This paper is concerned with the study of economic activity from two points of view; the first is that of the man of business, and his problem is “Of what use or value is the study of the activity to those who are actually engaged in the activity?” He has continually to grapple with individual and concrete situations and thus feels the clash between them and the abstract general pronouncements of certain economic studies: consequently he (...) is bound to ask whether the latter have in fact any relevance for him at all. (shrink)

This study introduces 'time-specific' analysis of economic processes. Economic processes are conventionally analysed from one point in time to another over a series of time units - days, weeks, or years. By contrast, these time-specific models focus on the temporal character of events within the unit time - their timing, duration, and sequence - utilizing the information that is lost in the macroscopic time perspective of standard economic theory. What time-specific analysis reveals are economic and technological (...) characteristics of goods and services - prices and cost behaviour and temporal mobility or immobility within the unit time - that affect capital productivity and its utilization, optimal schedules of production, work, and consumption, least-cost methods of producing time-shaped outputs, and efficient welfare-maximizing behavior in time-specific, including peak-load, markets. (shrink)

The article identifies real losses of foreign economic activity of industrial enterprises of Ukraine under the influence of modern challenges. The main purpose of the study is to implement a scientific and methodological approach to assess the impact of modern challenges on the development of foreign economic activity of enterprises. A critical analysis of the content of scientific publications on the studied issues revealed the lack of an integrated approach to establishing the real losses of foreign (...) economic activity of enterprises under the influence of modern challenges. The urgency of solving a certain problem is due to the scale of the impact of modern challenges on the dynamics of foreign economic activity of industrial enterprises, which requires an assessment of such an impact for the further development of measures that will be aimed at minimizing the negative impact of modern challenges. The methodological basis is the system of methods used to obtain the results of the study: theoretical generalization and analytical methods ‒ to clarify scientific approaches in determining the impact of modern challenges on the development of foreign economic activity of enterprises; generalization, grouping and integral evaluation ‒ to determine the level of influence of modern challenges on the development of foreign economic activity of industrial enterprises in 2013‒2021; relative and absolute deviations, coefficient analysis of changes in foreign trade turnover ‒ to establish the volume of losses of foreign economic activity of industrial enterprises of Ukraine under the influence of modern challenges; logical generalization ‒ to obtain conclusions and develop recommendations based on research results. The object of research in the work is the foreign economic activity of enterprises. The article presents the results of assessing the impact of modern challenges on the development of foreign economic activity of industrial enterprises, which became possible due to the developed and implemented author's scientific and methodological approach. Analysis and logical generalization of the results of assessing the impact of modern challenges on the development of foreign economic activity of industrial enterprises became the basis for determining the real volumes of losses of their foreign trade turnover. The results of the study have practical value for the Ministry of Economy of Ukraine and the Entrepreneurship and export promotion office, because they can serve as the basis for developing a program of recommendations for activating the export initiative of industrial enterprises under modern conditions. (shrink)

Economic activities are always supposed to carry with them the risk of market. Our area of research is concerned with what is known as the model of risk decisions at the level of economic activity; a model that can be valuable at any point of economic development. In our research, we present important aspects of risk in taking decisions in the previous and current dynamics of the market. The conditions of taking decisions with potential risks provide (...) decision-makers with the possibility to analyze and calculate risk in order to know what can be gained and lost. In our paper, we present a short description of a different model of risk in economic activity and of decision-making risk, providing examples that have been offered by various authors. For example, Friedman and Savage present the utility function of an economic agent and its availability to accept the risk, while Markowitz defines utility in terms of winning or losing. Our paper starts with a presentation of the quantification of risk in economic activity. In the second part, we present a model of decision-making risk that is applied in economic activities and the difference between risk and uncertainty. (shrink)

