Question

Based on the three approaches to making ethical decision: utilitarianism, rights based ethics and virtue ethics. What would each theory have to say about the ethics of minimum wage laws?

Answer 1

Utilitarianism is a theory in normative principles, or the ethics that describe the goodness of actions as suggested by John Stuart Mill and Jeremy Bentham. The extreme happiness principle states that a ethical action is one that maximizes service, or pleasure, for the greatest number of individuals.

Rights-based ethics is a theory that because one is a human being that person is allowed to certain privileges, as this privilege is conservative rights, those rights can also be altered by society or else by management; rights-based ethics is mainly created on social agreement as decided by a group of folks.

Virtue ethics is a comprehensive word for theories that highlight the part of character and virtue in moral viewpoint rather than either undertaking one's duty or performing in order to bring about better values.

Minimum wage law is the form of law which bans managers from employing staffs or labours for less than a agreed hourly, day-to-day or monthly lowest salary.

1. Applying the concept of Utilitarianism through applying the law of utility to the idea of the minimum salary is very effective in the logic that this one significantly maximizes the entire utility for all parties occupied and offers the best result in the future.

2.    According to the right based theory, the salary offers lesser profits, levels of reserves, investment, and growth rates, thus lower wages within the future. This idea assumes that investment could be a perform of reserves. This argument is contradicted by the survival of additional capability, unused plant and instrumentation, within the economy. Consumption is that the most important component of the ultimate demand for product and services is set each by the extent and supply of financial gain. As was mentioned within the previous section, an increase within the lowest wage, through it'll impacts on revenue circulation might rise total consumption and during this manner, business action. This will, in tum, have a positive result on the extent of actual demand and also the level of savings. This follows that lowest wages are steady with a higher rate of development among a nation's economy – through its result on consumption, it's a vital supplier to a powerful economy

      3.Virtues: wages are remuneration or earnings however chosen or computed, allocated in virtue of a written or unwritten agreement of service by an manager to an working person for job done or to be done or for amenities rendered or to be rendered. These pays are to be stated in terms of money and are secure by joint agreement or by state laws or rules

Minimum wages decrease entry-level works, training, and lifetime revenues; officials often suggest a minimum wage as a means of rising wages and lifting labours out of poverty. However, enhancements in some young workers' incomes as a result of a lowest wage come at a rate to others.