Moral Issues in BusinessChapter Two Normative Theories of EthicsConsequentialist Theories - Consequences and results Non eonsequestalishm is deontology Egoism - Adam Smith• Egoism is a consequentialist theory. What matters for egoists is the consequences of their actions for themselves. • Utilitarianism - Bentham and Mill (utility and usefulness) ●Utilitarianism is a consequentialist theory. Right and wrong depends on the consequences of one’s actions for everyone who might be affected by them. ○Who and how will they be affected by my actions ●Jeremy Bentham ○Bentham was a hedonist. He believed that happiness was a matter of more pleasure and less pain. ○Bentham thought you could assign pleasure points to an action according to the following categories: ■Intensity: How intense is the pleasure? ■Duration: How long will it last? ■Certainty: How sure are you that the pleasure will occur? ■Proximity: How soon will the happiness occur? ■Fecundity: How much more pleasure will this lead to? ■Purity: How much pain will be mixed with this pleasure? ■Extent: How many people will experience the pleasure? Quality vs. Quantity Bentham: Pushpin is as good as poetry. Mill: It is better to be a human being dissatisfied than a pig satisfied. Bentham believed that all pleasures should count equally, but Mill believed that humanitywould be better off if the intellectual, moral and aesthetic pleasures were more valued.