Urban space is the spatial projection of various social and economic activities. Given the complexity of urban functions and the ongoing expansion of urban areas, the spatial differentiation of various economic activities within cities tends to become more and more clear; moreover, there tends to be spatial inequalities in resource allocation. Taking Beijing as an example, this study develops a spatial accessibility model at the town level by integrating the spatial distribution of economic activities with the transport (...) system and evaluating the accessibility to various economic activities. The equality of the residents’ economic-related travel activity is also evaluated in line with the population distribution. The results show that the accessibility to economic activities generally decreases in going from the urban center to the peripheral suburbs, and this “core to edge” difference is readily apparent. In general, residents tend to choose areas to settle in which have a high degree of accessibility, however, the attractiveness of accessibility is constrained within certain limits, as evidenced by a reduction of population in the center of Beijing. Additionally, there are inequalities with respect to traveling experiences. For instance, 27.8% of residents experience very convenient travel conditions, mostly in the Xicheng, Dongcheng, and Haidian districts, and this equates to a high level of accessibility; about half of the residents in Beijing live in areas ranked as being of medium accessibility and where the distribution of economic activities and transportation facilities are insufficient. Residents living in the outlying Changping, Mentougou, Shunyi, and Fangshan districts have relatively poor access to transportation indicating a low level of accessibility. Overall, the evaluation method for spatial equality considers comprehensively the distribution of economic activities, transportation, and population distribution and can provide a reference framework for optimization of the urban spatial structure to improve urban spatial equality. (shrink)

This article explores gender differences in three varieties of economic activities that supplement regular employment and housework: entrepreneurial moonlighting, self-provisioning, and casual exchanges with the members of other households. Drawing on data gathered through a random survey and interviews conducted with a white, rural, working-class population, gender differences were found in the content of these activities, their location, the time devoted to them, the degree to which they were delineated from other activities, and the opportunities they provided for sociability. (...) These differences are shown to have consequences for the internal gendered dynamics of the household and for the reinforcement of some kinds of male privilege. (shrink)

Business and Society Review, Volume 127, Issue 2, Page 437-460, Summer 2022.

We first survey the Catholic social justice tradition, the foundation on which Caritas in Veritate builds. Then we discuss Benedict’s addition of love to the philosophical virtues (as applied to economics), and how radical a change that makes to an ethical perspective on economics. We emphasise the reality of the interpersonal aspects of present-day economic exchanges, using insights from two disciplines that have recognized that reality, human resources and marketing. Personal encounter really is a major factor in economic (...) exchanges in professional services, such as law and medicine. Finally, we examine the prospects for an economics of gratuitousness at a level higher than the individual, that is, for businesses devoted to social ends more than profit. -/- . (shrink)

Eco-communities are a potential model for the socio-technological transition to a post-carbon society. The debate over their economic sustainability has, however, been limited. This article aims to enhance the discussion by offering a conceptualization of the economic micro-system created in eco-communities. It uses the economic terms households and firms to discuss two ways in which the community economy is positioned and then goes on to explore the principles behind the non-market (non-monetary) activities of households and the not-only-for-profit (...) activities of firms as the basis of the eco-community economy. It concludes by pointing out that both can operate in parallel, with eco-communities producing non-market capital that can be used to develop not-only-for-profit activities which support the economic sustainability of the projects. (shrink)

This dissertation concerns justifications for how economic activity is organized. The dissertation considers the role of economic theory in the process of justification and assesses justifications for specific capitalist institutions. The three essays that comprise this dissertation pursue this inquiry by addressing questions respectively in the history of thought, distributive justice, and the ethics of work. ;To advance our general understanding about the development of nineteenth-century Irish political economy in the wake of the Great Irish Famine , (...) the first essay analyzes the Famine's impact on a previously unstudied, yet uniquely authoritative, element of the discipline: the questions given to candidates for the Whately Professorship of Political Economy at Trinity College, Dublin. The essay concludes, contrary to previous arguments, that the Famine did not fundamentally influence the discipline's development. Examining justifications for government responses to the Famine in light of this conclusion, the essay considers the role of economic theory in justifying how economic activity is organized. ;Challenging the position that people morally deserve their market earnings often relies on showing that there is little that people can be said to deserve or that market imperfections undermine desert claims. The second essay argues that even if people can generally be deserving and absent market imperfections, people cannot claim to deserve their earnings with respect to four common desert bases: social contribution, effort, compensation and promise of payment. A principle of fairness that requires fulfilling legitimate expectations might ground a moral claim to market earnings, but it is much weaker than moral desert in limiting income redistribution or in justifying use of the market. ;Given the nineteenth-century American labor movement's objection to the employment relationship on grounds that it was a form of servitude, the third essay assesses the extent to which a similar objection applies in contemporary society. The essay argues that despite changes in employment practices, from the standpoint of legitimate authority the employment relationship represents a form of servitude. Given ethical objections to voluntary servitude more generally, this analysis suggests the need for alternatives to the employment relationship, such as worker-owned cooperatives, in a just economy. (shrink)

