chapter 2 ethics

Question 1

what is the central question of ethics

Answer 1

what should I do

Question 2

what does care based ethics emphasise

Answer 2

the importance of relationships between individuals

Question 3

what is moral absolutism

Answer 3

people who think that there are universal rules that apply to everyone

Question 4

what traits of moral relativists

Answer 4

they dispute the idea that there are some universal rules that all cultures ought to obey, they argue that: “when in rome, do as romans do”
- different cultures or different periods in history had different moral views
- what is ‘good’ depends on what a particular group of people approve
- relativism considers the diversity of human societies and responds to the different circumstances surrounding human acts
- those who adhere to moral relativism would say “when in rome, do as romans do”

Question 5

what is virtue based ethics

Answer 5

practise that starts with the idea that we can identify what it would be like if we lived up to our own standards, and every decision we made moved us towards being the best version of ourselves

Question 6

what type of ethics is one of the oldest approaches and derives from the work of ancient Chinese and greek philosophers such as Plato and Aristotle

Answer 6

virtue based ethics

Question 7

4 key concepts of virtue based ethics

Answer 7

1. flexible approach because no ‘universal’ rules to apply
2. requires you to be true to yourself and learn from role models dead or alive
3. a virtue is a moral characteristic that a person needs to live well - Aristotle called a “fullfilling life”
4. the basis of virtue ethics decision making are simple questions such as “if I choose to do X, will that reflect me being the best person that I can be?”

Question 8

what is meta cognition

Answer 8

thinking about thinking

Question 9

what is consequentialialism

Answer 9

a way of working through the consequences of a decision.
- the idea that the right decision is the one that achieves the best outcomes (or benefit) with the least amount of harm (or cost)

Question 10

what are the 3 main forms of consequentialism

Answer 10

1. ethical egoism
2. ethical altruism
3. utilitarianism

Question 11

what is Ethical Egoism

Answer 11

an action is morally right if the consequences of these actions are more favourable than unfavourable. What decision would be best for me?

Question 12

What type of consequentialism does the phrase “ what decision would be best for everyone else?” represent

Answer 12

Ethical Altruism
- an action is morally right if the action are more favourable than unfavourable to everyone except the person doing the action

Question 13

what is utilitarianism

Answer 13

an action is morally right if the consequences of that action are more favourable than unfavourable to everyone. It is about maximising human well-being.

Question 14

what type of consequentialism does the phrase “ what decision would result in the greatest good from the maximum number of people?” represent

Answer 14

utilitarianism

Question 15

what is one of the often-mentioned implications of consequentialist thinkin

Answer 15

“the end justifies the means”

Question 16

what is deontology

Answer 16

an approach to ethics , sometimes called duty or Kantian ethics, it considers that the right thing to do is to your duty, regardless of whether you want

Question 17

1. anything you must will for yourself, you must be prepared to ‘will’ for everyone else. No exceptions. Ie you must ask “what if everyone did this” Ie using your phone while driving
2. you cannot not use people as a means to an end - they deserve more respect than that.
   are the two rules of what approach to ethics

Answer 17

Deontology

Question 18

what are the 7 influences on decison making

Answer 18

1. Intuition - “gut feel”
2. fast and slow thinking -
3. expediency - “we often make the easy decison rather than the best possible decision”
4. do nothing - “simply convincing ourselves that no decision needs to be made”
5. framing - “helps remove ‘the noise’ from an issue to allow us to see the problem for what it is”
6. group conformity - ‘we recognise that there is a risk in being placed outside of our social group”
7. not thinking - “ the temptation to simply do what has been done before”

Question 19

what is the 5 step process for ethial dilemmas

Answer 19

1. recognise
2. facts
3. discuss
4. act
5. review

Question 20

what is a whistleblower

Answer 20

a person who reports information, usually gained from their employment, concerning illegal or unethical activities or misconduct within an organisation

Question 21

in NZ what entity has an exisiting whistleblowing tool which allows users to submit info through an anonymous mailbox

Answer 21

the commerce commission of NZ

Question 22

what is a moral agent

Answer 22

a ‘being’ who has the ability to discern right from wrong and make a considered judgement based on professional experience, seek further info or gain a second opinion

Question 23

what are the 3 indicators of acting moral responsible

Answer 23

we are morally responsible if:
1. we are casually responsible for the effects or lack of effects of our actions or inactions
2. we intentionally brought about the effects or could have forseen them
3. the effects are morally important

Question 24

according to Dr Cathy O’Neil two thing s are needed to build an algorthm what are thes?

Answer 24

1. data (what happened in the past)
2. definition of success (what are we looking for - this becomes embedded in the code)

Question 25

why can anonymous algorithms express bias

Answer 25

as humans write the code.

Question 26

what are machine learning algorithms

Answer 26

specific kind of algorithm which “learn’ their own ways of analysing data and reaching decisions.
- these algorithms are prized cos they alter decision-making procedure based on the data they are given and the goal assigned, with little to no pre-established rule placed on the system by the designers.

Question 27

what is big data

Answer 27

a term used to describe extremely large sets of data that can be analysed by computers to reveal patterns and trends, especially in relation to human behaviours, decisions and interactions

Question 28

what is professionalisation

Answer 28

the pattern of how a profession develops, as well as the process of becoming a profession

Question 29

who is the professional body for institutional banking in NZ

Answer 29

the NZFMA - New Zealand Financial Markets Association

Question 30

what is the rules based approach to ethic

Answer 30

sets out clearly what a member or employee can or cannot do. This focus on compliance is designed to leave little room for misunderstanding.

Question 31

what is the principles based approach

Answer 31

sets out the broad “ high-level” principles for members to comply with.

Question 32

what are the 5 main codes of conduct for banking in NZ and who were they devloped b?

Answer 32

1. finsia code of conduct - developed by FINSIA
2. Code of banking practise = developed by NZ Bankers Association
3. Code of professional conduct for Financial Advice Services - developed by Ministry of Business Innovation and Employment under the Financial Markets Conduct Act 2013
4. NZFMA Code of conduct and principles - developed by the NZ Financial Markets association
5. FCS Code of conduct - developed by the Financial Services council of NZ

Question 33

what are the 4 values of the FINSIA code of conduct

Answer 33

• integrity
• professionalism
• objectivity
• respect

Question 34

what is the international standard that provides guidance on how businesses and organisations can operate in a socially responsible

Answer 34

ISO- 26000