In: Business and Management

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Consequentialists’ theory:
Many philosophers believe that the rightness and the wrongness of any action are determined from its consequences and people who hold this view is known as consequentialist. Consequentialism is general approach to ethical dilemmas which inquire about the consequences to relevant people of making a particular decision. So basically consequentialism word itself suggests that it is an ethical approach which “depends on the consequences”. This view is also sometimes referred to as teleology (from the Greek word telos which means goal).
Ethics is a branch of Philosophy that examines ethical concepts and issues. It inquiries into such things as goodness, right action, and moral responsibility. It answers the question, “What do I do?" It is the study of right and wrong in human endeavours. At a more fundamental level, it is the method by which we categorize our values and pursue them. Do we pursue our own happiness, or do we sacrifice ourselves to a greater cause? A proper foundation of ethics requires a standard of value to which all goals and actions can be compared to.
Consequentialism, as its name suggests, is the view that normative properties depend only on consequences. This general approach can be applied at different levels to different normative properties of different kinds of things, but the most prominent example is consequentialism about the moral rightness of acts, which holds that whether an act is morally right depends only on the consequences of that act or of something related to that act, such as the motive behind the act or a general rule requiring acts of the same kind. Two people who figure large in any discussion of ethics are Jeremy Bentham and Immanuel Kant. Bentham, along with J S Mill, is the founder of a movement known as Utilitarianism and both have also significantly influenced economic thought. In deontology…...

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