State authorities have taken a variety of measures aimed at combating the COVID-19 pandemic. One group of those measures constitutes restrictions on the freedom of economic activity. In the paper the author analyses the provisions establishing prohibitions on performing specific economic activities introduced in Poland in the period from 14 March 2020 to 31 May 2021 in order to verify whether they have sufficient legal bases. For that purpose it was necessary to establish the constitutional conditions for (...) introducing restrictions on the freedom of economic activity. Subsequently the author verified what legal bases for the implementation of the restrictions were indicated in the legal acts introducing those restrictions and how those prohibitions have been defined. The main research method used for the purpose of the paper is the dogmatic method of analysing the provisions contained in the legal acts. (shrink)

Jharkhand is a tribal state having approximately 26 percent share of tribal people residing in the state. More than 90 percent of tribal population lives in rural areas. The original inhabitant of this land e.g., tribal peoples and non-tribe indigenous peoples earn their livelihoods in their own traditional ways of agriculture, domestication of cattle, collect minor forest product from their surrounding jungle and wages out themselves as laborers. The sudden spread of Covid-19 snatched away the rice bowl of these peoples (...) as well as the mediums of earning livelihoods; and they had been forced to live a miserable live e.g., hunger and poverty. This paper analyses the socio-economic impacts of Covid-19 on tribals and non-tribe indigenous people’s livelihood during the pandemic. (shrink)

Economic forms of analysis have penetrated to many disciplines in the last 30 years: political science, sociology, law, social and political philosophy, and so forth. We wish to extend the economic paradigm to certain problems in epistemology and the philosophy of science. Scientific agents, and scholarly inquirers generally, act in some ways like vendors, trying to "sell" their findings, theories, analyses, or arguments to an audience of prospective "buyers". The analogy with the marketplace is imperfect. The ideas or (...) discoveries that a scientist offers are not private goods in the economist's sense. Nonetheless, there are parallels with the marketplace that are worth exploring. (shrink)

In the text, I discuss the abilities and challenges of information systems interoperability. The anticipated and expected result of interoperability is to improve the provision of public utility services to citizens and companies by means of facilitating the provision of public utility services on the basis of a “single window” principle and reducing the costs incurred by public administrations, companies, and citizens, resulting from the efficiency of the provision of public utility services. In the article, the conceptual framework of interoperability (...) is elaborated upon. Moreover, information systems and public registers for entrepreneurs in Poland exemplify whether the interoperability may be applied and, if so, whether interoperability fulfils its targets to the extent of e-Government services for entrepreneurs. (shrink)

Does the level of marketing activity in a country contribute to societal well-being or quality of life? Does economic efficiency also play a positive role in societal well-being? Does economic efficiency also moderate or mediate the marketing activity effect on societal well-being? Marketing activity refers to the pervasiveness of promotion expenditures and number of retail outlets per capita in a country. Economic efficiency refers to the extent to which the economy is unhampered by corruption, (...) burdensome government regulation, and a large informal economy. We used secondary data from the World Bank and other statistical sources to answer these questions. Our study findings suggest that both marketing activity and economic efficiency contribute positively to societal well-being, and that economic efficiency plays more of a mediator than moderator role between marketing activity and societal well-being. The public policy implication of this study is that increases in marketing activity and economic efficiency in countries characterized as low on both dimensions should significantly increase the quality of life in those countries. (shrink)

In der Diskussion über Ökonomisierung im Gesundheitswesen werden oft wesentliche Begriffsunterscheidungen außer Acht gelassen. Um feststellen zu können, in welchem Fall die Rede von Ökonomisierung oder Ökonomismus im negativen Sinn angemessen ist, muss zwischen dem Gesellschaftsbereich Wirtschaft und der ökonomischen Dimension in allen Gesellschaftsbereichen (wie dem Gesundheitswesen) unterschieden werden. Es muss geklärt werden, wo ökonomische Ziele verfolgt werden sollen und wo andere Ziele mit ökonomischen Mitteln verfolgt werden sollen. Im Blick auf die Frage nach einer Marktsteuerung des Gesundheitswesens ist zu (...) unterscheiden zwischen dem Gut Gesundheit und Gesundheitsgütern sowie zwischen öffentlichen, privaten und meritorischen Gütern. Außerdem ist die Frage nach einer Marktsteuerung des Gesundheitswesens zu unterscheiden von der Frage nach der Verwendung marktwirtschaftlicher Instrumente zur Steuerung des Umgangs mit bestimmten Gesundheitsgütern durch den Staat. Erst diese begrifflichen Differenzierungen können zu einer angemesseneren Beurteilung der komplexen wirtschaftsethischen Fragen jenseits von wirtschaftsfeindlichen oder ökonomistischen, von marktfeindlichen oder marktradikalen Ideologien führen. (shrink)

