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Ethical frameworks (Consequentialist (championed by economic thinking (BUT…
Ethical frameworks
Consequentialist
calculate the consequences of actions
greatest good for the greatest number
e.g. child labour can be good considering the economic alternatives?
pragmatic thinking: no situation is absolutely right or wrong
championed by economic thinking
maximize the overall good
financial practice of conducting a cost–benefit analysis and making decisions based on max net benefits over cost
BUT: how should we go about it? best means of achieving it
2 sides of a coin:
Admin: experts should determine what is good?
Or should workers themselves be best placed to determine between the trade-offs and find the greatest good?
Challenges
difficult to determine greatest good in case of complex decisions
"the ends do not justify the means" -> principle-based ethics
Principle-based
individual rights and duties are fundamental
Virtue ethics
character traits or habits that constitute a good human life