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45. The speaker claims that following high ethical standards is the best way to maximize profits in the long run. However, this claim seems to be more of a normative statement than an empirical observation. The issue is more complex than the speaker suggests. In my observation, the two objectives at times coincide but at other times conflict. In many ways behaving ethically can benefit a business. Ethical conduct will gain a company good reputation that earns repeated business. Treating suppliers, customers and others fairly is likely to result in their reciprocating. Finally, a company that treats its employees fairly and with respect will gain their loyalty which, in turn, usually translates into higher productivity. On the other hand, taking the most ethical course of action may in many cases reduce profits, in the short run and beyond. Consider the details of a merger in which both firms hope to profit from a synergy gained thereby. If the details of the merger hinge on the ethical conviction that as few employees as possible should lose their jobs, the key executives may lose sight of the fact that a leaner, less labor-intensive organization might be necessary for long-term survival. Thus, undue concern with | 
