LAW 529 Lecture Notes - Lecture 4: Virtue Ethics, Consequentialism, Egotism
18 Oct 2017
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Document Summary
Ethics attempts to answer the question of how we should live, but it also give reasons to support their answers. Utilitarianism: is an ethical tradition that directs us to decide based on overall consequences of our acts (greatest number of good, for the greatest amount of people) Principle-based frameworks: directs us to act on the basis of moral principles such as human rights. Virtue ethics: directs us to consider the moral character of individuals and how various character traits can contribute to, or obstruct, a happy and meaningful life. Utilitarianism: making a decision based on ethical consequences. In business sense: the consequence which promotes the increase of your financial well being, or the economies. Utilitarianism also known as (cid:498)the greatest good for the greatest number(cid:499: according to this the consequence which achieves this is the ethically. In classic free market economies, economic activity aims to satisfy consumer demand therefore everybody is going to be happy.
