Business Ethics

             The moral philosophy or ethical theory of Utilitarianism introduced by
             the English philosopher, Jeremy Benthem towards the end of the 18th
             century, is without doubt best suited for making business decisions. In
             this essay we will discuss what is Utilitarianism, in which way(s) do the
             principles of utilitarianism apply to decision making and why they are best
             suited for making business decisions.
             The principle of Utility was first advocated by Jeremy Benthem as "Any
             action that promotes happiness of an individual or lessens pain is right
             while any action that increases pain or decreases happiness is wrong." The
             goal of Utilitarianism was later identified by Benthem and his follower
             John Stuart Mill as "providing the greatest good for the greatest numbers."
             The ethical theory of utilitarianism suits business decision making to
             the "T" because the utilitarian criteria is focused on the outcomes' or
             consequences' rather than about how' the outcomes are achieved. This
             means that the philosophy is results oriented. At the same time, focusing
             on the outcome in utilitarianism does not mean that one can achieve the
             objective by hook or crook.' The proviso in the theory of seeking
             happiness for the greatest numbers means that adoption of unsavory
             practices for selfish reasons are unethical.' At the same time, it is
             widely recognized that most for-profit organizations have to operate in the
             best interests of the stockholders, the organization itself (including its
             employees) and the customers. Hence, any decision taken in the interest of
             the "greatest number" would be the most moral decision for the organization
             as well as the society at large. Such decisions would also be consistent
             with the business's goals of efficiency, productivity, and high profits.[1]
             Some people may disagree with this theory on the plea that it could
             work against the minority interests, but ...

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Business Ethics. (1969, December 31). In MegaEssays.com. Retrieved 07:42, September 21, 2024, from https://www.megaessays.com/viewpaper/200428.html