The word “ethics” is derived from the Greek word ethos (character), and the Latin word mores (customs). In the legal context, ethics defines how individuals choose to interact with one another.
According to Aristotle Ethics is the study of character, habits, and virtues that can be acquired through practice that enables us to lead a good life. Aristotle believed that a good person is one who strives for excellence and virtuous living and that being a good person is more about acting on virtues than just knowing what they are.
Ethics is also called Moral Philosophy. Philosophy can help identify the range of ethical methods, conversations, and value systems that can be applied to a particular problem. But after these things have been made clear, each person must make their own decision as to what to do, and then react appropriately to the consequences.
Worldwide ethical issues generally come under legal and regulatory standards, making it compulsory for organizations to comply with norms like labour laws, environmental regulations, workers’ safety norms, etc. Ethically responsible organizations are less susceptible to violations, scandals, and disasters. However, the management of certain companies is breaching the regulations to cut costs and make more profit. Besides paying legal fees and fines to the Government authorities being caught for the irregularities, places them at an awkward and embarrassing position in the eyes of the sensitive public. It not only reduces the reputation of the company, in the long run, but an incident of ethical violation also reduces the company’s market share, shrinks its sales plus revenues, and finally upsets its bottom line.
Conclusion:
Ethics is the philosophical discipline concerned with what is morally good and bad and morally right and wrong. An ethic is a framework or guiding principle, and it’s often moral. People with a strong work ethic believe that hard work is a good thing in and of itself.
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