business ethics are developed from the thought of Pareto efficiency

business ethics are developed from the thought of Pareto efficiency

Summary of the article

The articles’ business ethics are developed from the thought of Pareto efficiency. According to Pareto efficiency, consumer preference should be optimally satisfied. Further, the article describes business ethics in health to be a set of prescriptive constraint regulations and norms that are beyond compliance, which are needed in preserving the outcome (Cohen & Peterson, 2017). The article further suggests two implications. The first one is business ethics is entailing weighing the ethical benefits of the economic activity and the market against other ethical/moral considerations. The second implication, according to the article, is health restricts business ethics to constraints required for protecting a market’s ability to efficiently satisfying consumer’s preferences (Cohen & Peterson, 2017). These constraints led to people think that social problems faced are economical.

 What is the articles’ contribution to contemporary thinking of business ethics?

The article brings up the idea that business ethics should not be centred on just whether or why ethics should be incorporated into businesses. Instead, ethics should be guided for businesses to make decisions that are beneficial to many people. The goals and nature of ethics in business require to be deeply understood for an individual to get to know their rights in the current society and in all professions. The market should ensure that they fully satisfy consumers’ preferences. Business ethics goes beyond dishonesty. Ethics should involve expectations, loyalty, and cynicism. Therefore ethics should be based on moral principles and conduct that influence human behaviour. Further, the article states that business ethics entails weighing ethical implications of economic activity against moral consideration (Cohen & Peterson, 2017). Therefore businesses should ensure the economic activities that they engage in should be ethical.

How can you apply information to your Field?

The information on this article argues ethics on the perspective of satisfaction of consumers’ preference and the outcome of the deeds done. By engaging myself in small businesses, I will apply this information by ensuring the customer’s preferences are considered first. It is not just doing it right. I will consider if my actions benefit a larger number of consumers or are my actions intending to benefit just a small number of consumers. Further, I will consider engaging myself in economic activities that are ethical. I will consider weighing the economic activity am intending to engage in against moral considerations.

How the article fits my ethics view

Just like Socrates, the great Greek philosopher, my ethical view is based on equating virtue and knowledge (“Socrates | Internet Encyclopedia of Philosophy”, 2020).  By equating virtue and knowledge with virtues, they will lead to people acting ethically. I believe that having understanding and knowledge is sufficient for people to conduct themselves ethically. No person who has an understanding of the implications of their actions will take a course of action that could result to harm. With an ethical view, I feel that the article fits with my view of ethics to some extent. One of them is ensuring maximum satisfaction of consumers’ preference. If the service provider has an understanding of their actions, they will always seek to maximize the consumer’s demands. In the market, market players should ensure that they provide services to the best of their knowledge to avoid adverse effects on consumers. The other area that the article fits with my ethical view is on the issue that business ethics entails weighing the ethical benefits of the economic activity. In my opinion, individuals should engage themselves in economic activities that are ethical.

Reference

Cohen, M., & Peterson, D. (2017). The Implicit Morality of the Market and Joseph Heath’s Market Failures Approach to Business Ethics. Journal Of Business Ethics, 159(1), 75-88. doi: 10.1007/s10551-017-3761-6

Socrates | Internet Encyclopedia of Philosophy. (2020). Retrieved 28 January 2020, from https://www.iep.utm.edu/socrates/