The authors propose a model for business ethics which arises directly from business practice. This model is based on a behavioral definition of the economic theory of profit maximization and situates business ethics within opportunity costs. Within that context, they argue that good business and good ethics are synonymous, that ethics is at the heart and center of business, that profits and ethics are intrinsically related.

The course in business ethics is required by an increasing number of business programs. Accordingly, it seems appropriate to evaluate the text materials used from the perspective of the business student.Relative to early criticisms, recent texts represent considerable improvements in their use of case materials and in the manner by which they involve the student in decision-making situations. However, there are two distortions present in all of the texts examined. First, they concentrate too heavily on cases of a policy, or (...) general management, nature. The result is an inadequate coverage of the functional areas of the firm in which graduates begin their employment. Second, they concentrate too heavily on manufacturing firms, and thus do not introduce students to the ethical problems found where they are most likely to work, in service firms. (shrink)

The primary purpose of this book is to present some of the key economic concepts that have guided economic thinking in the last century and to identify which of these concepts will continue to direct economic thought in the coming decades. This book is written in an accessible manner and is intended for a wide audience with little or no formal training in economics. It should also interest economists who want to reflect on the direction of the discipline and to (...) learn concepts and achievements in other subfields. The author imparts his enthusiasm for the economic way of reasoning and its wide applicability. Through the abundant use of illustrations and examples, the author makes concepts understandable and relevant. Topics covered include game theory, the new institutional economics, market failures, asymmetric information, endogenous growth theory, general equilibrium, rational expectations, and others. (shrink)

It is a common complaint against moral philosophers that their abstract theorising bears little relation to the practical problems of everyday life. Professor Braithwaite believes that this criticism need not be inevitable. With the help of the Theory of Games he shows how arbitration is possible between two neighbours, a jazz trumpeter and a classical pianist, whose performances are a source of mutual discord. The solution of the problem in the lecture is geometrical, and is based on the formal analogy (...) between the logic of the situation and the geometry of a parabola. But an appendix provides the alternative algebraic treatment of a general two-person collaboration situation. (shrink)

A group of economists has recently begun addressing questions at the intersection of ethics and economics. They are preparing new definitions of individual choice that combine self-interest and other-interest, new processes of interpersonal exchange that result in cooperation rather than conflict, and new measures of social well-being that include rights as well as outcomes. This article surveys that work, and suggests areas where conceptual inputs from business ethicists are clearly needed, and where multiple opportunities for interactive research are obviously present.

This article clarifies the relationship between profits and principles by distinguishing four alternative perspectives: the win-win perspective in which ethical behaviour generates the highest profits; a licence-to-operate perspective in which a minimum ethical performance is required to receive legitimation from the society; an acceptable profits perspective, in which an acceptable profitability is required to assure the financial continuity; and an integrated perspective. These four perspectives are illustrated by statements from Shell reports and from interviews with managers of a large European (...) retail company. (shrink)

It is a common complaint against moral philosophers that their abstract theorising bears little relation to the practical problems of everyday life. Professor Braithwaite believes that this criticism need not be inevitable. With the help of the Theory of Games he shows how arbitration is possible between two neighbours, a jazz trumpeter and a classical pianist, whose performances are a source of mutual discord. The solution of the problem in the lecture is geometrical, and is based on the formal analogy (...) between the logic of the situation and the geometry of a parabola. But an appendix provides the alternative algebraic treatment of a general two-person collaboration situation. (shrink)

The paper challenges a minimalist strategy in business ethics that maintains if it's legal, it's moral. In hard cases, judges decide legal issues by appealing to moral ideals. Investigation shows that the bedrock concept is fairness. Often judges define fairness in terms of non-coerciveness or equality of bargaining power. The prudent manager must look beyond the legal department to the ethical notion of fairness. Moreover, if the courts were to consistently appeal to non-coerciveness and equality of bargaining power, some practices (...) now considered morally acceptable would be neither moral nor legal. (shrink)

This book presents an entirely new answer to the question: “What is fair?” In their radical approach to ethics, Frohlich and Oppenheimer argue that much of the empirical methodology of the natural sciences should be applied to the ethical questions of fairness and justice.

This book presents an entirely new answer to the question: “What is fair?” In their radical approach to ethics, Frohlich and Oppenheimer argue that much of the empirical methodology of the natural sciences should be applied to the ethical questions of fairness and justice.