Measuring Our Worth Week 3 Assignment.
Measuring Our Worth
Read the Decision: Point Measuring Our Worth. Page 277.Business Ethics: Decision Making for Personal Integrity & Social Responsibility
This Decision Point deals with how we measure the intrinsic value of a life in addition to the instrumental value.
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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, Fordâ€™s senior management calculated what the company would likely have to pay per life lost. It is noteworthy that these estimates were not Fordâ€™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 3 page, APA style paper considering the following questions when assessing this scenario:
- Businesses have reasons to consider these issues, though extraordinarily difficult; how should they reach conclusions in these areas? (Demonstrate how to apply the ethical decision-making process)
- How should the intrinsic as well as the instrumental value of a human life be determined?
Provide 3-5 APA style references (other than the textbook)