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How to be Profitable and Moral: A Rational Egoist Approach to Business, by Jaana Woiceshyn
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According to conventional morality, either a business manager maximizes profits and compromises on morality, or sacrifices profits in order to remain moral. Woiceshyn explains why this is a false dichotomy and offers rational egoism as an alternative moral code to managers who want to be both profitable and moral.
- Sales Rank: #3179995 in Books
- Published on: 2013-08-15
- Released on: 2013-08-15
- Original language: English
- Number of items: 1
- Dimensions: 8.94" h x .51" w x 5.96" l, .55 pounds
- Binding: Paperback
- 166 pages
Review
BB&T grew from $4.5 billion to $152 billion in assets during my tenure as chairman and CEO and weathered the recent financial crisis as one of the strongest financial institutions in America. The foundation for this success is unquestionably the principles outlined by Jaana Woiceshyn in How to Be Profitable and Moral. (John Allison, President and CEO, Cato Institute)
Most think ethics is about self-sacrifice (altruism), or sacrificing others (cynical egoism). . . . Professor Woiceshyn presents an ethics that’s good for you and good for business, with no sacrifice. . . . This life-giving, rational ethics leads to personal success and happiness, and long-term profitability for business. It is a moral code for flourishing and prospering. This is an extraordinarily valuable book. (Carl B. Barney, Chairman and CEO, CollegeAmerica and Independence University)
Professor Woiceshyn has provided a well-reasoned, clearly-written explanation showing . . . why business people need to live by rational moral principles as a necessary means to maximize profit. This cogent book deserves a careful reading by businesspeople, academics, and intelligent laymen alike. (Andrew Bernstein, author of The Capitalist Manifesto: The Historic, Economic and Philosophic Case for Laissez-Faire)
About the Author
Jaana Woiceshyn holds a Ph.D. in applied economics from the Wharton School at the University of Pennsylvania. She has taught business ethics for over twenty years to undergraduate, MBA, and Executive MBA students and to various corporate audiences at the Haskayne School of Business, University of Calgary, and elsewhere. This is her first book. For more information, please see her website: http://www.profitableandmoral.com.
Most helpful customer reviews
8 of 9 people found the following review helpful.
A useful guide for applying Ayn Rand's ethics to business
By Dianne Durante
Anyone who's perplexed about how to be an ethical person and yet run a successful business can benefit from Woiceshyn's book. She argues that rational self-interest (as defined by Ayn Rand) is moral, and that applying it to one's business is the best way to maximize long-term profit. How To Be Profitable and Moral is filled with concrete examples (Bernie Madoff, Dominic D'Alessandro, Alcoa, WorldCom, and many others) of how moral principles affect business success. The book begins with a theoretical case of a software company deciding whether to outsource jobs, and frequently returns to that example to show the application of each point discussed. In addition, Woiceshyn uses case studies raised by students and colleagues to show how the principles she discusses apply to real business situations.
I spent years in academe, and I know from experience that a professor writing on an abstract topic such as philosophy can churn out some of the most convoluted prose you've ever seen. It pleases me enormously that Woiceshyn writes as one sensible person to another, with enthusiasm rather than jargon. And instead of the usual dense blocks of text, the book's layout is reader-friendly: headings and subheadings that show the main points at a glance, summaries and quizzes to encourage the reader to stop and digest. I highly recommend this book for those who are interested in how Ayn Rand's ideas apply to business: it's a very useful overview and guide.
5 of 5 people found the following review helpful.
Enjoyable and useful guide to rational business principles
By Anu Seppala
Jaana Woiceshyn's book is an invaluable guide for anyone engaged in business, whether as an entrepreneur, manager or an employee. Everyone will benefit from the advice and guidance that the author provides for Bob Miller, the imaginary company president in her book. Acting according to the moral principles Dr. Woiceshyn discusses will clearly not only enhance your business and professional performance, it will also improve the quality of your personal life and relationships. The book contains plenty of real-life examples from the business world illustrating its theme. It's also devoid of any academic jargon; instead it goes straight to the point. A pleasurable read!
5 of 5 people found the following review helpful.
Addresses fundamental question and provides advice
By Keith sketchley
This book addresses a fundamental question faced by business people, thus everyone since business is part of our lives - can business be both moral and profitable, if so how can you make decisions that support both goals?
It begins with an example of a dilemma faced by the owner of a business that is not profitable. It identifies the morality of each resolution the owner thought of, and discusses each.
Integral to the book is advice for decision-making in business. The author provides varying examples from reality, of both business strategy and ethical situations employees and owners find themselves in, all tied to principles.
Not a thick book, it has solid content, ultimately distilled to a number of principles. Topics are as diverse as the role of emotions and rationality.
While covering a number of codes of morality, the book is ultimately based on what works for human life, an ethical system that supports business as a good occupation while explaining how to achieve that in decision making for profitability. That morality is "rational egoism", per the sub-title of the book.
I urge thinking business people to read the book and give copies to others (including people who don't run businesses but need to understand - such as employees), students to study alongside prescribed texts, and educators to include in curricula.
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