Utilitarian ethics is a theory of ethics that tends to differentiate the right action from the wrong one by focusing on its outcomes. It holds that ethical choice that produces the greatest good for the most significant number of people is the most ethical choice (Kahane et al., 2015). In this regard, utilitarianism is a standard business ethics approach since it accounts for cost and benefits. Its advantages are that individuals get to focus on happiness as a society and it also teach that harming others is wrong. On the other hand, the theory does not consider other elements apart from joy. Besides, it creates an unrealistic perspective on society.
Altruistic ethics is an ethical theory of conduct that regards others' good as the end of moral action. That means the desire to benefit others but not oneself for that person's sake motivates altruistic behavior (Kraut & Richard, 2020). It works in business by getting a corporate social responsibility to donate time and money towards particular stakeholder groups voluntarily, even if the committed time or money sacrifices business profitability. One of its benefits is that it brings greater happiness in total since some individuals may be satisfied by making others happy. On the other hand, its drawbacks include making individuals neglect their own needs. Additionally, some people may begin taking advantage of others.
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Ethical egoism is the proper normative position the moral agents need to act on themself. It is an ethical doctrine that requires one to advance their wellbeing first (Machan, 2015). In business, it focuses on what is the company's best interest. For instance, a company may act in ethical egoism by only focusing on profit maximization. Its advantage is that it theoretically prioritizes one's happiness. However, its disadvantage is that it needs one to be isolated and independent and neglect other people's needs, making the majority unhappy.
References
Kahane, G., Everett, J., Earp, B., Farias, M., & Savulescu, J. (2015). ‘Utilitarian’ judgments in sacrificial moral dilemmas do not reflect impartial concern for the greater good. Cognition , 134 , 193-209. https://doi.org/10.1016/j.cognition.2014.10.005
Kraut, Richard. (2020). "Altruism". The Stanford Encyclopedia of Philosophy. (Fall 2020 Edition), Edward N. Zalta (ed.). <https://plato.stanford.edu/archives/fall2020/entries/altruism/>.
Machan, T. (2015). Egoism, Psychological Egoism, and Ethical Egoism. Wiley Encyclopedia Of Management , 1-4. https://doi.org/10.1002/9781118785317.weom020109