The study aims to measure the link between CSR and economic growth. This study investigates whether CSR expenses shown by the banks are contributing to the sustainability of an emerging economy like India. For this study, CSR spending of 21 commercial banks, on nine development areas of the Indian economy, the human development index of India, and its indicators along with the growth rate of GDP of India and state-wise GDP for the year 2014-2015 to 2017-2018 have been taken (...) as secondary data. The research techniques used are the case analysis method, correlation, and descriptive analysis. The study highlights that CSR activities are more of a myth and a far-reaching possibility in developing nations like India, where most institutions are engrossed in such activities to gain laurels and secure investors from the globe. (shrink)

This article focuses on the problem of criminal liability for unlawful engagement in economic activities, analyses the emergence and development of this norm in criminal law and the ways of its optimal explanation. Special attention is paid to the problem of identification of illegality of activities, based on specific tax and economic regulation. The study concludes that criminal liability must be limited to a violation of fundamental requirements for the legality of business, and does not include particular abuses (...) occurring in legal business. The author also deals with the criteria of delimitation of criminal and administrative liability for unlawful engagement in economic activities. Under Article 202(1) of the Criminal Code of the Republic of Lithuania, application of criminal liability is limited by two alternative conditions: either a person illegally undertakes activity in entrepreneurial way or on a large scale. According to the paper, the above-mentioned regulation lacks clarity and leads to the risk of unfounded prosecutions. The author gives practical examples, where on the basis of inexplicable criterion of an entrepreneurial way, criminal charges are filed in respect of petty economic activities. Such practice is incompatible with the purposes and principles of criminal law. The paper proposes to delete the criterion of an entrepreneurial way from the definition, leaving the possibility of criminal liability only in case of large scale illegal economic activity. The article also substantiates the conclusion that prohibited business activities provided for in Article 202(2) of the Criminal Code actually defies logical explanation and should be removed from the regulation. At the end of the article, the author offers a sample of optimal legal wording of unlawful engagement in economic activities in criminal law. (shrink)

Morality and economic rationality: integrative economic ethics as the rational ethics of economic activity; Part II. Reflections on the Foundations of Economic ...

Стаття присвячена діяльності Греко-католицької церкви у Східній Галичині в міжвоєнний період в умовах включення цього регіону до складу Польської Республіки. На основі класичних методологічних принципів історизму, науковості, об’єктивності, системності автор уводить до наукового обігу архівні матеріали, що уможливлюють з’ясування головних напрямів соціально-економічної діяльності греко-католицького духовенства Східної Галичини. У статті висновується, що економічна політика Польської Республіки в міжвоєнний період перетворила Східну Галичину на аграрно-сировинний придаток до корінних польських земель. Складне соціально-економічне становище українців Східної Галичини в міжвоєнний період було спровоковане наслідками післявоєнної (...) розрухи та жорсткою окупаційною політикою Польської Республіки. Греко-католицьке духовенство було організатором відновлення парафій і приватних господарств, які були знищені під час Першої світової війни. Маючи на меті впорядкування парафіяльного майна та прибутків, а також підкріплення авторитету духовенства серед населення, керівництво Греко-католицької церкви затвердило норми ведення господарства та документації на парафіях. Священники проводили просвітницькі заходи для населення, під час яких обговорювали питання облаштування побуту, господарства, гігієни, також співпрацювали з товариствами, спілками, кооперативами. Церква й особисто митрополит А. Шептицький надавали фінансову підтримку товариствам і організаціям, завдяки чому поглиблювали позитивні зміни та покращення в соціально-економічному становищі регіону. (shrink)

A sense of success, perception of economic crisis and the form of occupational activity The studies presented attempt to outline a relationship between a feeling of success, the perception of economic crisis and the form of occupational activity. The article shows the results of empirical research conducted among 341 economically active people and concerns the psychological differences between them in Poland. The theoretical basis of the research is the new model of success by Dej, Stephan, Gorgievsky. (...) This research has proven the existence of significant statistical differences in a sense of success between entrepreneurs, employees in private companies, and employees in state-owned companies, but there are no differences in perception of economic crisis. People who scored a high general result in a feeling of success perceive economic crisis as harmless. The results show that being an entrepreneur is the most beneficial activity from a mental health standpoint. (shrink)

We review the recently proposed universal concept of dynamic complexity and its new mathematics based on the unreduced interaction problem solution. We then consider its progress-bringing applications at various levels of complex world dynamics, including complex-dynamical nanometal physics and living condensed matter, unreduced nanobiosystem dynamics and the integral medicine concept, causally complete management of complex economical and social dynamics, and the ensuing concept of truly sustainable world governance.

