Utilitarianism Judges human actions in terms of outcomes Identify alternative actions & consequences to stakeholders Best decision yields greatest net social benefit to society Worst - yields greatest net social harm NOTE: this is not an economic model Utilitarianism Advantage - practical Challenges difficult to evaluate all consequences, stakeholders, relevant time periods difficult to measure social benefits without using economics rights of minorities may be sacrificed Deontology Based on two principles 1. The ethical rule should have universal application 2. You must treat people as ends and not as means to an end Deontology Decisions are based on abstract universal principles - honesty, fairness, rights, justice, respect Focus on doing what's \"right\" (consistent with these principles) rather than doing what will maximize social welfare (the consequences of the action) Deontology Theory of Rights individuals have certain entitlements ethical standards should promote individual welfare Theory of Justice distributive - equals treated equally decisions should lead to fair & equitable allocation of resources Deontology Advantages used in public policy debates (abortion) used by CPAs (uphold public interest) Challenges which rule, principle, right should be followed? Which one takes precedent? Kant's maxim? Golden rule? Virtue Ethics Focus on moral character, not the action consider motivations & intentions of actor Character defined by one's community moral actors are members of society & strive for excellence integrity, good judgment holistic approach Virtue Ethics Ethics of Care trying to understand the other's situation, point of view interconnectedness of individuals appropriate balance of interests Virtue Ethics Advantages avoids false dichotomies: business or ethics; profit or doing good; personal or corporate values Challenges not all managers are virtuous or sensitive to the interest of others what virtues should a manager have