Question

Understand and explain the key elements of Utilitarianism

Meaning and overall approach

Main criticisms

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Understand and explain the key elements of Nozick’s theory

Entitlement theory and how it works

Original acquisition

Acquisition by transfer

Criticisms

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Understand and explain the key elements of Rawls’ theory of Justice

Original position negotiating behind a ‘veil of ignorance’ leading to conservative decision making

Two principles of his approach

Liberty

The ‘difference principle’ (maximin)

Criticisms

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Apply these theories in a business setting

Answer 1

1. UTILITARIANISM
2. is an ethical theory that determines right from wrong by focusing on outcomes. According to Utilitarianism theory, the best action is the one that maximizes utility. Utilitarianism holds that the most ethical choice is the one that will produce the greatest good for the greatest number. It is a form of consequentialism.

The two key elements of Utilitarianism are Happiness and consequentialism.Utilitarian Happiness is the biggest happiness which every human being looks for.In utilitarianism philosophy everything useful to happiness is good.

In Utilitarianism Philosophy, consequentialism is in the fact that an action must be judged for the consequences on the happiness of largest number.

Major Criticism:

1. The Major disadvantage of Utilitarianism concept is that it fails to compare, quantify, measure happiness or well being.

2. According to critiques Utility concept ignores justice.

3. Some argue that it is impossible to do the calculation that utilitarianism requires because consequences are inherently unknowable.

2. NOZIC’S THEORY

Entitlement theory propounded by Nozic is a theory of distributive justice and private property. This theory is an attempt to describe “Justice in holdings”

Nozic’s entitlement theory is based on three fundamental principles. These are:

1. Principles of justice in acquisition deals with initial acquisition of holdings
2. Principle of justice by transfer explains how a person can acquire property from another person
3. Principle of rectification of injustice describes how to deal with holdings that are unjustly acquired or transferred