Business Ethics Utilitarian Approach

So utilitarianism provides a basis for criticizing business behaviours that cause harm to anyone at all. Ie the net benefits and costs to all stakeholders on an individual level.

Philosophy Ethics Utilitarianism Part 2 Hd Ethics Philosophy Moral Theory

Some of the moral philosophers associated with this theory include Jeremy Bentham David Hume Henry Sidgwick and many others.

Business ethics utilitarian approach. It is completely fine to exploit workers. The core idea of utilitarianism is that an action is right if it results in the happiness of the greatest number of people in a society or a group. Utilitarianism was developed by Jeremy Bentham and is a teleological theory where the moral value of an action can be judged by the likely consequences.

Utilitarian theory and business ethics Human approach towards anticipation for maximizing of pleasure and elimination of suffering and pain brings about the fundamentals established in the realm of moral philosophies that date back to a distant past Robertson Walter 2007. In the workplace the idea of this concept is if you conduct yourself properly at work then you will be able to achieve professional happiness. As a part of general and practical ethics business ethics focuses on moral or ethical principles and issues that occur in the business environment providing judgments as.

The Utilitarian Approach assesses an action in terms of its consequences or outcomes. People who ascribe to the classical utilitarians school of thought consider actions right. Theory of Utility Benthams theory of utility is based on three central features.

Mills Revised Utilitarian PrincipleJohn Stuart Mill 1806-1873 claims that Utilitarianism holds that actions are right in proportion as they tend to promote happiness wrong as they tend to produce the reverse of happiness. In act utilitarianism any action is permissible given that it increases pleasure for the greatest number of people and a successful business does exactly this. 01 December 2016.

The greatest happiness principle or utility principle 2. Therefore there is no correct way to treat employees. First the utilitarian calculation requires that we assign values to the benefits and harms resulting from our actions and compare them with the benefits and harms that might result from other actions.

Utilitarianism is pervasive in contemporary business practice management theory and decision-making through cost-benefit analysis. Sherron Watkins ability to make judgment that Enrons accounting standards were immoral created a rule utilitarianism approach with regards to the law and the concern with fairness. The Utilitarian approach as outlined by Kinicki 2017 p107 helps managers to consider the effects of making decisions by deciding how their action would affect others.

Decisions are often made based on the bottom line of profit numbers of stakeholders affected or overall utility to the organization. The theory is concerned with predicted consequences or outcomes of a situation rather than focusing on what is done to get to the outcome. Utilitarianism is a moral theory which works as a form of consequentialism helps individuals to assess whether an action is good or bad.

But its often difficult if not impossible to measure and. It strives to achieve the greatest good for the greatest number while creating the least amount of harm or preventing the greatest amount of suffering. By making morally correct decisions your happiness will increase.

Artificial identification of ones own interests with those of others. Development of Benthams theory of utility as will become clear in the next section. In business contexts utilitarianism implies an obligation for businesses to do what they can to act in a way that maximizes happiness and minimizes suffering.

Utilitarianism is a teleological ethical theory based on the idea that an action is moral if it causes the greatest amount of happiness for the greatest number of people. Seeking to benefit the majority of people. Therefore added benefits of rule utilitarianism values justice and includes beneficence at the same time.

The aforementioned Bentham lived in an era of great social and scientific change and unrest.

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