We are here with you hands in hands to facilitate your learning & don't appreciate the idea of copying or replicating solutions. Read More>>


Looking For Something at vustudents.ning.com? Click Here to Search

www.bit.ly/vucodes

+ Link For Assignments, GDBs & Online Quizzes Solution

www.bit.ly/papersvu

+ Link For Past Papers, Solved MCQs, Short Notes & More

MGT610 Business Ethics, GDB # 2, Opening date Feb 02, 2015, Closing date Friday, February 06, 2015

GDB No 2:

 

Critics of Adam Smith on Utilitarianism

 

Case:

 

Adam Smith was a Scottish moral philosopher and he worked on political economy. His famous book “The Wealth of Nations” considered as the pioneer in providing the fundamental grounds for ethical and moral perspective of economies and established the criterion of redefining the meaning of Utility.

 

Utilitarianism is a theory in normative ethics holding that the proper course of action is the one that maximizes utility, usually defined as maximizing total benefit and reducing suffering or the negatives. This theory is an economic analysis that is human-centered (or anthropocentric) and has a moral foundation (Goodstein, 2011).

 

 

Question:

 

You have learned this concept in detail. Adam Smith has some assumptions and his arguments are based on these postulates.  You are required to identify those areas which are highlighted by Adam Smith in the course of morality and ethics for a society as a whole.

 

(10 Marks)

 

Reference:

Goodstein, Eban (2011). "Chapter 2: Ethics and Economics". Economics and the Environment. Wiley. p. 26. ISBN 978-0-470-56109-6.

+ How to Follow the New Added Discussions at Your Mail Address?

+ How to Join Subject Study Groups & Get Helping Material?

+ How to become Top Reputation, Angels, Intellectual, Featured Members & Moderators?

+ VU Students Reserves The Right to Delete Your Profile, If?


See Your Saved Posts Timeline

Views: 3301

.

+ http://bit.ly/vucodes (Link for Assignments, GDBs & Online Quizzes Solution)

+ http://bit.ly/papersvu (Link for Past Papers, Solved MCQs, Short Notes & More)

+ Click Here to Search (Looking For something at vustudents.ning.com?)

+ Click Here To Join (Our facebook study Group)

Replies to This Discussion

There is no need for this book friends.....

Do not confuse yourself with the reference...

Is me bas criticism e btany hen kiya??????????? koi to idea do

kuch smj nae aa rahi

we don't need to look for that book by Goodstein......

That is only a reference book from where the following para is taken.

Utilitarianism is a theory in normative ethics holding that the proper course of action is the one that maximizes utility, usually defined as maximizing total benefit and reducing suffering or the negatives. This theory is an economic analysis that is human-centred (or anthropocentric) and has a moral foundation (Goodstein, 2011).

kia likhna hai kuch smj nae araha

stay calm zoya..... here is some idea.....

Adam Smith's arguments rest on utilitarian

arguments that unregulated markets and private property will produce greater benefits than any

other system. According to Smith, when private individuals are left free to seek their own

interests in free markets, they will inevitably be led to further the public welfare by an

"invisible hand:"

By directing [his] industry in such a manner as its produce may be of the greatest

value, [the individual] intends only his own gain, and he is in this, as in many other

cases, led by an invisible hand to promote an end that was no part of his intention.

By pursuing his own interest he frequently promotes that of society more effectively

than when he really intends to promote it. Free markets, according to Smith, ensure

that buyers will purchase what they need at the lowest prices they can find, and

business will correspondingly attempt to satisfy these needs at the lowest prices they

can offer. Competition forces sellers to drop their prices as low as they can and to

conserve resources while producing what consumers actually want.

okay thnkss

read out page 46 of handout

RSS

Latest Activity

2.O posted a discussion
1 hour ago
+ ! ! ! ! ! ! ! ! ! AG liked Biya's discussion Waqat Dolat Rishty. . .
3 hours ago
+ ! ! ! ! ! ! ! ! ! AG liked Whispering Soul's discussion Mamu :D
3 hours ago
Rana Shoaib updated their profile
3 hours ago
+ ! ! ! ! ! !blaire liked + Iuuoɔǝut+'s profile
4 hours ago
Biya liked + Iuuoɔǝut+'s blog post A Brief History of HTML
4 hours ago
+ ! ! ! ! ! ! ! ! ! AG replied to Biya's discussion Waqat Or Samajh
4 hours ago
+ ! ! ! ! ! ! ! ! ! AG liked Biya's discussion Waqat Or Samajh
4 hours ago
+ ! ! ! ! ! ! ! ! ! AG replied to Biya's discussion Khoob Sorat Bat. . . . .
4 hours ago
+ ! ! ! ! ! ! ! ! ! AG liked Biya's discussion Khoob Sorat Bat. . . . .
4 hours ago
+ !! SARAH liked + Iuuoɔǝut+'s blog post A Brief History of HTML
4 hours ago
Raheela joined + M.Tariq Malik's group
4 hours ago
Raheela joined + M.Tariq Malik's group
4 hours ago
+ !! SARAH liked +++Mahoo+++'s discussion Famous Logos With a Hidden Meaning(special for adeena)
4 hours ago
Raheela joined + M.Tariq Malik's group
4 hours ago
Raheela joined + M.Tariq Malik's group
4 hours ago
Raheela joined + M.Tariq Malik's group
4 hours ago
Profile IconRaheela and Iqra Malik joined + M.Tariq Malik's group
4 hours ago
+ Iuuoɔǝut+ replied to + Iuuoɔǝut+'s discussion Mujhe shakh shakh sy torna ................
4 hours ago
Hareem Malik replied to + Iuuoɔǝut+'s discussion Mujhe shakh shakh sy torna ................
4 hours ago

Today Top Members 

© 2019   Created by + M.Tariq Malik.   Powered by

Promote Us  |  Report an Issue  |  Privacy Policy  |  Terms of Service