Ethics in Accounting and Finance

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John Stuart Mill

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Ethics in Accounting and Finance

Definition

John Stuart Mill was a British philosopher and political economist, known for his contributions to liberalism and ethical theory, particularly in the realms of consequentialism and utilitarianism. His work emphasizes the importance of individual liberty and the pursuit of happiness as foundational principles for moral and ethical decision-making.

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5 Must Know Facts For Your Next Test

  1. John Stuart Mill advocated for the principle of utility, which asserts that actions are justified if they lead to the greatest happiness for the majority.
  2. He distinguished between higher and lower pleasures, arguing that intellectual and moral pleasures are superior to mere physical enjoyment.
  3. Mill's work on liberty highlights the importance of protecting individual freedoms from government interference, proposing that society should only restrict personal liberties to prevent harm to others.
  4. His essay 'On Liberty' is a foundational text in discussions about individual rights and freedom of expression, influencing modern democratic thought.
  5. Mill's utilitarianism also addressed concerns about justice and fairness, incorporating the idea that individual rights should not be sacrificed for the sake of overall happiness.

Review Questions

  • How does John Stuart Mill's concept of utilitarianism address both individual rights and collective happiness?
    • John Stuart Mill's utilitarianism attempts to balance individual rights with collective happiness by asserting that actions should promote the greatest good for the greatest number while respecting personal freedoms. He emphasizes that individual liberties are crucial for overall well-being and argues that society should only intervene in personal matters to prevent harm to others. This approach helps ensure that individual rights are protected while still striving for collective happiness, showcasing Mill's nuanced understanding of ethical decision-making.
  • In what ways does Mill differentiate between higher and lower pleasures, and why is this distinction significant in his ethical framework?
    • Mill differentiates between higher pleasures, which involve intellectual and moral engagement, and lower pleasures, which are more physical or sensory. He argues that higher pleasures contribute more significantly to human fulfillment and should be prioritized in ethical considerations. This distinction is significant because it challenges a purely quantitative view of happiness by suggesting that quality matters; thus, not all forms of happiness are equal in ethical evaluations. This perspective enriches utilitarian theory by considering deeper aspects of human experience.
  • Evaluate how John Stuart Mill's views on liberty contribute to contemporary discussions about freedom of speech and societal norms.
    • John Stuart Mill's views on liberty significantly influence contemporary discussions about freedom of speech by asserting that open dialogue is essential for personal growth and societal progress. In 'On Liberty,' he argues against censorship, positing that all ideas, even those deemed unpopular, should be expressed freely as they contribute to the pursuit of truth. This perspective is critical today as it shapes debates around freedom of expression versus societal norms, emphasizing the need to protect individual voices while fostering a healthy discourse within diverse communities.

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