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Lecture

Ethics: Concepts and Case Studies

In course

FIN-419: Ethical behavior in the financial industry

We will focus on ethical dilemmas facing professionals in the financial industry. Cases based on real events will illustrate various kinds of transgressions. We will study what regulators and firms have put in place to mitigate these issues and propose som ...

Description

This lecture introduces the fundamental concepts of ethics and morality, exploring the distinctions between them and their application in various contexts. It delves into ethical dilemmas, such as saving one person over another and reporting financial misconduct. The instructor discusses real-world case studies, including the Theranos scandal and financial industry transgressions, to illustrate the complexities of ethical decision-making. Through these examples, students gain insights into the importance of ethical behavior in addition to legal regulations. The lecture also covers philosophical perspectives on ethics, questioning how individuals should live and the role of morality in society.

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Related concepts (29)

Ethics

Ethics or moral philosophy is a branch of philosophy that "involves systematizing, defending, and recommending concepts of right and wrong behavior". The field of ethics, along with aesthetics, concerns matters of value; these fields comprise the branch of philosophy called axiology. Ethics seeks to resolve questions of human morality by defining concepts such as good and evil, right and wrong, virtue and vice, justice and crime. As a field of intellectual inquiry, moral philosophy is related to the fields of moral psychology, descriptive ethics, and value theory.

Business ethics

Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. These ethics originate from individuals, organizational statements or the legal system. These norms, values, ethical, and unethical practices are the principles that guide a business.

Virtue ethics

Virtue ethics (also aretaic ethics, from Greek ἀρετή [aretḗ]) is an approach to ethics that treats virtue as central. Virtue ethics is usually contrasted with two other major approaches in ethics, consequentialism and deontology, which make the goodness of outcomes of an action (consequentialism) and the concept of moral duty (deontology) central. While virtue ethics does not necessarily deny the importance to ethics of goodness of states of affairs or of moral duties, it emphasizes virtue, and sometimes other concepts, like eudaimonia, to an extent that other ethics theories do not.

Morality

Morality () is the differentiation of intentions, decisions and actions between those that are distinguished as proper (right) and those that are improper (wrong). Morality can be a body of standards or principles derived from a code of conduct from a particular philosophy, religion or culture, or it can derive from a standard that a person believes should be universal. Morality may also be specifically synonymous with "goodness" or "rightness".

Ethical dilemma

In philosophy, ethical dilemmas, also called ethical paradoxes or moral dilemmas, are situations in which an agent stands under two (or more) conflicting moral requirements, none of which overrides the other. A closely related definition characterizes ethical dilemmas as situations in which every available choice is wrong. The term is also used in a wider sense in everyday language to refer to ethical conflicts that may be resolvable, to psychologically difficult choices or to other types of difficult ethical problems.

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