Ethical Perspectives in Business: Egoism and Utilitarianism Explained
Explore the ethical concepts of egoism and utilitarianism in business ethics. Understand how egoism prioritizes self-interest while utilitarianism focuses on maximizing overall happiness. Delve into the implications of these theories on business practices and decision-making.
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LIBYAN INTERNATIONAL MEDICAL UNIVERSITY Faculty of Business Administration Egoism And Utilitarianism in Business Ethics BY : Ali ALKHFIFY ID : 3807 Email : Ali_3807@limu.edu.ly
Table of Contents Introduction Egoism Utilitarianism Conclusion References 2
Introduction Utilitarianism says we should consider everyone's interests, whereas ethical egoism says people should act in their own self-interest. Both ethical egoism and utilitarianism are based on the assumption that something is good if it causes pleasure, and bad if it causes suffering, thereafter, they are both hedonistic theories. 3
Egoism Egoism is a normative ethical position which holds that moral agents ought to act in their own self-interest. egoism, at within the field of business ethics, is one of the most influential and theories.(Gauthier, D. (1986). debated ethical 4
Utilitarianism Utilitarianism implies an obligation for businesses to do what they can to act in a way that maximizes happiness and minimizes utilitarianism provides a basis for criticizing business behaviors that cause harm to anyone at all.( Hobbes, T. (1994). suffering. So, 3 5
Conclusion Utilitarianism, the most ethical action may be that which harms the individual agent but maximizes the positive impact for the most people overall, egoism, the individual has a greater value than others, thus it is ethical to act in one's own self-interest even if it may potentially harm others. 6
References Gauthier, D. (1986). Morals by agreement. Oxford, UK: Clarendon. Hobbes, T. (1994). Leviathan. Indianapolis: Hackett Publishing Company. Narveson, J. (2003). We don t owe them a thing! A tough-minded but soft-hearted view of aid to the faraway needy. The Monist, 86, 419 433.
