Week
4: Day 9
Managerial Decision Making: Personal and Business Ethics
This module begins
the series a managerial decision making by examining the
value basis of judgments. Five ethical perspectives are
developed as frameworks for judgment that reference specific
interests. The issue of business ethics raises the question
of social responsibility, which is explored through a
research assignment.
The
objective for Monday is that the student will be able to:
1.
Describe major ethical frameworks and understand the
source of standards
The
lecture noted for this module are available as a Teaching
Note, outlined as
follows:
I.
Egoism or self interest.
A.
Standard is self interests
B.
Adam Smith's market model
1.
Friedman's Capitalism
and Freedom
- brief for business self-interest
2.
Owner's interest is equated with that of the firm
II.
Social relativism
A.
Standard is interests of my friends, group, or community
B.
Individual is member of multiple groups - implications for
ethics
III.
Cultural relativism
A.
Standard is cultural or legal system of values
1.
Ethics is equated with shared values and limits of
conduct is what is legally prohibited
2.
Problem is competing national cultures and legal
systems
Utilitarianism
A.
Standard is "most people" or experience with
consequences
1.
Bentham - That which is best for most people
2.
Mills - Ethical conduct is conditioned by experience,
practicality
B.
The standard is "common ground"
Deontology
A.
Standard is an obligation to do the "right" thing
1.
What is "right" is an idealized view of the
way things should be.
2.
The obligation is assumed, there is no other authority
to compel or to punish for conduct
B.
Kant's attempt is to build a universal, secular ethical
standard.
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