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Business EthicsAn Economically Informed Perspective$
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Christoph Lutge and Matthias Uhl

Print publication date: 2021

Print ISBN-13: 9780198864776

Published to Oxford Scholarship Online: April 2021

DOI: 10.1093/oso/9780198864776.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 25 July 2021

Basic concepts

Basic concepts

(p.24) 2 Basic concepts
Business Ethics

Christoph Lütge

Matthias Uhl

Oxford University Press

This chapter clarifies the most fundamental concepts of business ethics. Business ethics problems are characterized as interaction problems emerging from the interdependence of at least two actors. The problem of scarcity and the limits of individual moral action are introduced: business ethics starts where individually virtuous behavior cannot solve the problem of scarcity. The terms ethics and economics are defined. Business ethics is interpreted as an ethics from a broad economic perspective that examines which norms can be established under conditions of global economies. In this context, normative implications of economics are emphasized. Business ethics is then situated within philosophy, and the essential tension between two basic approaches to business ethics, the dualistic and the monistic, is discussed.

Keywords:   practical philosophy, dualistic approach, monistic approach, morality vs. ethics, normative economics, Robinson Crusoe, scarcity, ought implies can, mutual advantage, Adam Smith

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