Maximizing profits can predictably diverge from what does the most good. When the two come apart, utilitarian principles imply that promoting well-being is more important than maximizing profits.

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Outline:

(00:11) Business ethics and moral theory

(03:00) Economic arguments and profit maximization

(11:23) Utilitarian objections to profit maximization

(13:22) Preference satisfaction and alternative accounts of welfare

(16:49) Resource distribution, willingness to pay, and social utility

(18:41) Externalities and other deviations from perfectly competitive markets

(21:46) Nonhuman animals

(23:26) Conclusion

The original text contained 16 footnotes which were omitted from this narration.

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First published:

Source:

Narrated by TYPE III AUDIO.