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Part 1
Read the following Washington Post articles: “When it comes to ethics, B-schools get an F”
article 1 https://www.washingtonpost.com/archive/opinions/2002/08/04/when-it-comes-to-ethics-b-schools-get-an-f/c92d6899-fd20-4451-8ca1-113708f5ef92/?utm_term=.47e349d6b40f
article 2 https://www.washingtonpost.com/news/on-leadership/wp/2014/01/13/can-you-teach-businessmen-to-be-ethical/?utm_term=.d79bd0c5eada
The author of our textbook, Luke Froeb argues that the stance taken in the Washington Post article concerning economists and ethics is misguided. Froeb suggest that economics is about showing how people behave in a rational manner and as such, neither promotes nor condones specific ethical behaviors. He states, “…to control unethical behavior, you first have to understand it…” (7). Froeb argues that teaching students to anticipate opportunistic behavior can be helpful overall. Do you agree? Reflect on Froeb’s discussion of deontologists vs. consequentialists in Chapter 2 of our textbook. Where do you fall in the discussion?
On a more general level, what are your thoughts on ethics being taught in MBA programs? Though it certainly depends on the institution, what are your thoughts in general about whether or not ethics can be taught in the classroom? Do you think that raising ethical issues will have an impact on students’ actual behavior?
Part 2
Watch Video
Can emotions influence our economic decision making? | Ágnes Virlics | TEDxTârguMureș
Watch the short TEDx talk on emotions & economic decision making. What do you think about the lecturer’s thesis? Do you agree? Disagree? To what extent do you think business leaders should pay attention to this relationship?
Expert Answer
Part 1.
Ethics is related to the corporate social responsibility (CSR) as well. Yes, certainly ethics must be tried to be taught in class rooms – whether we can succeed in teaching so is a different issue – but at least we, as a teachers or professors, must endeavor to teach ethics in class rooms – if not – our students, in the future, will end up in companies doing accounting scandals, accounting malpractice, Agency problems (Managers abusing the share holders money and travelling in limousines) and finally one day in jail! – Or at least paying huge fines.
Do you think that raising ethical issues will have an impact on students’ actual behavior?
Yes, I certainly agree that once we raise the ethical issues, it will have a very positive impact on the way students behave – for example, we say students are barred from bullying, smoking inside the class room, writing graffiti on the school/college walls, class room walls, black board, uploading abusive images in online social networking sites – it can be included as part of the grading criteria – even a robot is barred from killing a human (at least in theory) – why human students should not be given better grades for good conduct, and lower grades for bad conducts?
B Schools are supposed to be aware of the social policies (CSR).
The deontologists vs. consequentialists:
For deontologists morality is defined by rules and regulations or what is your responsibility or duty. (For example, those Christians who obey the 10 commandments or the 10 rules given by Jesus Christ) Peter is a very staunch Christian and hence when he was offered a job in the Army he refused it because the bible says “Thou shall not kill” – so Peter is a deontologist.
But the consequentialists are those for whom the goal is more important that the process – the end goal will justify the process or means – When the Bible said “Thou shall not kill” and if John is working as a soldier in Army, this commandment does not apply for him – his duty is to kill the enemy and hence the goal of winning the war justifies the means of killing – now, John is a consequentialist.
As for as the above discussion is concerned, for about 60% of the time I fall under the deontologistcategory – and though I hate becoming a consequentialist the brutal world sometimes forces me to bend the law or compromise the proper channel and proper conduct and proper procedure just to get my goals and objectives done – but then it again boils back why should I set such greedy objectives and goals – I am pushed by my near and dears!! When my neighboring country declares war on my country and my president requests for volunteer soldiers from each house – should not I go, fight and save my country or sit and read Bible in a corner? Hence as long as there is no war, I am a good Bible reader or I am a deontologist. Even Jesus took the whip in hand once when they started selling things inside the church and it looked like a fish market!
Part 2:
Her video said, yes it can impact – emotions can impact the economic decisions or influence the economic decisions – eg. Buy a car for $5000 with a 10% probability of losing it – would you still buy it? – Or not?
How your emotions drive the economical decision making process?
My thoughts about the lecturer’s thesis?
Over all it is informative and interesting. The key points I picked up are:
- Economic and psychology are linked
- Emotional helps to decide better
- On a sunny day investors invest more in stock market – because sun light improves their emotions
- In a study of healthy people against the sick people (patients) – both are given small amounts of repeated investment choices – healthy people are risk aware while the patients are taking uncalculated risks because they were lacking the emotional intelligence – though they have the cognition
- Immediate emotions, exiting emotion, good or bad, hesitate and decide;
- Fixed against the monetary or momentary investments;
Do I agree? Disagree?
I agree
To what extent do you think business leaders should pay attention to this relationship?
To 90% of the extent
I think the business leaders should pay attention to this (which?) relationship to 90 % of extent.
