Business Ethics and Leadership Questions and Answers
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Course
Business Ethics
Institution
Business Ethics
Business Ethics and Leadership
Questions and AnswersBusiness Ethics and Leadership
Questions and AnswersBusiness Ethics and Leadership
Questions and AnswersBusiness Ethics and Leadership
Questions and AnswersBusiness Ethics and Leadership
Questions and AnswersBusiness Ethics and Leadership
Qu...
Business Ethics and Leadership
Questions and Answers
Descriptive
✓ ~~~ Spelling out the ethical theories
people actually hold
Philosophical
✓ ~~~ Evaluating the justifications for different ethical theories; finding the best views
Moral Realism
✓ ~~~ The theories will are examining are moral realist theories which supposed that:
✓ Moral value and principles are objective (mind- independent/real)
✓ Moral values or principles are universally valid (apply to everyone)
✓ • What about moral anti-realism? Comes in several varieties:
✓ Moral Relativism - moral facts are relative to culture Moral Subjectivism - moral facts are
relative to individuals Moral Skepticism - moral facts cannot be known Moral Nihilism -
moral facts are not real
Moral Psychology
✓ ~~~ Moral psychologists have identified the way we actually make moral judgments and
decisions
This is a descriptive endeavor
Toby Groves' Story
✓ ~~~ Guy who said he's never commit fraud then did
Promise to his father
• Successful mortgage loan company, good reputation
,• Company falls $250,000 into debt
• Fraudulent loan #1: falsified income on mortgage loan application Not enough;
company in deeper debt
• More fraud: "air loans" on nonexistent properties Help from his own employees and
employees at title companies
• Busted by FBI; pretty much immediate confession • ~100 jobs, ~$7 million lost
Homo Economicus
✓ ~~~ Humans are fundamentally and consistently rational.
We know what we want.We consistently take the means to get
what we want.
•Irrationality is a rare departure from the norm.
System 1 vs. System 2
✓ ~~~ System 1Automatic, quick, often subconscious Tunnel vision, acting on a
script/schema
• System 2Slow, requires effort & concentration Thinking things through
Heuristics
✓ ~~~ simple efficient rules used to form judgments and make decisions
Quick, relatively automatic Often subconscious
Biases
, ✓ ~~~ when heuristics lead us astray
Hurricane Charley
✓ ~~~ What happened in Florida after hurricane Charley?
Terrible damage, huge power losses Major price increases for water, food, ice,
generators, hotels, roof repair, etc.
Claims of price-gouging
Anti-price-gouging laws used to impose penalties
Uber Surge Pricing
✓ ~~~ When there's lots of demand, Uber jacks up the price Supposed to incentivize more
drivers to be on the road
(help supply meet demand) Designed to keep waiting times down
• New Year's Eve, Early New Year's DayPrices 4-10 the usual rateLots of would-be
riders pay way more than intended Others are "priced out"
The Big 3 Moral Considerations
✓ ~~~ 1. Welfare—promoting well-being
for everyone
2. Freedom—respecting autonomy, holding people responsible
3. Virtue—promoting good character
Challenges to Ethics
, ✓ ~~~ Nihilism: there are no true moral principles
Moral skepticism: we can't know the true moral principles
Relativism, subjectivism: moral principles hold true only relative to particular cultures
or individuals
Early Ethics: Virtue
✓ ~~~ Ethics in Ancient Greece, China (2000+ years ago)
•Focus on good character, not merely right actions
"How to be?" rather than "what to do?"
What is virtue?
✓ ~~~ What makes a person good, virtuous? Developing their nature wellVirtue = moral
excellenceVice = moral deficiency
About habits
• Analogy: a good person & a good knifeHave to know a knife's purpose to know if it
is good Why? Fulfillment of purpose = good
Utilitarianism
✓ ~~~ Do what promotes the best consequences
"Greatest good for the greatest number"
Depends on the facts on the ground—what really does promote the most good for
the most people
• What are the best consequences? What is good? Pleasure (Bentham)Pleasures
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