Definition of Ethics and Business Ethics

I learned that ethics, simply stated, involves learning what is right or wrong, and then doing the right thing -- but "the right thing" is not nearly as straightforward as conveyed in a great deal of ethics literature. I think, most ethical dilemmas in the everyday living are not simply a matter of "Should Bob steal from Jack?" or "Should Jack lie to his wife?" Ethics poses important questions about how we should act in relationships and how we should live with one another. Ethics asks us to consider whether our actions are right or wrong whatever the context - personal, family or business.

(Many ethicists assert there's always a right thing to do based on moral principle, and others believe the right thing to do depends on the situation -- ultimately it's up to the individual.) From my readings, I learned that many philosophers consider ethics to be the "science of conduct." Others explain that ethics includes the fundamental ground rules by which we live our lives. Philosophers have been discussing ethics for at least 2500 years, since the time of Socrates and Plato. Many ethicists consider emerging ethical beliefs to be "state of the art" legal matters, i.e., what becomes an ethical guideline today is often translated to a law, regulation or rule tomorrow. Values, which guide how we ought to behave are considered moral values, e.g., values such as respect, honesty, fairness, responsibility, etc. Statements around how these values are applied are sometimes called moral or ethical principles.

How to behave toward oneself and toward other individuals is a matter of making choices: whether to be friendly or unfriendly; whether to tell the truth or lie; whether to be generous or greedy; whether to study in order to pass an exam or to spend valuable study time watching television and cheat to pass it.