ArgumentIn the decades following World War II, the Cowles Commission for Research in Economics came to represent new technical standards that informed most advances in economic theory. The public emergence of this community was manifest at a conference held in June 1949 titledActivity Analysis of Production and Allocation. New ideas in optimization theory, linked to linear programming, developed from the conference's papers. The authors’ history of this event situates the Cowles Commission among the institutions of postwar science in-between National (...) Laboratories and the supreme discipline of Cold War academia, mathematics. Although the conference created the conditions under which economics, as a discipline, would transform itself, the participants themselves had little concern for the intellectual battles that had defined prewar university economics departments. The authors argue that the conference signaled the birth of a new intellectual culture in economic science based on shared scientific norms and techniques un-interrogated by conflicting notions of the meaning of either science or economics. (shrink)

This volume provides an integrated and wide-ranging set of primary-source readings on the relationship between moral values and economic activity, as articulated by some of the leading figures in Western civilization. From the ancient Greeks to the present, Economic Morality: Ancient to Modern Readings offers substantial coverage to each major period of history: classical Antiquity, the Middle Ages, the Renaissance and Reformation, the Enlightenment, the Industrial Revolution, and the modern era. Everything from Aristotle to Adam Smith, from (...) Marx to Hayek, and from Proudhon to Nozick has been brought together in one comprehensive survey. The perspectives represented in our volume include those of Christians and Muslims; Protestants, Catholics, and Jews; believers and non-believers; capitalists and socialists; conservatives and libertarians. They emphasize both law and mores, as well as history, philosophy, religion, and economics. This is a genuinely interdisciplinary volume, and one that invites a catholic and humanistic conversation. In preparing this collection, the contributors aim to recover something of the range of moral opinion that first accompanied the rise of "economics" in the eighteenth-century Enlightenment. The loss of that range of opinion has left a troubling void in our academic and public discourse. Those who broadly embrace the modern economic project tend to view it pragmatically but not morally, while those who are more critical of it often end up in a moral monologue that is unsatisfying to all sides. By showing the optimistic pragmatists the rich tradition of moral criticism and the pessimistic critics the equally rich tradition of (qualified) moral approbation, this volume seeks to facilitate conversation and bring much-needed mutual comprehension to a perennial debate. (shrink)

Over the past three decades, economic sociology has been revealing how culture shapes economic life even while economic facts affect social relationships. This work has transformed the field into a flourishing and increasingly influential discipline. No one has played a greater role in this development than Viviana Zelizer, one of the world's leading sociologists. Economic Lives synthesizes and extends her most important work to date, demonstrating the full breadth and range of her field-defining contributions in a (...) single volume for the first time. Economic Lives shows how shared cultural understandings and interpersonal relations shape everyday economic activities. Far from being simple responses to narrow individual incentives and preferences, economic actions emerge, persist, and are transformed by our relations to others. Distilling three decades of research, the book offers a distinctive vision of economic activity that brings out the hidden meanings and social actions behind the supposedly impersonal worlds of production, consumption, and asset transfer. Economic Lives ranges broadly from life insurance marketing, corporate ethics, household budgets, and migrant remittances to caring labor, workplace romance, baby markets, and payments for sex. These examples demonstrate an alternative approach to explaining how we manage economic activity--as well as a different way of understanding why conventional economic theory has proved incapable of predicting or responding to recent economic crises. Providing an important perspective on the recent past and possible futures of a growing field, Economic Lives promises to be widely read and discussed. (shrink)

