BUS 223 Lecture Notes - Lecture 2: Invisible Hand, Bernard Madoff, Psychological Egoism

• School: Ryerson University
• Department: Business
• Course: BUS 223
• Professor: Haskovon Kriegstein

Document Summary

Lecture 2 (cid:862)ho(cid:449) should (cid:449)e li(cid:448)e? (cid:863) we: each of us as a person, we: us together as a business within a community managerial decision making involves both individual and group decision making. Humans value all sorts of things: fame, power, beauty, winning. Ethical values: promote human well-being, promote well-being that is not personal/selfish, generosity, equality. The case for business ethics: risk: ethical failures present, at the least, a risk to the company"s reputation. Skepticism: business ethics: an oxymoron, stipulative definitions, business: activities aimed at furthering the commercial interests of the particiapnts through mans typical in a market economy, ethi(cid:272)s: a syste(cid:373) . The target: (cid:862)the idea that a perso(cid:374) (or (cid:272)o(cid:373)pa(cid:374)y), generally engaged in pursuing their commercial self-i(cid:374)terest(cid:863) Normative skepticism: (cid:862)(cid:374)or(cid:373)ati(cid:448)e(cid:863) refers to the ideal of so(cid:373)ethi(cid:374)g. Normative skepticism: business is like poker, the design of the game of poker is to bankrupt your opponents, playing a game with these conditions included by design.