This Decision Point deals with how we measure the intrinsic value of a life in a

Question

This Decision Point deals with how we measure the intrinsic value of a life in addition to the instrumental value. The scenario discussed is that of the Ford Pinto, which involves a decision that teaches the hazards of considering only the instrumental value of a life. In 1968, Ford Motor Company made a historic decision regarding the Pinto, which was engineered with a rear gas tank assembly that had a tendency to explode in accidents that involved some rear-end collisions. The company allowed the Pinto to remain on the market after it determined that it would be more costly to engage in a recall effort than to pay out the costs of liability for injuries and deaths incurred. In an infamous memo, Ford’s senior management calculated what the company would likely have to pay per life lost. It is noteworthy that these estimates were not Ford’s alone but were based on figures from the National Highway Traffic Safety Administration. Using these figures, the costs for recalling and modifying the Pinto were $121 million, while the costs for settling cases in which injuries were expected to occur would be only about $50 million. Write a 2-3 page, APA style paper considering the following questions when assessing this scenario: How should the decision-making process be handled? How should the intrinsic as well as the instrumental value of a human life be determined? Consider how you would measure your own worth or the value of someone close to you. Who are their stakeholders and what is their value to each of them? How will they measure it financially? How much would your stakeholders suffer if they lost you? How much do you currently contribute to society and what would society lose if you were not here? How much would society benefit if you continued to survive

Explanation / Answer

Instrumental and Intrinsic goodness- If any good thing helps in gaining other good things then it is known as Instrumental goodness. Whereas, if a thing is good in itself then is known as Intrsinsic goodness.

Teleology- Teleology is a phenomena which is guided by not only the forces but it also leads tofulfilment of certain goals which inturn imbibes self realisation.

Deontology- Deontology is an ethical approach which is focussed on the nature action i.e whether the action is right or wrong rather than judging the consequences.

Relativist Perspective- Relativist Perspective is a perspective of a human being which is directly related to the position that the human being is in. In this theory, all the points of view are equally valid as they are projected according to their perception.

Virtue Ethics- Virtue Ethics is a philosophy which depicts that the character of an individual has ethical thinking as the key element. An individual is termed as an ethical individual if the thinking that the individual possesses is consideed ethical.

Justice- Justice is the decision taken on what is thought to be fair. It is an act which projects fairness taking into consideration all activities that have unruffled relating to a certain incident or act.

Ethical Decision Making- An ethical decision making is a process which takes into consideration all the necessary actions that can be considered and then make a decision which is ethically correct and brings in happiness for wither parties or both. Thus, in ethical decision making all the above defined philosophies does play a major role. Especially, Y=the instrumental goodness and justice is the most relevant philosophies to ethical decision making process.

A corporate environment is entirely different from our personal environment. Although, the traits that we possess are related in the corporate environment but the values and culture forces us to change ourselves and inturn our moral philoophies also changes.

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