In: Economics
1. Explain Utilitarianism and provide an example of how Utilitarianism might be used to analyze a decision. 2. Summarize the Deontologic Theory of Ethics. Is this theory workable in our society? Why or why not? 3. Briefly explain Virtue Ethics. Explain how it might be used to guide decisions.
1. Explain Utilitarianism and provide an example of how Utilitarianism might be used to analyze a decision.
The concepts of Utilitarianism basically provide a framework in which they define that actions taken for the good of all in which all people or a larger section of the people affected by the decision making are benefitted are good for the society to take, whereas those in which the larger section is not should be disregarded and are bad.
For example if a society were to decide on opening a manufacturing plant in the area, if the common public's sentiment would be that this would increase their wages, would be a good decision for the society to undertake. But if the same public were to believe this would lead to pollution, it is a negative decision and should be avoided respectively.
2) Summarize the Deontologic Theory of Ethics. Is this theory workable in our society? Why or why not?
The deontologic theory of ethics, tends to prescribe how actions should be taken in view of set guided principles and are more concerned about what actions should be taken by the society than the actual results of such happening respectively.
Such theories however do not tend to be valid in our modern day societies. This theory clearly requires a set of rules to be set in which in today’s high paced society would construe for moral policing than any other thing. In free societies actions cannot be termed as good or bad based on rules which are privately set. These issues are best left in the direct hands of people to decide since their decisions vary based on various individual factors.
3) Briefly explain Virtue Ethics. Explain how it might be used to guide decisions.
Unlike actions or results on which utilitarianism is based, Virtue ethics guides people on making decisions based on good character. The theory has a Greek origin and establishes, that people should engage themselves in those decisions which would be taken by those who had a higher virtue or character respectively.
Though odd in today’s high paced life, it advocates for guiding decisions in such a manner, that people should do actions, which others having higher character would in a similar situation.
Thus, people following such ethics must follow others who are higher in character in comparison respectively.
Please feel free to ask your doubts in the comments section.