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Ka’Milyah Collins Professor Hensley October 7, 2023 Ethics in Fiscal Administration

Public sector ethics is a vast subject that is typically seen as a subset of political ethics. It is the moral justification and deliberation for choices made while carrying out everyday tasks when assisting in the delivery of general services by nonprofit and governmental institutions. Ethics generally examines human behavior that is morally acceptable or "right" and that is not morally acceptable or "wrong." Truthfulness, honesty, integrity, respect for others, fairness, and justice are all examples of general ethical standards. They are relevant to all facets of life, including work and money. Therefore, financial ethics is a subset of general ethics. In order to fill a gap in general ethics education, Angela Pool-Funai's Ethics in Fiscal Administration: An Introduction illuminates the murky regions of public budgeting that lack clear-cut solutions to dilemmas. This book has a framework at the beginning of the book to arrange the issue of ethics in budgeting. This framework helps you understand the decisions making are neither easy or hard .They require critical thinking and the type of morality you have.This framework incorporates political science, economic theories, public administration history, and theoretical and ethical perspectives. Ethics in Finance The straightforward definition of ethics is the study of morality. The process of arranging, controlling, and planning a company's financial resources is known as financial management. When it comes to decisions making it really depends on the type of morality you have. The ethics of finance refers to the values and principles that influence financial behavior and decision-making. It is an essential component of the financial sector because finance is so important to the world economy. To keep investors’ confidence and preserve the long-term viability of financial markets, ethical behavior in finance is crucial. Transparency is one of the main moral issues in finance. Investors must get accurate and concise information from financial

institutions regarding the risks and rewards of making investments. Failing to do so may result in investment losses and harm the institution’s reputation. Conflicts of interest are a significant ethical issue. Financial professionals need to steer clear of circumstances when their own interests conflict with those of their clients. They must ensure that their choices are purely motivated by what is in their clients’ best interests by disclosing any potential conflicts of interest. maintaining the integrity and sustainability of financial markets depends on financial ethics. Financial professionals can make sure they are making moral choices that are advantageous to both their clients and society at large by adhering to transparency principles, avoiding conflicts of interest, and encouraging social responsibility. People interact with one another and with potentially flawed organizations, institutions, and systems, such as markets. As a result, scandals could happen that were not anyone's doing and for which no one is to blame. Many scandals are caused by reasonable persons acting in situations with complicated relationships, rather than by willful misconduct—doing what one knows to be wrong. It's not always evil individuals doing awful things when there's ethical misconduct; more often than not, it's good people who unintentionally engage in wrongdoing. Economics theories Some believe that a contract helps individuals stick to their agreements but we all know contracts can be bogus. The book mentions social contact theory. According to the Social Contract Theory, society exists as a result of a set of criteria that define moral and societal norms.According to the social contract hypothesis, everyone in a community must abide by a set of moral and political principles before they may coexist. Some individuals think that if we follow the social compact, we may live morally out of our own free will rather than because a higher power commands us to..

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A conceptual flaw in contemporary financial-economic theory and the pervasive usage of the principal-agent model of interaction in financial transactions are to blame for ethical conundrums and ethical transgressions in finance. The rational-maximizer paradigm, which contends that people are egoistic and act rationally when they strive to maximize their own interests, is the foundation of the financial-economic theory that underpins the contemporary capitalist economy. The principal-agent model of relationships describes a situation where one party acts as the other's agent and performs certain tasks on that other party's behalf. It is impossible to picture the present economic and financial system operating without such agreements because they constitute a crucial component of it. Theoretical and ethical perspectives Since , they represent the points of view that people turn to for direction when making decisions, ethical theories serve as a foundation for decision-making in Decision Making When Ethics Are in Play. In order to arrive at what the individual believes to be an ethically sound option, each theory emphasizes distinct factors, such as a particular decision-making style or a decision rule—such as forecasting the outcome and upholding one's obligations to others. We need to grasp that not everyone makes decisions the same manner, using the same data, or following the same decision-making principles in order to understand ethical decision-making. For people, the ethical theory they use for help in making decisions highlights parts of an ethical issue that are significant to them and directs them to the most morally right conclusion in accordance with the ethical theory's own rules. Virtue According to the virtue ethical theory, a person is judged by his or her character rather than by a behavior that might be out of character. It rates unique and irregular behavior that is

