Business Ethics
Please address the following in a 3-page essay
• Discuss Warren Buffett’s approach to business dealings, especially as they relate to business ethics.
• Apply ethical philosophies (deontological, consequentialist, virtue theory, utilitarianism) and state which you think apply to Mr. Buffett.
• Bring in two of Mr. Buffett’s quotes that pertain to business ethics and discuss their meaning.
• Compare and contrast Elon Musk’s behaviors to what you have learned about Warren Buffett.
This assignment should include third-person voice. Write a well-integrated paper with a strong introduction and conclusion, and use a few section headings (e.g., do not simply follow a Q & A format).
The following is for your reference,
Thank you
http://cnx.org/content/col25722/1.3
https://www.youtube.com/watch?time_continue=168&v=O665cNwMVGw.
https://www.youtube.com/watch?v=S6irBmOnQEc.
Business Ethics
Ethics and morality in decisions, business dealings, and general interactions are evaluated based on different ethical systems. The ethical systems adopted in deciding ethics include utilitarianism, virtue theory, consequentialism, and deontology. The differences in various ethical systems are determined on the process used in arriving at ethics or morality (Hammond, 2005). In this case, deontological ethical system considers actual actions that are used to arrive at an end, consequentialist view argues that ethics is determined by the morality of the results, the virtual theory evaluates the morality through ethics and virtual philosophy in an issue while utilitarianism argues that a moral and ethical is one that results to the greatest good to the highest number of people. Equally important, the actions of Billionaire Warren Buffet can be are considered to be ethically and morally right and can be explained from different ethical systems.
Warren Buffet approach to business dealings on business ethics
Buffet approach to business dealings has changed over time as he advances with age. The life expediencies have changed the ethical approach used by Warren in the course of conducting his businesses. To begin with, initially, a tender age Buffet was motivated by profit and making more investments across the globe. Buffet invested in stocks in the US and in other parts of the world in the interest of making a profit and growing his wealth. However, as time proceeded Warren changed his ethical perspective in his business dealings. In this regard, Buffet adopted a humanitarian approach in the course of doing his businesses. This approach has ensured that Buffet makes a financial contribution to his different humanitarian programs across the United States and the world. Buffet argues that he realized that money had no utility and could be useful if it is used to help the less fortunate in society.
Apply ethical philosophies (deontological, consequentialist, virtue theory, utilitarianism) and state which you think apply to Mr. Buffett.
The humanitarian actions of Warren Buffet can be explained through different ethical systems. The explanations are based on the approach steps taken to attend to the humanitarian needs or the results of the humanitarian actions (Place, 2010). Therefore, the humanitarian programs by Warren Buffet can be effectively and efficiently explained deontological and utilitarianism. In this case, the deontological ethical perspective validates moral aspects and activities if the process used is characterized ethics. Warren uses his profits and funds from his businesses and investments to empower humanitarian programs such as Fred and Pamela Buffet Cancer Centre. The intentions used are moral in funding humanitarian programs and the consequences are right thus qualifying the act as ethical. On the other hand, utilitarianism ethical system can be used in explaining the actions and works of Warren. Utilitarianism qualifies an act to be ethical if is consequences serve the common good of the highest number of people (Mill, 2016). Warren contributed funds to different humanitarian programs such as the Gates Foundation to have a lasting effect and benefit to the highest number of people. It is vital to note, that Gates foundation has different projects across the world aimed at lifting and enriching the lives of people in different parts of the world. Therefore, the fact that the humanitarian actions of Warren have positive effects qualifies to be ethically based on utilitarianism perspective.
Bring in two of Mr. Buffett’s quotes that pertain to business ethics and discuss their meaning.
Mr. Buffet quotes explain and describe his ethics in business.
Quote 1:
“…money has no utility to me that’s why am giving it away to other people.” This quote shows that Buffet is selfless and is willing to share the excess he has with other people despite working so hard for it. Additionally, the statement shows that Buffet at his age and position has few uses for the money and thus prefers giving it to those with needs.
Quote 2:
“…the goal is to ensure that our 325 million people do reasonably well…” Buffet made the statement about the well being of all the American people in the course of doing business. He argued that in the course of doing business despite having the goal of making a profit the nation and business people need to ensure the living standards of the general American population is improved. This showed that business should be ethical and improve the social lives of people as they make a profit.
Compare and contrast Elon Musk’s behaviors to what you have learned about Warren Buffett.
Elon and Buffet have been active in humanitarian and philanthropic works. However, the differences arise in their contributions since Buffet conducts large scale donations while Elon donations are within specific quotas of the research. Additionally, Buffet is inclined to providing humanity with basic utility while Elon funds programs that are inclined to education and research. These approaches show that Buffet behavior of approaching humanitarian issues is indiscriminately done not as selective as Elon. Finally, Elon makes donations in sectors that he has business interests in while Buffet donates all sectors without consideration of his business interests.
References
Hammond, D. (2005). Philosophical and ethical foundations of systems thinking. tripleC: Communication, Capitalism & Critique. Open Access Journal for a Global Sustainable Information Society, 3(2), 20-27.
Mill, J. S. (2016). Utilitarianism. In Seven masterpieces of philosophy (pp. 337-383). Routledge.
Place, K. R. (2010). A qualitative examination of public relations practitioner ethical decision making and the deontological theory of ethical issues management. Journal of Mass Media Ethics, 25(3), 226-245.
