ASSIGNMENT 2

UTILITARIANISM

What are utilitarianism and the types utility?

                                                                                                                                                                      

Utilitarianism is a normative ethical theory.It is the most well-known and prevalent forms of consequentialism. Consequentialism is an umbrella term for a range of moral theories that state the rightness or wrongness of an action should be based solely on the results produced by that action.

There have been many different forms of theory of consequentialist nature throughout history. When modern utilitarisnism's most influential exponent, Jeremy Bentham, set out his moral theory in 1789, it was not an unfamiliar concept.

Utilitarians are consequentialists with a welfarist theory of value, that is, who focus on welfare, well-being, or happiness as the relevant consequence. There are a number of different theoretical choices to be made within the consequentialist and utilitarian families, especially about how to understand value and how to  understand the function from value to duty or obligation. Different conceptions of utilitarianism result from different conceptions of happiness or well-being. Some, such as Jeremy Bentham (1748-1832), interpret happiness in subjective terms as consisting in or depending importantly upon the person’s contingent and variable psychological states. For instance, hedonism claims that happiness consists in pleasure and the absence of pain. Pleasure might be thought of as a qualitatively homogenous mental state or sensation or, alternatively, as any mental state or sensation that one wants to continue and will, ceteris paribus, take steps to prolong. Similarly, pain might be thought of as a qualitatively homogeneous mental state or sensation or, alternatively, as any mental state or sensation that one dislikes and will, ceteris paribus, take steps to discontinue. Others construe happiness as consisting in the satisfaction of actual or idealized desire. Still others conceive of happiness or welfare in more objective terms as consisting in perfection (e.g. the realization of one’s essential 

capacities) or some list of objective goods (e.g. knowledge, achievement, friendship).

Types of Utility

The first variant of is hedonic. It was popularised by the irrepressible social Jeremy Bentham. He took the view that something was good for people if it resulted in sentient pleasure. In other words, if it resulted in some conscious feeling of contentment or euphoria. Thus, the moral society was one that maximised sentient pleasure.

The hedonic version of utilitarianism is frequently caricatured. It would seem to encourage us to become a "mad assembly of pleasure hogs constantly out for a buzz" (goodin's words). But Goodin counters this by saying Bentham's theory was simply premised on the factual accuracy of the hedonic psychology.
For example, on the assumption that it was empirically true that people acted so as to obtain pleasure. This can easily be corrected with a more accurate and sophisticated psychology.

This bring us to the second variant: preference utilitarianism. This replaces the pictures of human beings as short-term pleasure hogs, with the picture of human beings as longer-them preference-satisficers. Actually, "replace" is not a good word because hedonic utilitarianism is really subsumed within preference utilitarianism: short term pleasures are a subset of preferences.

A problem for both of these versions of utilitarianism is that they are egalitarian in their treatment of pleasures or preferences. In other word, the goal is simply one of maximisation, the quality of what it being maximised is irrelvant. The sadist and the saint all count for the same or, in Bentham's famous words, "pushpin [a child's game] is as good as poetry".

This seemed unpalatable to some ( John Stuart Mill and G. E. Moore ), so much so that they tried to introduce some qualitative distinctions between pleasures or preferences. A certain weighting could then be given to the superior of higher pleasures or preferences.

Goodin thinks there is a more convincing answer to this worry : welfare utilitarianism. This variant does not focus on subjective pleasures or preferences. Instead, it focuses on objective welfare interests. For example, life expectancy. access to education, employment, health, access to housing and so on. 

REFERENCES

http://www.transtutors.com/homework-help/management/business-law-and-ethics/ethical-principles/utilitarianism/
http://philosophyfaculty.ucsd.edu/faculty/dbrink/courses/167-05/handout-1%20consequentialism%20and%20utilitarianism.pdf

HEDONISM

HEDONISM

Hedonism is a system of philosophy which advocates the pursuit of pleasure and the avoidance of pain as primary objectives (Ideas of the Great Philosophers by William S. Sahakian & Mabel L. Sahakian )

The basic idea behind hedonistic thought is pleasure is the only thing that is for a person. Hedonism originated from several schools of Hedonism thought, some emphize momentary sensual pleasures while others equal attention to spiritual as well. The Egoistic, strive for the utmost self-gratification, irrespective of any painful consequences to others but the Ideal Utilitarians, who approve only of those pleasure to which each individual is rightfully entitled and advocate as a goal the greatest possible benefits for all mankind.