deemed unethical by taking into account the person's morality, reputation, and motivation. For instance, if someone plagiarized a section and a peer later caught it, the peer who is familiar with the individual will be able to criticize the friend based on the friend's character. The peer who discovers the copied paragraph could be able to assess his friend more leniently if the plagiarizer generally abides by the rules and has a good reputation among his peers. Maybe the researcher stayed up late and simply neglected to properly thank their sources. On the other hand, a person with a history of academic dishonesty is more likely to face strong penalties for plagiarism because of their pattern of unethical activity.The fact that the virtue ethical theory disregards a person's shift in moral character is one of its weaknesses. For instance, a scientist with a history of errors might really share the same late-night tale as a scientist with a clean record. Both of these scientists were guilty of plagiarism while not doing it on purpose. On the other side, a researcher may suddenly turn from a moral to an immoral character, which can go undiscovered until there is a lot of evidence against them. Rights Rights-based ethical theories prioritize and safeguard the rights that have been established by a society. Given that a sizable portion of the society supports them, rights are seen as morally sound and legitimate. If they are able to and have the means to do so, people may also grant others rights. As an illustration, someone might state that her friend is welcome to use her laptop for the afternoon. The friend who was given permission to use the laptop on loan now has access to it in the afternoon. The need to determine what constitutes a right in a given culture complicates this idea on a big scale. The society must decide which rights it will protect and grant to its people. A society must define what its aims and moral values are before it can decide what rights it wants to adopt. The rights theory must therefore be used in conjunction with

another ethical theory that consistently explains the aims of society if it is to be effective. People in America, for instance, are free to practice whichever religion they want since the Constitution upholds this liberty. Utilitarianism The foundation of utilitarian ethical theories is one's capacity to foresee the results of one's actions. According to a utilitarian, the morally just decision is the one that benefits the greatest number of people. Act utilitarianism and rule utilitarianism are the two varieties of utilitarianism. Act utilitarianism adheres strictly to the utilitarian definition: regardless of one's own feelings or societal restraints like laws, one should act in a way that benefits the greatest number of people. Fairness and consideration of the law are important to rule utilitarianism. A rule utilitarian looks for ways to help as many people as possible while still acting in a way that is fair and reasonable. Rule utilitarianism therefore has the added virtue of valuing justice and including beneficence at the same time. Act utilitarianism and rule utilitarianism both have drawbacks. Although individuals can attempt to forecast outcomes using their life experiences, no one can be assured that his or her predictions will be accurate. Uncertainty can have unanticipated outcomes that make the utilitarian decision-maker appear unethical over time since the option they made did not maximize the welfare of the greatest number of people as intended.A utilitarian decision maker must also assume that he or she is capable of weighing different forms of outcomes similarly to one another. But given how greatly their traits vary, it can be challenging to compare tangible advantages like money to intangible ones like happiness. An act utilitarian decision-maker is focused on maximizing good. As a result, it is possible to violate someone's rights in order to benefit a larger group of people. In other words, if

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oppressing the individual results in the solution that helps the majority of people, then utilitarianism is not always concerned with justice, benefit, or autonomy for an individual.When a person meets one set of variable conditions and then unexpectedly experiences changes in those conditions, it poses still another problem for act utilitarian decision makers. Being friendly to someone one minute and disliking them the next because the situation has changed, and like the person is no longer necessary, could result from a shift in the circumstances. Conclusion The moral foundation of our society. Ethics compliance is crucial in the financial sector. The cynical belief that there is no ethics in finance is simple to disprove, but the dismal frequency of financial scandals makes us aware of the difficulty of upholding—and restoring, if necessary— the degree of ethics required for a healthy, thriving financial system. In order to overcome this problem, it is necessary to understand the proper action, which may not be evident, in addition to acting morally when this is recognized to be the case. Financial activity, which occurs in financial markets, financial services companies, and the corporate financial management function, raises a tremendous amount of challenging ethical dilemmas. These questions ultimately come down to morality, what should be done, obligations or duties, the rights of different parties, and justice or fairness.

References Shapiro, J. P., & Stefkovich, J. A. (2021). Ethical leadership and decision making in education: Applying theoretical perspectives to complex dilemmas . Routledge Ethics in finance . Times of India Blog. (2023, March 28). https://timesofindia.indiatimes.com/readersblog/talk-about-management/ethics-in-finance- 51964/# Ethics: An essential prerequisite of the financial system | cairn.info. (n.d.). https://www.cairn.info/revue-finance-et-bien-commun-2009-1-page-46.htm Lingwall, J. (n.d.). What is “Social contract theory”? Business Ethics 100 Questions. https://boisestate.pressbooks.pub/businessethics/chapter/what-is-social-contract-theory/ Pool-Funai, A. (2018). Ethics in Fiscal Administration: An Introduction (1st ed.). Routledge. https://doi.org/10.4324/9781315209258

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