This notion of right and wrong is one question that can always present a thinking mind with many dilemmas. Is there something like right or wrong in absolute terms or its just that what the majority believes is right becomes right. How to define fairness and where to incorporate fairness, in the rules or in the end result.
Recently while studying ethics and professional standards for financial markets I came across this beautiful idea which tries to explain this notion. I will try to state the idea here
First thing you need to do is find the system which gets affected by the action concerned. The system here refers to components from all aspects including economics, society, nature everything. Next define the working efficiency of your system. Now you have a very simple rule to judge any action. If that action reduces the working efficiency of the system, it is wrong and should not be practiced. Try to think of some practical applications with this idea, you will love it.
But the problem is not solved. Defining the efficiency is what will hunt you now.
