Newspaper headlines frequently highlight instances where business professionals,
ID: 364846 • Letter: N
Question
Newspaper headlines frequently highlight instances where business professionals, politicians, and others are accused of engaging in unethical behavior. In response, there have been numerous attempts to reduce their occurrence. For example, some have argued for universities to include more courses in ethics.
a. Describe what constitutes "ethics" and highlight the challenges of developing a set of rules and guidance to increase ethical behavior in society.
b. Why is ethics important to the conduct of business in a market-based economy?
c. Why do individuals act unethically?
d. What are common rationalizations individuals use to justify their unethical behavior?
e. Discuss whether ethics should be taught, for example, in university courses.
Explanation / Answer
A) There is no hard and fast rule that describes what constitutes ethics. Ethics could be defined as the moral principles which helps us in differentiating right from wrong. These are the standards which one shall follow in their lives. The major challenge of developing set of rules and guidelines to increase ethical behaviour is that it is not easy to provide an exhaustive definition of ethical behaviour which is valid in all circumstances. There are different theories that define what is ethical behaviour and an ethical behaviour in one instance might not be ethical in other instance. Hence developing a guideline would be difficult.
B) Ethics is important for the conduct of business in market based economy since it helps in complying with the laws and regulations and fostering relationships with the stakeholders including the employees. An ethical company develops reputation in the market and this in turn helps it to attain higher profits. Customers are nowadays more inclined towards companies which conduct their business ethically.
C)Individuals sometimes act unethically and that could be due to several reasons. The person might be greedy and can go to any extent to satisfy his greed. He might idolise a person who is himself unethical and follows his footsteps. Resentment or jealousy or the feeling of outdoing peers by any means possible can be yet another reason. Similarly in the workplace employees might act unethically if the employer is unethical or he has some greed or some resentment or carrer advancement issues etc.
D)The common rationalizations people often use to justify their unethical behaviour by thinking everyone else is also doing it. Also one might think that nobody is hurt by the unethical behaviour. They think that it was important and the need of the hour. Some also try justifying stating that we are humans and we can make mistakes. Also ethics is a luxury that not everybody can afford.
E)Yes ethics should be taught as part of university courses. With the growing menace of unethical behaviour surrounding us it is absolutely necessary to make people understand from young age itself about the importance of ethical behaviour and how one should never adopt unethical means in their lives.