The paper maps out an alternative to a behavioural (economic) approach to business ethics. Special attention is paid to the fundamental philosophical principle that any moral ‘ought’ implies a practical ‘can’, which the paper interprets with regard to the economic viability of moral agency of the firm under the conditions of the market economy, in particular competition. The paper details an economic understanding of business ethics with regard to classical and neo-classical views, on the one hand, and (...) institutional, libertarian thought, on the other hand. Implications are derived regarding unintentional and passive intentional moral agency of the firm. The paper moves on to suggest that moral agency can be economically viable in competitive ‘market’ interactions, which is conventionally disputed by classical/neo-classical and institutional, libertarian economics. The paper here conceptualises active moral agency of the firm as the utilisation of ethical capital in firm--stakeholder interactions. This yields a reinterpretation of instrumental stakeholder theory. (shrink)

Economic Geography is the most complete, up-to-date textbook available on the important new field of spatial economics. This book fills a gap by providing advanced undergraduate and graduate students with the latest research and methodologies in an accessible and comprehensive way. It is an indispensable reference for researchers in economic geography, regional and urban economics, international trade, and applied econometrics, and can serve as a resource for economists in government. Economic Geography presents advances in economic theory (...) that explain why, despite the increasing mobility of commodities, ideas, and people, the diffusion of economic activity is very unequal and remains agglomerated in a limited number of spatial entities. The book complements theoretical analysis with detailed discussions of the empirics of the economics of agglomeration, offering a mix of theoretical and empirical research that gives a unique perspective on spatial disparities. It reveals how location continues to matter for trade and economic development, yet how economic integration is transforming the global economy into an economic space in which activities are performed within large metropolitan areas exchanging goods, skills, and information. Economic Geography examines the future implications of this evolution in the spatial economy and relates them to other major social and economic trends.Provides a complete introduction to economic geography Explains the latest theory and methodologies Covers the empirics of agglomeration, from spatial concentration measurement to structural estimations of economic geography models Includes history and background of the field Serves as a textbook for students and a resource for professionals. (shrink)

What is the role of human agency in Friedrich Hayek's thought? This volume situates Hayek's writing as it relates to economic organization and activity, particularly to assess what role Hayek assigns to leaders in determining economic progress.

The status of economic liberties remains a serious lacuna in the theory and practice of human rights. Should a minimally just society protect the freedoms to sell, save, profit and invest? Is being prohibited to run a business a human rights violation? While these liberties enjoy virtually no support from the existing philosophical theories of human rights and little protection by the international human rights law, they are of tremendous importance in the lives of individuals, and particularly the poor. (...) Like most individual liberties, economic liberties increase our ability to lead our own life. When we enjoy them, we can choose the occupational paths that best fit us and, in so doing, define who they are in relation to others. Furthermore, in the absence of good jobs, economic liberties allow us to create an alternative path to subsistence. This is critical for the millions of working poor in developing countries who earn their livelihoods by engaging in independent economic activities. Insecure economic liberties leave them vulnerable to harassment, bribery and other forms of abuse from middlemen and public officials. This book opens a debate about the moral and legal status of economic liberties as human rights. It brings together political and legal theorists working in the domain of human rights and global justice, as well as people engaged in the practice of human rights, to engage in both foundational and applied issues concerning these questions. conomic liberties leave them vulnerable to harassment, bribery and other forms of abuse from middlemen and public officials. This book opens a debate about the moral and legal status of economic liberties as human rights. It brings together political and legal theorists working in the domain of human rights and global justice, as well as people engaged in the practice of human rights, to engage in both foundational and applied issues concerning these questions. (shrink)

The paper starts by identifying dynamic stabilization as a defining feature of modern societies. This term refers to the fact that such a society requires (material) growth, (technological) augmentation and high rates of (cultural) innovation in order to reproduce its structure and to preserve the socioeconomic and political status quo. The subsequent sections explore the mechanisms and consequences of this mode of social reproduction, proceeding in three steps. First, three key aspects or ‘motors’ of dynamization are identified, namely the mechanisms (...) of (socio-economic) appropriation, (socio-cultural) acceleration and (socio-political) activation. In the second step, we argue that this ‘Triple-A-Mode’ of dynamic stabilization necessarily entails a logic of incessant escalation which eventually threatens to undermine itself, leading to a multifaceted process of destabilization. Unmistakable signs of this can be seen in the current financial, democratic, ecological and psychosocial crises. The third and last part briefly and very preliminarily sketches out the possible contours of a ‘post-growth’ society which could move beyond the current mode of dynamic stabilization. (shrink)

