universalizability

– Categorical imperative

– Implications for moral reasoning

• 3.2.2: Respect for Persons

– Features

– Respect people as human beings

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3.3: Virtue Ethics

Objective: Define virtue and explain how virtues and principles of virtue ethics are relevant to business

• 3.3.1: What Is Virtue?

– Aristotle’s idea about virtue

– Characteristics of virtuous people

• 3.3.2: Defending the Virtues

– Traits required for a good life

• 3.3.3: Virtue in Business

– Applying virtue ethics to business

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Table 3.2: Virtues and Vices in Business

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3.4: Rights

Objective: Identify the meaning and importance of rights and the types of rights that apply

in different situations

• 3.4.1: Meaning of Rights

– Confusing claim of rights

– Understanding rights as entitlements

• 3.4.2: Kinds of Rights

– Different kinds of rights

– Natural rights theory by John Locke

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3.5: Justice (1 of 2)

Objective: Explain the role of justice in business ethics, the three kinds of justice outlined

by Aristotle, and the contemporary principles of justice offered by Rawls and Nozick

• 3.5.1: Nature and Value of Justice

– Aristotle’s categorization of justice

• 3.5.2: Aristotle on Distributive Justice

– Aristotle’s principle of distributive justice

– Justifying features

• 3.5.3: Rawls's Egalitarian Theory

– Rawl’s principle on justice

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3.5: Justice (2 of 2)

Objective: Explain the role of justice in business ethics, the three kinds of justice outlined

by Aristotle, and the contemporary principles of justice offered by Rawls and Nozick

• 3.5.4: Nozick's Entitlement Theory

– Difference between Rawls’s theory and Nozick’s

theory – Main principles of Nozick’s theory

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Conclusion: Ethical Theories

• Main concepts and theories of ethics

• Useful in evaluating business activities

• Continue to be a source for improvement

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