The theoretical challenge posed by this paper is to find a conceptualisation of value for entrepreneurship theory grounded in Indigenous knowledge from a Māori perspective capable of guiding entrepreneurs operating for sustainability and wellbeing. We review Western and Māori theories of value, values, and valuation. We argue that Indigenous concepts of value centre on collective wellbeing as opposed to self-interest, and have spiritual and material elements. The paper proposes a tentative Māori theory of value we call manahau, which combines mana (...) (power, authority, and dignity) and hau (vitality of people, places, and objects). We define manahau as an axiological agent Māori entrepreneurs employ to synergistically negotiate cultural and commercial imperatives to achieve multidimensional wellbeing, human potential, and relational balance. We discuss research which illustrates manifestations of manahau in the Māori cultural ethics of utu (reciprocity) in Māori entrepreneurship and tauutuutu (reciprocity and balance) in Māori agribusiness. We argue that an Indigenous Māori theory of value has implications for entrepreneurship theory and practice. (shrink)

Jens Beckert’s 2009 article on the constitution and dynamics of markets is a bold attempt to define a novel research agenda. Deeming uncertainty and coordination essential for the constitution of social action in markets, Beckert proposes a framework centered on the resolution of three coordination problems: valuation, cooperation, and competition. The empirical study of these three coordination problems has the potential to contribute considerably to the sociological analysis of markets. However, the assertion that such a theoretical vantage point can explain (...) the constitution and dynamics of markets is not compelling because it (1) conflates social interaction with social structures, (2) fails to address power relations, institutions, and macro-level structures, and (3) neglects the historically contingent and socially contested nature of markets themselves. The present article shows that these three pitfalls are the result of starting from the problem of order and building upon uncertainty as the basis of action in markets, lending the suggested framework a methodologically individualist bent. Therefore, Beckert’s suggested framework is in danger of mystifying the very power relations, institutions, and macro-level structures that are at the heart of the constitution and dynamics of markets. (shrink)

While I am in broad agreement with the main thrust of Fine’s and Milonakis’s argument, I pose sixteen questions for them. The first ten questions relate to the history of economic thought ; substantive issues of economic theory ; methodological and philosophical matters ; and the other social sciences. I conclude by asking six questions about the ‘old’ and ‘new’ economics imperialism, the prospects for mainstream economics, and the precise nature of the political-economy alternative that Fine and Milonakis propose. Is (...) it simply Marxian political economy in disguise? (shrink)

This paper explores the relationship of time and value in the history of economics, using the contributions of Girard, Achterhuis, Kula and Mirowski. In the ‘anthropometric stage’ time and value are intertwined: value and time are not abstract concepts, but they express a concrete process which incorporates the social positions of individuals. In the ‘lineamentric stage’ the concepts of time and value remain cyclical, but they receive an abstract character. The economy reproduces itself cyclically, because the origin of value – (...) human labour – reproduces itself in each production period. In the ‘syndetic stage’ the cyclical conception of the economy is abandoned through the perception of a non-reproductive system. Time and value are detached from each other, and linear time enters economic theory as an analytical tool. The labour theory of value is replaced by external denominants of value: utility and external scarcity. (shrink)

This paper reviews Aristotle’s problematic relationship with modern economic theory. It argues that in terms of value and income distribution theory, Aristotle should probably be seen as a precursor to neither classical nor neoclassical economic thought. Indeed, there are strong arguments to be made that Aristotle’s views are completely at odds with all modern economic theory, since, among other things, he was not necessarily concerned with flexible market prices, opposed the use of money to acquire more money, and did not (...) think that the unintended consequences of human activity were generally beneficial. The paper argues however, that this interpretation goes too far. The Benthamite neoclassical theory of choice can be seen as a dumbing down of Aristotle’s theory, applicable to animals, not humans. Adam Smith and Karl Marx were deeply influenced by Aristotle’s work and both started their main economic works with Aristotle: Smith ultimately rejecting, and Marx ultimately developing Aristotle’s views of the use of money to acquire more money. Possibilities for the future development of a new Aristotelian Economics are explored. (shrink)

The paper contends that neoclassical ideology stems, to a great extent, from mathematical analysis. It is suggested that mainstream economic thought can be comprehensively revisited if both histories of mathematical and economic thought are to be taken collaboratively into account. Ideology is understood as a 'social construction of reality' that prevents us from evaluating our own standpoint, and impedes us from realising our value judgments as well as our theories of society and nature. However, the mid-19th century's intellectual controversies about (...) the validity of mathematical thought, truth and knowledge can procure new interesting insights concerning the ideological stance of the first marginalists. In this respect, the methodological categories of analysis and synthesis serve as the basis for the crucial distinction between old geometry and mathematical analysis, indicating that the discipline of mathematics has its own history of fundamentally unresolved disputes. Lastly, this may also shed some light on Alfred Marshall's peculiarly reluctant attitude towards the use of mathematical analysis in his work. (shrink)

In this paper, we propose that economic sustainability is seen in terms of (inter-temporal and inter-national) value creation. We claim that value appropriation (or capture), can become a constraint to economic sustainability. We propose that for sustainable value creation to be fostered, corporate governance needs to be aligned to public and supra-national governance. In order to achieve this, a hierarchically layered set of ‘agencies’, needs to be diagnosed and the issue of incentive alignment addressed. Enlightened self-interest, pluralism and diversity, as (...) well as a representative supra-national organisation for world-wide economic sustainability can serve as a new, more ‘ethically correct’ governance for economic sustainability, but not a panacea. (shrink)