In: Accounting
Discuss the theories of ethical behavior?
The field of ethics means systematizing, defending, and recommending concepts of right and wrong behavior
Four broad categories of ethical theory are as follows
a) Deontology
b) Utilitarianism
c) Rights
d) Virtues
Deontology
It is the normative ethical position that judges the morality of an action based on rules.It is also explained as 'duty' or 'obligation' based ethics.It focuses on wrightness and wrongness of actions.This theory states that people should adhere to their obligations and duties when engaged in activities where ethics are in play.Deontologism suggests that an act must be performed because the act in some way is characterized by universality.It emphasis on the relationship between duty and morality of human actions.
Utilitarianism
Utilitarianism is a ethical theory that places the locus of right and wrong solely on the outcomes (consequences) of choosing one action/policy over other actions.It states that the best action is the one that maximizes utility.Utilitarianism believe that the purpose of morality is to make life good by increasing the amount of good things in the world and reducing the amount of bad things.Utilitarianism relies upon some theory of intrinsic value: something is held to be good in itself, apart from further consequences, and all other values are believed to derive their worth from their relation to this intrinsic good as a means to an end.
Rights
Rights theory assumes that individuals have certain entitlements that should be respected such as freedom of speech, the right of privacy, and due process.It was developed by John Locke.Rights theories maintain that there are things we cannot do against individuals, because they are holders of moral rights.
Virtue
It is an approach to Ethics that emphasizes an individual's character as the key element of ethical thinking, rather than rules.It emphasises the role of character and virtue in moral philosophy.It is developed by Aristotle.It is the quest to understand and live a life of moral character.This theory assumes that we acquire virtue through practice.It guides for living life without giving us specific rules for resolving ethical dilemmas.