MGMT 1040 Lecture Notes - Lecture 3: Optimality Theory

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20 Jul 2016
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HOSMER CHAP 3
Doctrine of Legal Requirements [pg.13]
The Law
Utilitarianism
The Principle of Personal Virtue
Religious Injunctions
Utilitarian Beliefs
The Principle of Universal Duties
Doctrine or the Pareto Optimality theory: is a valid means of morally evaluating the benefits and
harms of a moral problem as long as three conditions are met: all markets are free; all must be
obeyed; all costs must be included.
The Law: What you have to do, not what you should do
An action can be illegal but morally right
An action that is legal can be morally wrong
consistent set of universal rules that are widely published, generally accepted and usually
enforced.
Utilitarianism
More benefit than harm is created.
Personal virtue: We should be open, honest, truthful, moderate and proud of what we do so that
we work together well for the benefit of all.
Religious Injunctions: Never take any action that is not kind and compassionate toward others
and that does not forward a sense of true community, a belief that all of us should work jointly
toward a common goal.
Utilitarian Beliefs-
The Principle of Universal Duties- Never take any action that you would not be willing to see
others, faced with the same or a closely similar situation, also be free or even encouraged to take
and never take any action that does not treat all others as ends, worthy of dignity and respect and
never as means to your own ends.
THE ETHICS OF MANAGEMENT
CHAPTER 3 – MORAL ANALYSIS AND LEGAL REQUIREMENTS
Enlightened Self Interest – A philosophy in ethics which states those who follow the law,
despite conflicting feelings towards the law for the betterment of society will ultimately satisfy
their self-interests in the long-run.
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