Stakeholder theorists distinguish between normative stakeholders, those who gain moral standing by making contributions to the firm, and derivative stakeholders, those who can constrain the corporate association even though they make no contribution. The board of directors has the legal authority to distinguish among these stakeholder groups and to distribute rights and obligations among these stakeholder groups. To be sure, this stakeholder formulation appropriately seizes on the firm’s voluntary, associative character. Yet, the firm’s constituents contribute assets and incur risks to (...) participate in market, economic activities. And, as such, the firm’s “stakeholders” must share an imperfect language to assist in making two key economic decisions: (1) who are the legitimate and who are the derivative stakeholders; and (2) who should sit on the board? Still, stakeholder theorists have good reason to be skeptical of neoclassical economics. Its assumptions that all act opportunistically and that all can calculate rationally and fully hardly correspond to studies on the managerial experience of corporate coordination. However, advances in behavioral law and economics now provide a cogent economic logic that readily fits into a stakeholder mode. In brief, we argue that (1) the firm’s economic purpose designates legitimacy to core stakeholders, to those who add value, assume unique risk, and can incur harm; (2) the board serves as the principal who coordinates these core stakeholders to sustain competitive advantage and new wealth creation; and (3) state incorporation law, Delaware in particular, reinforces the board’s function. These, in turn, supply selection criteria for board membership. We aim to synchronize concepts from behavioral law and economics with stakeholder theory. (shrink)

The financial sector likes to call itself a "service industry". As such, its role is to guarantee the fluidity of transactions which are essential to economic activity by ensuring the best possible use of available capital. If finance is a service activity, it is important to specify what services it renders, to whom, in return for what, and for what purpose. In the absence of such clarification, finance may slide out of control and be left at the (...) mercy of mass enthusiasm or hysteria. This document, which is the result of work by people who hold senior positions in Geneva's financial sector or are external observers of the financial world identifies the issues and suggests some avenues for possible solutions. (shrink)

The Buddha's teachings give us more than just ethical guidelines for a virtuous life. His teachings offer a grand insight into the nature of reality. Given the twofold meaning of the term Dhamma , it follows that an economics inspired by the Dhamma would be both attuned to the grand sphere of causes and conditions and, at the same time, guided by the specific ethical teachings based on natural reality. In other words, Buddhist economists would not only consider the ethical (...) values of economic activity, but also strive to understand reality and direct economic activity to be in harmony with "the way things are.". (shrink)

This volume provides an integrated and wide-ranging set of primary-source readings on the relationship between moral values and economic activity, as articulated by some of the leading figures in Western civilization.

This article explores how economic inequality in the United States has led to growing levels of poverty, food insecurity, and obesity for the bottom segments of the economy. It takes the position that access to nutritious food is a requirement for living and for participating fully in the workplace and society. Because of increasing economic inequality in the United States, growing segments of the U.S. economy have become more food insecure and obese, eating unhealthy food for survival and (...) suffering an erosion of “equality of capabilities” that undermines their ability to play a “full and active part in the functioning of community.” Unequal access to nutritious foods in the United States is attributable in part to an industrial food system that is designed to produce short-term profits for industrial food producers, processors, and distributors that extract surplus labor value through market concentration and opportunistic behavior at the expense of the long-term benefits for consumers, food workers, and ecosystems. Economic inequality, food insecurity, and the erosion of equality of capabilities in the United States have given rise to protest movements, social movements, social innovations, and some modest strengthening of regulations to make access to and consumption of healthy food a right for every person. Implications for business and society research are explored. (shrink)

In a recent article in Philosophy Professor Knox makes a plea for a philosophic treatment of economic activity by way of contrast to either the specialized study of economic history or of economic science. The conclusion which was reached was embodied in the statement that “the historical and scientific methods of the study of economic activity leave incompletely satisfied the curiosity of students , and reach results which need special interpretation before they can be (...) useful to politicians, let alone to business men” . Each of these methods is said to involve unreal abstractions which detract from the usefulness of the study. A philosophic. (shrink)

There are two principal philosophical conceptions of socialism, corresponding to two interpretations of the notion of a rational society. The first conception corresponds to an instrumental view of social rationality. Captured by the image of socialism as “one big workshop,” the instrumental view holds that social ownership of the means of production is rational because it promotes the optimal development of the productive forces. Social ownership is optimal because it eliminates the costs of coordination imposed by the conduct of (...) class='Hi'>economic activities in formally independent enterprises, and, more generally, overcomes fetters on development that result from the control of resources by individuals whose particular interests imperfectly correspond to a general interest in productive advance. (shrink)