Dr. J's Biz-Ethics in an Expresso cup

Ecological Economics

A relatively recent discipline that calculates the value of an ecosystem in terms of what it would cost to provide the benefits and services it now furnishes us. For instance, determining the economic value of natural wetlands in providing flood control

Strict product liability

AKA liability without fault. Seller/manufacturer can be liable if product's defective condition makes it unreasonably dangerous, even without showing that it was negligent

Weasel Words

Ambiguous, evasive words that shy away from making a direct claim. "Helps to promote weight loss."

Harm principle

Another liberty-limiting principle. It is the doctrine that the law may justifiably restrict the freedom of the individual in the interest of preventing harm to others

Trade secrets

Any formula, pattern, device, or compilation of information which is used in one's business and which give one an opportunity to obtain an advantage over competitors who do not know or use it. Example: formula for Coca-Cola

Employment at will

Arrangement in which either the employer or the employee may terminate an employment relationship at any time without advance notice or reason

Negligence

Basic elements plaintiff must establish: duty (to exercise due care, act like a reasonable prudent person), breach of duty, causation, damages. Contributory negligence is where a plaintiff's own negligence is a complete bar to any recovery. Comparative negligence is where % of plaintiff's own negligence reduces any of their recovery pro rata

Civic activities off-the-job

Companies that put pressure on their employees to participate in civic activities off the job may infringe on employees' right of privacy. Also, a company pressuring employees to do so may collide with accelerating job demands, making employees spend time away from their families - contributing to burnout and resentment

Legal paternalism

Doctrine that the law may justifiably restrict the freedom of the individual for his or her own good. A liberty-limiting principle. Especially important for protection of minors. Libertarian generally opposed to paternalism for non-minors.

Modified-gullible-consumer standard

FTC's regulatory standard that protects consumers from advertisements that would mislead a significant percentage of people, regardless of whether those people acted reasonable or not

Dependent Effect

Galbraith's idea that advertisers shape the wants and perceived needs of consumers

Free rider problem

Getting a benefit from other companies making efforts to reduce pollution while not taking the same measures to reduce pollution themselves

Ecosystem

Includes the total ecological community of both living and nonliving things

Caveat emptor

Literally means "buyer beware." Consumers bear complete responsibility for accepting the consequences of their product choices. Consumers are held to the ideal of being knowledgeable, shrewd, and skeptical about the products they purchase.

Abuse of official position

May involve using subordinates for non-organization-related work, using corporate funds for vacation travel, and billing a company for unnecessary travel

Right-to-livable environment

Moral theorist William T. Blackstone claims that the right to a livable environment is a fundamental human right, not just a desirable state of affairs

Naturalistic or Eco-centric ethics

Nature has value in and of itself, apart from whatever interest human beings take toward it

Children's advertising

Problem: very young kids don't know the difference between fantasy and reality, so they lack experience and capacity for judgement; ads basically use the kids - manipulate them - to nag parents to buy the products/ services

Privacy

Protects the wish to control intimate or personal information about ourselves and not permit it to be freely available to everyone. Privacy rights must be respected if we are to function as complete, self-governing agents

Moral status of non-human animals

Since non-human animals can experience pain and pleasure, they - like us - have an interest in receiving minimal pain. This shared interest in pain-avoidance between human and non-human animals is behind Peter Singer's argument that we should have equal human considerations of interests across species, avoiding "speciesism" - the view that impacts of human actions on other animals are morally insignificant

Puffery

Super exaggerated or fanciful claims about a product that nobody would believe. "Breakfast of champions," "world's best coffee"

MacPherson vs. Buick Case

The 1916 ruling abandoned the old privity-of-contract doctrine (requiring a direct contractual relationship). Upshot is that one was no longer limited to suing just the retailer for defective products, but could now sue the manufacturer (deep pocket) for product liability claims based on defective products

Living Wage

The amount of income a full-time employee needs to earn to afford the necessities of life, support a family, and live above the poverty line

Insider Trading

The buying or selling of stocks (or other financial securities) on the basis of material non-public information and is likely to affect the price of the stock Rationales for banning: unfairness, breach of fiduciary duty of executives, hurts public confidence in stock market ("rigged game"). Counter argument: promotes efficiency of market by accelerating flow of info to investors/ shareholders (Manne)

Spillover/ externality

The disparity (difference) between private industrial costs and public (external) social costs

Tragedy of the commons

The reverse of Adam Smith's "invisible hand." TOC happens when each person's pursuit of their own self interest ends up making everybody worse off. Example: overfishing

Hawthorne effect

The workplace phenomenon that managers just giving some attention to and recognition of workers can enhance their productivity and motivation

Conflict of Interest

These tend to occur when employees' private interests are substantial enough to potentially interfere with their job duties

Whistle-blowing

When an employee informs the public about illegal immoral conduct occurring in his or her organization. (Sherron Watkins at Enron). Standard view i that must have an appropriate moral motive (not seeking revenge), must first exhaust internal channels before going public, must have compelling evidence of wrongdoing, should first analyze the dangers, and have a reasonable likelihood of success

Job Satisfaction

When employees at all occupational levels were asked to rank what is important to them, the order that the rank themed in the so-called Herzberg survey was: Interesting work; sufficient help, support, and information to accomplish the job; enough authority to carry out the work; good pay; opportunity to develop special skills; job security; chance to see the results of their work

Anthropocentric ethic

Wilderness areas, animal species, and the natural world in general are all valuable only because people care about them. Wm. Baxter: "Penguins are important because people enjoy seeing them walk around rocks."

Subliminal advertising

ads that communicate messages below the level of conscious awareness. Hidden visual messages, or sub-auditory messages picked up by your subconscious

Future generations

the philosopher Annette Baier claims it is important to acknowledge our obligations to consider the good of the continuing human community