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Can bankers appeal to psychological egoism to defend their large bonuses? (Note: this is a question about psychological egoism, - Essay Example
Pages 6 (1506 words)
Psychological Egoism and Large Bonuses for Bankers Name: University: Course: Tutor: Date: Introduction Psychological egoism is a term used to refer to claim that people always act in their own self interest. This claim argues that people act in their self interest even when they engage in altruistic acts…
In this regard, unlike ethical egoism, psychological egoism is descriptive of how issues are rather than what things are supposed to be. Rationale for Psychological Egoism and Large Bonuses for Bankers According to LaFave (2011) if the psychological egoism is true, then ethics are in trouble. However, this view has received a varied number of views with regard how valid it is. An area where the psychological egoism has been seen to operate is in business especially with regard to what is today called corporate social responsibility. Many professionals argue that corporate social responsibility is hypocritical as it is a way to increase market for the firm rather than being guided a true need to help the society. The banking industry especially in advanced economies such as the US has received the most criticism with bankers being seen as devils agents who only look to advance their interests while the customers and the general public suffer. Bankers have since been accused of amassing their wealth by giving themselves hefty bonuses even in times when the business is not doing exceptionally well. In other places like the UK, the government tried to limit the amount the banker can get annually (Desai, 2011). ...
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