Business ethics; what does it really mean? Some say it's an oxy moron and the two words can't exist together as a concept. These people will tell you that within business, there is no room for ethics and ethical behavior. Others will explain the need for businesses to practice good ethical and moral values within their company, and the importance of this to our society. For me, in the past, I honestly never gave the idea or term a second thought. Now after learning so much of business in our society I have a firm understanding of business ethics and I've developed my own personal view that reflects it. At the roots of proper business ethics is undoubtedly, understanding. As with life, all truths and therefore all ?rights', come with understanding. You can mimic steps and follow guidelines but that's mere "window dressing" as according to Milton Friedman, an American economist (p. 285). With understanding you can find the bottom line and follow that which causes the best over all results for the majority of those concerned. What exactly does that mean?
To start to answer that question we have to look at the definition of business ethics. Business, as according to Webster's Dictionary: "Noun: employment; profession; vocation; any occupation for a livelihood; trade; firm; concern." And here is the definition of "ethic," also from Webster's Dictionary: "Noun, pl.: philosophy which treats of human character and conduct, of distinction between right and wrong, and moral duty and obligations to the community." So business ethics is concerned with human character, understanding, and distinction between right and wrong, and moral duty, within a livelihood, trade or occupation. ...