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Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper.
The philosophy of business considers the fundamental principles that underlie the formation and operation of a business enterprise; the nature and purpose of a business, and the moral obligations that pertain to it.
In philosophy and science, a first principle is a basic proposition or assumption that cannot be deduced from any other proposition or assumption. First principles in philosophy are from first cause [ 1 ] attitudes and taught by Aristotelians , and nuanced versions of first principles are referred to as postulates by Kantians .
One example is a principal–agent approach (also called agency theory), where one party, called an agent, acts on behalf of another party, called the principal. However, a principal–agent problem can occur when there is a conflict of interest between the agent and principal. If the agent has more information about his or her actions or ...
Principlism is an applied ethics approach to the examination of moral dilemmas centering the application of certain ethical principles. This approach to ethical decision-making has been prevalently adopted in various professional fields, largely because it sidesteps complex debates in moral philosophy at the theoretical level.
For example, most corporations conduct research on specific products or services that promise to yield profit for share-holders. Similarly, most of the research funded by governments is mission-oriented, such as protecting the environment, developing new drugs, or designing more lethal weapons.
The function of developing and implementing business ethics in an organization is difficult. Due to each organization's culture and atmosphere being different, there is no clear or specific way to implement a code of ethics in an existing business. Business ethics implementation can be categorized into two groups; formal and informal measures.
Archimedes principle, relating buoyancy to the weight of displaced water, is an early example of a law in science. Another early one developed by Malthus is the population principle, now called the Malthusian principle. [8] Freud also wrote on principles, especially the reality principle necessary to keep the id and pleasure principle in check.