Ethics in Business and the Christian Life 5 Night 5 Tuesday May 26, 2015

Ethics in Business and the Christian Life

Night 5Tuesday May 26, 2015

A branch of philosophy dealing with what is good and bad and with moral duty and obligation.

The principles of moral conduct governing an individual or group.

Ethics refers to right and wrong conduct of individuals and institutions of which they are a part.

What is Ethics?

Comprises moral principles and standards that guide behavior in the world of business.– Businesses must make a profit in order to

survive.– Business profits should not be obtained by any

means necessary.

A trade-off must exist between the firm’s desire for profits and what is good for individuals and society.

What is Business Ethics?

What is Ethics?

– “…that behavior which is the ‘right’ thing to do, given the circumstances”

– Four principles:

– Honesty

– Integrity

– Fairness

– Concern for others

Theory in Ethics

– Teleology

– Consequentialism

– Egoism

– Utilitarianism

– Deontology

– Relativism

– Act is morally acceptable if it produces some desired result.

– Form of consequentialism--morality of decisions are based on their consequences.

Methods for Ethical Decision Making

Teleology

– Egoism--acts that benefit the individual’s self-

interest.

– Utilitarianism--acts that maximize total

utility--the greatest good for the greatest

number of people.

Methods for Ethical Decision Making

Teleology

– The inherent rightness or wrongness of an act guides behavior, regardless of the outcome.

– Believes that there are some things people should never do.

Methods for Ethical Decision Making

Deontology

– The correctness of decisions is thought to change over time.

– Uses others to judge the ethicality of decisions.

Methods for Ethical Decision Making

Relativism

Absolutes or Relatives

Five Common Ethical Traps

– The False-Necessity Trap

– The Doctrine-of-Relative-Filth Trap

– The Rationalization Trap

– The Self-Deception Trap

– The Ends-Justify-the-Means Trap

Tools for Doing the Right Thing– Is the action you are considering legal?

– How would you see the problem if you were on the opposite side?

– What are alternate solutions?– Can you discuss the problem with someone

whose advice you trust?– How would you feel if your family, friends,

employer, or coworkers learned of your actions?