Business Ethics Utilitarian Approach

Stripped down to its essentials utilitarianism is a moral principle that holds that the morally right course of action in any situation is the one that produces the greatest balance of benefits over harms for everyone affected. In this article I suggest and support a utilitarian approach to business ethics.

What Is A Criticism Of The Utilitarian Approach Towards Ethics Quora

Both Bentham and Mill suggested that ethical actions are those that provide the greatest balance of good over evil.

Business ethics utilitarian approach. A hard-core utilitarian would say. Utilitarianism in the workplace focuses on ethics democracy rights and responsibilities within the business environment. Rule utilitarianism helps the largest number of.

The Utilitarian Approach Utilitarianism was conceived in the 19th century by Jeremy Bentham and John Stuart Mill to help legislators determine which laws were morally best. The action is described as the right one when it is beneficial for most people and has positive consequences. The idea of applying utility to ethics has its roots in 18th century philosophy.

The theory asserts that there are two types of utilitarian ethics practiced in the business world rule utilitarianism and act utilitarianism. Examples of Utilitarian Ethics One example of utilitarianism in business is the practice of having tiered pricing for a product or service to different types of customers. Utilitarianism is a normative theory of ethics that states that the ethical and moral justness of an action depends only on the consequences of that action.

The utilitarian philosophy is more acceptable for the modern business as it can satisfy the needs of the stakeholders despite the fact that either side may receive less profit. A Philosophical Approach by Werhane and Donaldson Download Utilitarianism and Business Ethics1. For example the airline industry offers first class business class and economy class seats on many of their airplanes.

Ie the net benefits and costs to all stakeholders on an individual level. To begin with business persons who wish to use this theory must first understand its four components. 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.

Utilitarianism provides a guiding framework of decision making rooted in social benefit which helps direct business toward more ethical behavior. A theory of ethical behavior utilitarianism holds that an action is right to the extent that it benefits people or society either by creating happiness improving well-being or reducing suffering. The Utilitarian Approach assesses an action in terms of its consequences or outcomes.

Utilitarianism is a normative ethical theory. Utilitarianism is already widely used as a business ethic approach although it is not well developed in the literature. The first theory utilitarianism we will consider in this lecture.

So utilitarianism provides a basis for criticizing business behaviours that cause harm to anyone at all. An action that increases everyones utility is morally and ethically just whereas an action which decreases everyones utility is morally and ethically unjust. Utilitarianism in business can lead to a bottom-line mentality in which decisions are based on achieving the greatest good for the organization as it pertains to the greatest number of stakeholders including shareholders and all others affected by the actions of the organization The outcome is the determining factor not the intent of the.

The application of this theory can either be positive or negative. Consequentialism is an umbrella term for a range of moral theories that state the rightness or wrongness of an action should be based solely on the results produced by that action. David Hume mentions it in his Inquiry Concerning the Principles of Morals and Adam Smith devotes a portion of his Theory of Moral Sentiments to the concept.

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. Utilitarianism and Business Ethics in Business Ethics. The theory of utilitarianism can be applied in business in many ways.

Utilitarian Approach To Business Ethics 849 Words4 Pages Kinicki 2017 p106 outlines that ethics are the standards of right and wrong that influence behaviour while ethical behaviour is the behaviour accepted as right as opposed to wrong according to those standards. Our first approach. The creed which accepts as the foundation of morals Utility or the Greatest Happiness Principle holds that actions are right in proportion as they tend to promote happiness wrong as.

It is the most well-known and prevalent forms of consequentialism. 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.

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