DSST Business Ethics & Society Social ethics – Ideas and beliefs about those things required to achieve good conduct. It is how to behave yourself. Social ethics has more to do with what is good and right for a society to do and how it should act as a whole. Economical ethics – Ethical issues connect intimately with economic issues. Cost-benefit analysis . You could spend $100 for a night on the town, or you could donate that $100 to the reelection campaign of your favorite politician. Which option is better? The night on the town increases pleasure. A politician’s successful campaign may lead to more liberty in the long term. We regularly make decisions like this, weighing our options by measuring their likely costs and likely benefits against each other. This connects economics directly to a major issue in ethics: By what standard do we determine what counts as a benefit or a cost? A list of competing candidates for the status of ultimate value standard includes happiness, satisfying the will of God, long-term survival, liberty, duty, and equality. Legal ethics encompasses an ethical code governing the conduct of persons engaged in the practice of law and persons more generally in the legal sector. "Legal ethics" in the US is generally understood to primarily apply to lawyers, while codes of professional responsibility also apply in a derivative sense (indirectly) to non-lawyers who work with lawyers, such as paralegals or PIs. In the US, the practice of law is regulated by the governments of the individual states and territories. As a whole, federal law does not control legal ethics . Social Contract - an imaginary agreement entered into by people who sacrifice some of their liberty in order to prevent chaos. Enlightenment thinkers viewed the social contract as the partial sacrifice of liberty in order to produce the greatest happiness for the greatest number. Social contract theory is the view that persons’ moral and/or political obligations are dependent upon a contract or agreement among them to form the society in which they live. However, social contract theory is rightly associated with modern moral and political theory and is given its first full exposition and defense by Thomas Hobbes. After Hobbes, John Locke and Jean-Jacques Rousseau are the best known proponents of this enormously influential theory, which has been one of the most dominant theories within moral and political theory throughout the history of the modern West. In the twentieth century, moral and political theory regained philosophical momentum as a result of John Rawls’ Kantian version of social contract theory, and was followed by new analyses of the subject by David Gauthier and others. More recently, philosophers from different perspectives have offered new criticisms of social contract theory. In particular, feminists and race-conscious philosophers have argued that social contract theory is at least an incomplete picture of our moral and political lives, and may in fact camouflage some of the ways in which the contract is itself parasitical upon the subjugations of classes of persons.