Epistemic practices are an important but underappreciated component of business ethics; good conduct requires making epistemically sound as well as morally principled judgments. Well-founded judgments are promoted by epistemic virtues, and for organizations, epistemic virtues are arguably achieved through organizational good epistemic practices. But how are such practices to be developed? This paper addresses this normative and practical challenge. The first half of the paper explains what organizational good epistemic practices are and outlines a means for their construction. The second (...) half of the paper demonstrates how specific good epistemic practices could be developed by considering a case of corporate epistemic failings: JPMorgan’s notorious 2012 ‘London Whale’ trading losses. Following this, the paper briefly surveys the institutional epistemic failings of the 2008 global financial crisis and the remedial actions that they suggest. Although the discussion is focused on the banking industry, the main ideas, and some of the epistemic practices, generalize to organizations in other industries. (shrink)

This paper applies emerging research on epistemic virtues to business ethics. Inspired by recent work on epistemic virtues in philosophy, I develop a view in which epistemic virtues contribute to the acquisition of knowledge that is instrumentally valuable in the realisation of particular ends, business ends in particular. I propose a conception of inquiry according to which epistemic actions involve investigation, belief adoption and justification, and relate this to the traditional ‘justified true belief’ analysis of knowledge. I defend the view (...) that epistemic virtues enable and/or motivate people to perform epistemic actions. An examination of the key epistemic virtues of love of knowledge, epistemic courage, temperance, justice, generosity and humility provides some initial evidence suggesting that the way epistemic virtues enable or motivate is by countering a number of biases that have been uncovered by behavioural economics, and also indicates ways in which the instrumental epistemic value view is superior to other approaches to epistemic virtue offered in the literature. (shrink)

Recognizing that truth is socially constructed or that knowledge and power are related is hardly a novelty in the social sciences. In the twenty-first century, however, there appears to be a renewed concern regarding people’s relationship with the truth and the propensity for certain actors to undermine it. Organizations are highly implicated in this, given their central roles in knowledge management and production and their attempts to learn, although the entanglement of these epistemological issues with business ethics has not been (...) engaged as explicitly as it might be. Drawing on work from a virtue epistemology perspective, this paper outlines the idea of a set of epistemic vices permeating organizations, along with examples of unethical epistemic conduct by organizational actors. While existing organizational research has examined various epistemic virtues that make people and organizations effective and responsible epistemic agents, much less is known about the epistemic vices that make them ineffective and irresponsible ones. Accordingly, this paper introduces vice epistemology, a nascent but growing subfield of virtue epistemology which, to the best of our knowledge, has yet to be explicitly developed in terms of business ethics. The paper concludes by outlining a business ethics research agenda on epistemic vice, with implications for responding to epistemic vices and their illegitimacy in practice. (shrink)

This article explores the respective roles that medical and technological cognitive enhancements, on the one hand, and the moral and epistemic virtues traditionally understood, on the other, can play in enabling us to lead the good life. It will be shown that neither the virtues nor cognitive enhancements (of the kind we have access to today or in the foreseeable future) on their own are likely to enable most people to lead the good life. While the moral and epistemic virtues (...) quite plausibly are both necessary and sufficient for the good life in theory, virtue ethics is often criticised for being elitist and unachievable in practice for the vast majority. Some cognitive enhancements, on the other hand, might be necessary for the good life but are far from sufficient for such an existence. Here it will be proposed that a combination of virtue and some cognitive enhancements is preferable. (shrink)

Volume 3, Issue 1, March 2019, Page 26-34.

In arguing about justice, different sides often accept common moral principles, but reach different conclusions about justice because they disagree about facts. I argue that motivated reasoning, epistemic injustice, and ideologies of injustice support unjust institutions by entrenching distorted representations of the world. Working from a naturalistic conception of justice as a kind of social contract, I suggest some strategies for discovering what justice demands by counteracting these biases. Moral sentiments offer vital resources to this end.

The process of making ethical judgments is much more complex than studying only personal moral philosophy variables (idealism and relativism). The renewed interest in epistemic values (virtue and vice epistemology) in contemporary philosophy has shown significant relevance to understanding ethical behavior and such values may be better predictors than studying only idealism and relativism. The purpose of this exploratory study is to examine employees’ personal moral philosophies, optimism, epistemic values, and various organizational unethical practices as compared to their managers. We (...) used Rawwas’ items of epistemology in this study. The sample consisted of 262 managers and employees. The results revealed that managers were more sensitive to organizational unethical practices, scored less on epistemic vices, less on absolutism, and more on exceptionalism than employees were. However, there was no difference between managers and employees related to moderate and minor unethical organizational practices, situationism, subjectivism, optimism, and epistemic virtues. We provided discussion of the results and implications. (shrink)

This paper argues that some of the major theories in current business ethics fail to provide an adequate account of moral responsibility for the creation of systemic financial risk. Using the trading of credit default swaps (CDS) during the 2008 financial crisis as a case study, I will formulate three challenges that these theories must address: the problem of risk imposition, the problem of unstructured collective harm and the problem of limited knowledge. These challenges will be used to work out (...) key shortcomings of stakeholder approaches and Integrative Social Contracts Theory. I will argue that pluralist connection models used in political theory can help to overcome these shortcomings. Adopting an approach based on these models shows that financial institutions incur obligations in five main areas: managing their own risk profile; remedying some of the harms caused by financial crises; supporting the development of better epistemic methods; curbing the transmission and amplification of initial losses; and instigating structural reforms. (shrink)

In this article I propose to explore two issues. The first concerns what kinds of contributions academics can make to reducing poverty. I argue that academics can contribute in a number of ways, and I seek to spell out the diversity of the options available. I concentrate on four ways in which these contributions might differ.My second aim is to outline some norms that should inform any academic involvement in activities that seek to reduce poverty. I set out six proposals. (...) These concern: (1) the need to construct coalitions among people with different ethical frameworks; (2) the value of constructing nonideal theory on the basis of our best understanding of an ideal world; (3) the need for integrated analysis that connects antipoverty initiatives to other areas of moral concern; (4) the vital importance of interdisciplinarity; (5) the need for epistemic modesty and revisability; and (6) the need for accountability. (shrink)

A vast majority of marketing theory and research has focused on relativism and idealism in order to understand ethical behavior. However, making ethical assessments that in turn influence behavior is much more complicated than it appears. One of the most important developments in contemporary philosophy has been the renewed interest in epistemic virtue. Epistemologists contend that belief is an ethical process that is susceptible to the intellectual virtue or vice of one’s own life and personal experiences. Open-mindedness, curiosity, careful thinking, (...) creativity, and intellectual courage are the foundations of epistemic virtues. Closed-mindedness, intellectual overconfidence, unimaginativeness, intellectual conformity, and wishful thinking are among epistemic vices. The purpose of this investigation is to introduce epistemology to marketing ethics by linking it to personal moral philosophies (idealism and relativism) and optimism to explain various ethically challenging organizational behaviors. The items of epistemology were developed and pretested by the lead author of this study. Structural equations (LISREL) analyses found that epistemic virtues and vices are better predictors of ethical behavior than were personal moral philosophies (idealism and relativism), and their influence on mild and severe levels of unethical behaviors was enhanced by the moderator variable, optimism. Implications are designed to develop suggestions for improving ethical behavior in the workplace. (shrink)