Key Terms
- categorical imperative
- Kant’s unconditional precept that we must “act only according to that maxim whereby you can, at the same time, will that it should become a universal law”; to act on the basis of good will rather than purely self-interested motives and never treat others as means toward an end without consideration of them as ends in themselves
- consequentialism
- an ethical theory in which actions are judged solely by their consequences without regard to character, motivation, or absolute principles of good and evil and separate from their capacity to produce happiness and pleasure
- eudaimonia
- the happiness or human flourishing that results from virtuous activity; it is more than contentment or satisfaction
- golden mean
- in Aristotelian virtue ethics, the aim of ethical behavior, a value between excess and deficiency
- harm principle
- the idea that the only purpose for which the power of the state can rightly be used is to prevent harm to others
- junzi
- a person who is gracious, magnanimous, and cultured; a flourishing human being
- justice as fairness
- Rawls’s summary of the essence of his theory of justice
- justice theory
- the idea of fairness applied beyond the individual to include the community as well as analysis of social injustice with remedies to correct it
- li
- the proper order of the universe and the customs and rituals that support order and harmony on Earth
- managerial ethics
- a way of relating to self, employees, and the organization that balances individual and collective responsibility
- original position
- in Rawls’s justice theory, a hypothetical situation in which rational people can arrive at a contractual agreement about how resources are to be distributed in accordance with the principles of justice as fairness
- phrónēsis
- prudence or practical wisdom; the intellectual virtue Aristotle considered most important
- quan
- expediency; a practical consideration of the relative rightness of options when considering a moral dilemma
- unanimity of acceptance
- in Rawls’s theory, the requirement that all agree to the contract before it goes into effect
- utility function
- a measure, in “utils,” of the value of a good, service, or proposed action relative to the utilitarian principle of the greater good, that is, increasing happiness or decreasing pain
- veil of ignorance
- in Rawls’s theory, a condition in which people arrive at the original position imagining they have no identity regarding age, sex, ethnicity, education, income, physical attractiveness, or other characteristics; in this way, they reduce their bias and self-interest
- virtue ethics
- an ethical system based on the exercise of certain virtues (loyalty, honor, courage) emphasizing the formation of character
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- Authors: Stephen M. Byars, Kurt Stanberry
- Publisher/website: OpenStax
- Book title: Business Ethics
- Publication date: Sep 24, 2018
- Location: Houston, Texas
- Book URL: https://openstax.org/books/business-ethics/pages/1-introduction
- Section URL: https://openstax.org/books/business-ethics/pages/1-introduction
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