As currently understood and presented, HEDONISM suffers certain weaknesses. A real concern for those vying against hedonistic principles is about the abandonment of altruism as a pure and selfless process. If the only reason to  reject the philosophy of hedonism is because the current form of this philosophy makes genuinely selfless behavior impossible


Hedonism teaches us to avoid unhealthy living
HEDONISM’S NATURAL OBJECTIVE: As was shown in an earlier script, the objective of hedonic behavior is to gain and maintain homeostasis, the physiological balance required for healthy physical and mental existence. Stress results from off-balanced conditions. Stress represents a real problem that has permeated modern living, so that a majority of us suffer from it with little relief. We do not enjoy homeostasis in our lives, more because of inhumane systems of irrational belief than for any other reason. Such beliefs are those which induce behavior that counters our own best interests, and go far beyond the religious persuasions that generally get accused at this point in any discussion. Homeostasis represents an advanced understanding of such ancient terms as ‘ataraxia’ and ‘eudaemonia’, and infers much about such ancient concepts as ‘spirituality’, ‘bliss’, ‘ecstasy’ and ‘joy’, which are but temporary manifestations of it.

THE MORAL RESULT: Morality begins when humanity learns to turn that sense of justice into an established set of rules according to which we should act as a social animal. Ethics begins when humanity seeks to refine its rules into a precise system of formal laws with which to accord in our business relationships, the goals being fairness of trade and a balanced society that serves our needs and rewards our accomplishments while it serves as an umbrella under which we operate the processes of our shared existence. Morality, then–our sense of good and bad–arrives as a product of nature’s built-in mentoring devices, and not as a result of threatening impositions.

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BUSINESS ETHICS (ASSIGNMENT 1)

FARAH NASHIHA BINTI AZIZAN
62289212154

GROUP ME 40

BBA (HONS) In ISLAMIC FINANCE

DEFINATION OF "BUSINESS ETHICS" 

Business is an economic activity, a transaction where an offer is made by a seller and the offer is accepted by a buyer for a consideration with the hidden agenda of a gain or profit.

Ethics is concerned with "doing the right thing" in terms of morals, fairness, respect, caring, sharing, no false promises, no lying, cheating, stealing, or unreasonable demands on employees and others.

Business Ethics can be defined as the critical, structured examination of how people and institutions should behave in the world of commerce. In particular, it involves examining appropriate constrains on the pursuit of self - interest or for firms, profits,when the actions of individuals or firms affects other.


REASONS "BUSINESS ETHICS" is considered "oxymoron"

By oxymoron, we mean the bringing together of two apparently contradictory concepts such as cheerful pessimist or deafening silence.

The question determine if Business Ethic can be an oxymoron is very relevant because these two areas seem to be very incompatible. Indeed if we have a look to their respective definitions they do not work together first. Succeeding in business is largely about advancing our own private interests, aggressively competing against other people, beating them out for the same prize, and having unlimited ambition for money, position, and power. The moral life by contrast, focuses on our duties to hurt anyone (deliberately or accidentally ), to place other people's interest ahead of our own when it's called for, and always to treat others with the dignity and respect they deserve. An oxymoron is the juxtaposition of two apparently contradictory words or concepts. The very contradiction that is inherent in Business Ethics is an indication of the challenge that individuals who work for organisations face when they have to take decisions that involves conflicts of interest. Aim of business and ethics are contradictory and incompatible (apparently). Business ethics put values in conflict according to Trevino and Nelson on 2007. The global concept of business is fundamentally based on the principle of competation for limited resources. That means the practice of maximizing one's gains at the expense of others. The outcome is the creation of a hierarchy of those who have and those who have not. Therefore the aim is "to eliminate" the others in orders in order to obtain more. As said Mielton Friedman "The social responsibility of business is to increase its profits"


DEFINITION OF "CORPORATE GOVERNANCE"

 The system of rules, practices and process by which a company is directed and controlled. Corporate governance essentially involves balancing the interests of the many stakeholders in a company, its these include its shareholders, management, customers, suppliers, financiers, government and the community. Since corporate governance also provides the framework for attaining a company's objectives, it encompasses practically every sphere of management, from action plans and internal controls to performance measurement and corporate disclosure.