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appropriate treatment of our fellow human beings Act ethical:to contribute to the societal capital that helps us all live together in harmonyThe level of trust in a society is the best predictor of prosperity andnothing undermines trust more thoroughly than unethical actions Evolution of a moral senseWe have evolved a moral instinct over time that follows social norms. We have rapid judgments about what is right/wrong.Every moral code in the world addresses these 4 subjects:Negative appraisals of certain acts of harming othersValues pertaining to reciprocity and fairnessRequirements concerning behaving in a manner benefitting one’s status in the social hierarchyRegulations clustering around bodily matters generally dominated by concepts or purity and pollutionResolving Ethical Issues- 3 primary approaches(if you apply 1 & 2 you are usually set up pretty well)1. Utilitarian (teleological) approach- greatest good for the greatest number of peopleowhich will give us the best possible outcomeofocus is put on the consequences (consequentialist)opermits all conduct that will serve the objective of maximizing the social utilityoJohn Stuart MilloJeremy Bentham oProblems- how to calculate benefit, define benefit to society, sometimes #of people is not the best way to see something, 2. Deontological approachothe rule-based approachoKant- he held the idea that people should never treat their fellow men as objects by which to attain goals oExamples: the Law, social norms, the ten commandments oTreat others as we wish to be treated (Golden Rule)3. Virtue ethicsoAristotleoFocus on cultivating the characteristics of a good person- honest, reliable,sincere, integrity, truthful, oMoral Reasoning (4 step process)1. Identify the ethical issue2. Establish the facts- who will be affected, what options do I have
3. apply the various 3 approaches- if they all 3 make the same conclusion- do that!4. Reach a conclusion- decide if it is right or notoThink- “if my decision was on the front of a newspaper, what would people say?”Example: Insider Trading in “The Billionaire’s Apprentice”o#1 is insider trading ethical?o#2 facts are that it is illegal, but it could make him a lot of money, it is a “victimless” crime, he would give a lot of money to charitieso#3 utiltarian approach- could do good with money, but also may cause inefficiency and loss to others, deontological approach- he broke the law, virtue ethics- something is wrong with his character o#4 he chose to engage in itGoing with your gut!!oUsually the approach that we go foroOften times, correctoDon’t ignore it, but don’t take it at face valueoSometimes, not so much. So maybe consider the various approaches.