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Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper. [citation needed]
In business ethics, Ethical decision-making is the study of the process of making decisions that engender trust, and thus indicate responsibility, fairness and caring to an individual. To be ethical, one has to demonstrate respect, and responsibility. [ 1 ]
An estimate that turns out to be incorrect will be an overestimate if the estimate exceeds the actual result [3] and an underestimate if the estimate falls short of the actual result. [ 4 ] The confidence in an estimate is quantified as a confidence interval , the likelihood that the estimate is in a certain range.
Applied ethics – using philosophical methods, attempts to identify the morally correct course of action in various fields of human life.. Economics and business Business ethics – concerns questions such as the limits on managers in the pursuit of profit, or the duty of 'whistleblowers' to the general public as opposed to their employers.
Stakeholder theory is a theory of organizational management and business ethics that addresses morals and values in managing an organization. It was originally detailed by Freeman in the book Strategic Management: a Stakeholder Approach, and identifies and models the groups which are stakeholders of a corporation, and both describes and recommends methods by which management can give due ...
Economic ethics is the combination of economics and ethics, incorporating both disciplines to predict, analyze, and model economic phenomena. It can be summarised as the theoretical ethical prerequisites and foundations of economic systems.
A formal philosophy of ethical calculus is a development in the study of ethics, combining elements of natural selection, self-organizing systems, emergence, and algorithm theory. According to ethical calculus, the most ethical course of action in a situation is an absolute, but rather than being based on a static ethical code, the ethical code ...
Robert C. Solomon (September 14, 1942 – January 2, 2007) was a philosopher and business ethicist, notable author, and "Distinguished Teaching Professor of Business and Philosophy" at the University of Texas at Austin, where he held a named chair and taught for more than 30 years, authoring The Passions: Emotions and the Meaning of Life (1976) and more than 45 other books and editions.