In this paper, we take inspiration from original institutional economics (OIE) as an approach to study value change within the highly complex assembly of sociotechnical transformations that make up the energy transition. OIE is examined here as a suitable perspective, as it combines Dewey’s pragmatist philosophy and a methodological interactionist perspective on value change, behavior and institutions, with technology figuring as a transformational factor. This combination overcomes conceptual and methodological shortcomings of alternative accounts of values. We will present the contours (...) of an OIE based conceptual framework connecting nature, humans, technology, the economic process, society, culture and institutions and habits, valuation and behavior. We illustrate how to use this framework to examine and understand how environmental, ecologic, safety, economic, and social concerns about the energy transition are (re)framed as (new) values in the belief systems and habits of individuals and groups. Moreover, we will explore how that may give rise to collective action, via the institutionalization of such revised values in the procedures, arrangements, norms and incentives guiding transactions. As such, this approach allows us in a fine-grained manner to conceptually and theoretically understand the way in which values change in the energy-transition, as a complex interaction of technology development and social relations. (shrink)

Given the pervasive influence of neoclassical economic theory on the field of business, the opposition of the standard economists to the inclusion of moral factors in economic decisions provides an intellectual resistance to the ideas of many business ethicists. Etzioni (1988) offers a theoretical alternative to the neoclassical model, an alternative that includes a moral dimension. This article: (1) highlights the differences between Etzioni''s proposed model and the neoclassical economic paradigm; (2) describes and critically evaluates Etzioni''s proposed theory in view (...) of his objective of synthesizing the neoclassical paradigm with a duty-based morality; and (3) discusses the implications of Etzioni''s proposed paradigm for the field of business ethics. (shrink)