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The factors that I will consider in decision making, in this case, are the economic condition, rules, and regulations of the company. According to the principle of utility I have to lay off sixty good employees because it will lead to least harm for the whole company and its employees. According to the principle of justice, I will manipulate the financial statement because every employee should be treated equally, therefore, this decision save the happiness of sixty employees and their families.
The factors I will consider in decision making are honesty, profession, duty, and humanity. According to the principle of utility, I can take the decision to let her die as his organs can save many lives and to save her life high cost of 250000 dollars will be required which can be difficult for her family to pay. According to principle justice, I will save her life because everyone has the right to live his/her life and its doctor's duty to help people for a healthy life.
Realtor Matthew neither possesses the virtue of honesty nor virtue of faith. He is a religious person who knows much about religion, faith, and honesty. He teaches others these good things, but his actions clearly tell that he himself doesn't follow ethics of virtue. He gave a presentation in the church about honesty, but later he did a different action. Therefore, his faith is weak, and he is not an honest person.
Milton Friedman’s philosophy claim regarding business profit is true. Every firm tries to maximize their profit, but the statement regarding unethical manner is false. Every business can run ethically with high profit. If one cannot manage every aspect of ethics, then he can at least follow the principle of utility that can lead to their own profit with least harm to others.
Expectation and credibility gap refers to the difference between the expectations of the investors and the financial report of the outcome. Every investor makes an expected amount of profit which by the company due to the numbers of factors like credibility. The difference between the expectation and credibility gap is that in expectation gap investor gets more than he expected while in the credibility gap he gets less than the amount he estimated.
Yes, the great recession could be avoided if every party practices the ethical principles. When every party worked on the ethical principle, the lender would not take advantage of the lending loan to poor people and poor people would not demand loan this will eliminate the fraud from the banking system and therefore great recession would be avoided.
Yes, Sarbanes-Oxley (SOX) will prevent another major financial fraud because SOX developed an oversight agency, the Public Company Accounting Oversight Board. They have access to issue new laws and regulations, different code of ethics. Another change that will positively affect is the limitation to the provide audit work in the additional service. It will lead to large companies shedding additional services, and these services can be picked by different companies.
Philosophy of Thomas Hobbes believed that the right form of governance was the total monarchy and this is the ultimate truth. Hobbes' view about human nature tells that he believes that people remain unsatisfied. Human is the creature who acquires power from nature, but throughout his life, he tries to acquire more power. His moral and political philosophy explains the behavior of people for self-interest and how they can live in a society by avoiding all kind of fear and danger.
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