PHL 318 Exam 1: Key Ethical Concepts and Theories

Robert Solomon's main point about business metaphors

That metaphors shape how we think and act in business-e.g., viewing business as war encourages aggressive behavior.

The lesson of 'The Parable of the Sadhu'

Moral decisions often require group coordination, and individuals may act unethically when roles and responsibilities are unclear.

Integrity

Acting in alignment with one's core values, consistently and honestly.

How unethical conduct affects company profits

Through fines, lawsuits, bad publicity, and loss of customer trust.

Difference between ethics and the law

Ethics covers what is morally right; the law only covers what is legally required or forbidden.

Slippery slope effect in ethics

Small unethical actions can gradually lead to larger ethical violations.

Key finding in the Milgram experiment

People will often obey authority even when it means harming others.

Aristotle's view on character

Character is shaped by habits, and virtue is the mean between extremes.

Eleven Basic Moral Principles

To guide moral reasoning and evaluate ethical decisions.

Utilitarianism

The view that actions are right if they maximize happiness for the greatest number.

Kant's ethical theory

Based on duty and respect for persons; act according to universal moral laws.

W.D. Ross's prima facie duties

Obligations that are binding unless overridden by a more important duty.

Harm-Benefit Asymmetry

It is generally worse to cause harm than to withhold a benefit.

Four Basic Moral Questions

(1) What are the facts? (2) What are the ethical issues? (3) Who are the stakeholders? (4) What options and consequences exist?

Adam Smith's 'invisible hand'

The idea that individuals seeking profit unintentionally benefit society.

Tragedy of the commons

When individuals overuse a shared resource, depleting it for everyone.

Horizontal price fixing

Agreement between competitors to fix prices-illegal and unethical.

Vertical price fixing

Manufacturer controlling retail prices; legal status changed by Leegin case.

Predatory pricing

Selling below cost to drive out competitors-unethical and often illegal.

Tying arrangement

Forcing customers to buy a second product with the desired product.

Price gouging

Charging excessively high prices during emergencies.

Three moral guidelines for ethical competition

Compete fairly, avoid deception, and do not harm consumers or rivals.

The (No) Harm Principle

Others should not be harmed; harm to others and the environment should be minimized

The Benefit Principle (or Principle of Benevolence)

The fact that an action would benefit someone is a moral reason in favor of it.

The Rights Principle

The fact that an action, decision, or policy would violate the moral or legal rights of another person is a moral reason against it.

The Autonomy Principle

the moral value of respect for persons condemns actions that deny another person her autonomy; the more complete the denial of autonomy, the stronger the condemnation

Principle of Honesty

This principle is used to prevent deception involving misleading language, illusions, hidden costs, and the obscuring of disadvantages

The Reversibility Principle (Golden Rule)

The moral value of fairness condemns treating others in ways you would not want to be treated; the more you would object to being treated in this way, the stronger the condemnation.

The Like Cases Principle

If two situations are relevantly similar, and if a certain action would be morally wrong in the first situation, then there is reason to believe that this same kind of action would be morally wrong in the other situation as well (and vice versa).

The Principle of Fidelity

The duty to fulfill one's commitments; applies to keeping promises. Never promise results you cannot deliver.

The Principle of Special Roles (Loyalty)

The moral value of loyalty condemns actions that are disloyal; the more serious the disloyalty, the stronger the condemnation.

The Principle of Reparation (Responsibility)

The moral value of responsibility favors actions that set right previous harms or wrongs done to others; the greater the wrong or harm, the more strongly responsibility favors setting it right.

The Principle of Reciprocity (Gratitude)

The value of gratitude favors legitimate actions to reciprocate those who have benefited us; the greater the past benefit, the more strongly gratitude favors reciprocation.