Utilitarianism Theory of Ethics | Technology

Home Assignment Answers Utilitarianism Theory of Ethics | Technology

What is ethics?

Ethics or Moral philosophy is linked with questions “how an individual should act” and look for the definition of right conduct and good life. Ethics differs from morality in that ethics signifies the theory of greater good and correct action whereas morals reveal their practice.

Importance of ethics in business

  • Ethics set strategic decision making: Leaders of business make decisions that are socially desirable being characterized by ethical behaviour. They encourage stakeholders to make participation in the process of decision making.
  • Ethics decrease costs: Minimal funds are spent in the process of employee recruitments as most of the employees are retained in the organisation.
  • Best business ethics is a key to enhance productivity: Persons usually work hard at their job when they believe they are performing ethically. They are not held back by moral fears, and they might feel additionally inspired to work.
  • Ethics improve partnership: Partnership in business is highly crucial as it helps to extent the market place and enhances business relations. To seek best partners, you must have a foundation of strong business ethics.

Utilitarianism theory

This is an ethical theory which assesses right from wrong by concentrating on outcomes. Utilitarianism defines that most ethical preference is one which will generate the greatest good for a large number. It is a common strategy to moral reasoning involved in business due to the mechanism of accounting benefits and costs. Utilitarianism is a type of consequentialism as it is based on the beliefs that it is results of the law, actions or policies etc. that identifies whether they are right or wrong.

Overall view of utilitarianism theory

This is a philosophical theory related to how one should analyse a wide variety of things which includes preferences that are faced by individuals. It emerges as a simple theory as it contains only single evaluative standards: Do what that leads to best consequences. However, it is complicated as one cannot understand this single standard till he knows what thing is best and bad if the formulated actions are made right or wrong through actual impact. The act of identifying whether utilitarianism is right moral theory is complex as there are multiple versions of theory and its supporters conflict about which version is right.

Basic axioms of utilitarianism

Happiness or pleasure is the only aspect that indeed has intrinsic value:

Utilitarianism acquires his name from the concept “utility” which does not imply “useful” instead implies happiness or pleasure.

Actions are right when they promote happiness, wrong when they product unhappiness:

This makes this theory as consequentialism because it specifies that morality of activity is determined by consequences.

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