Mainstream neoclassical economics, as well as heterodox schools, should be regarded as different kinds of 'political economics'. There is no value-free economics. We therefore need to bring democracy into economics. The present challenge of sustainable development suggests that a new conceptual framework in economics is needed. In this essay, a political and democratic view of individuals, organisations, decision-making, markets, assessment of investment projects and policy options is proposed. The imperative of democracy also implies that the close-to-monopoly position of neoclassical theory (...) and method at university departments of economics has to be replaced by pluralism. There is a continued role for neoclassical theory and method, considering the fact that millions of professionals globally have been indoctrinated in this particular way of understanding efficiency and governance, but the idea that neoclassical theory is best for all purposes has to be abandoned. (shrink)

Caroline New is an energetic activist who has interpolated critical realist ideas into the front-line of political activism. In this wide-ranging interview, she begins by reflecting on her life and how she became a realist and her account is illustrated with personal anecdotes recalling memories of well-known philosophers and activists from the time. She discusses how her position set her apart from other feminists and she examines the interacting threads of longstanding debates on the political left, as well as longstanding (...) debates within critical realist circles, such as the relative importance of quantitative methods in social research and the scope for agency as a source of intentional change. Finally she brings some of her ideas to bear on contemporary issues. This engaging interview notably provides some of the social context in which critical realism developed, while also pointing towards its future potential. (shrink)

In both the public and the business world, in academe as well as in practice, the ideas of Adam Smith are regarded as the bedrock of modern economics. When present economic conditions and management practices are criticised, Adam Smith is referred to by defenders and detractors of the current status quo alike. Smith, it is believed, defined the essential terms of reference of these debates, such as the rational pursuit of self-interest on part of the individual and the resultant optimal (...) allocation of goods in free markets thanks to the workings of an “invisible hand.” In this article, we question whether this standard view of Smith, the economist, is tenable. We provide an extensive review of the extant secondary literature from economists, business ethicists, and philosophers, comparing their assessments to crucial elements of Smith’s theoretical system. As a result, we show that Smith, far from being an advocate of a value-free or even value-averse conception of economic transactions, stood for a virtue-based and values-oriented model of business. Accordingly, we argue current management education and the pedagogy of business ethics ought to be changed, and certain strategic conclusions drawn for business practice. (shrink)

Using content analysis, the authors categorize all Social Issues in Management (SIM) Division papers and abstracts (636) from 1972 through 1996 by subject matter and methodology. Showing the development of the field over time, the authors integrate their findings into previous SIM frameworks. Adaptation to the changing business environment is apparent in the subject matter. Although terminology and context (such as employee rights concerning electronic mail) may have changed, the topics are similar. Nevertheless, evolution in the SIM field is apparent. (...) Methodology has become much more sophisticated as researchers use existing and newly created databases and more rigorous techniques-such as event studies and meta-analysis. (shrink)

The current sociotechnical enterprise known as technology assessment (TA) is examined. Applying Skolimowski's analysis of epistemic possibility, the two foci of TA activities, impact analysis and policy analysis are shown to involve different logical and methodological forms. Impact analysis is shown to follow the logic of applied science while policy analysis involves the logic of technological design. Methodological implications of this distinction are isolated. Areas requiring conceptual clarification internal to TA practice are identified and limitations of the overall approach are (...) articulated. (shrink)

Contemporary approaches to “non-market accounting” depend critically on methods of “monetization,” i.e., determining prices for goods outside the market. Monetization constitutes a case of economic measurement in a narrow sense that has not yet been analyzed in the literature on measurement in economics. Monetization, I will argue, uses homo economicus—originally created as a model to explain existing prices—as a measuring device, one that generates new prices for goods that are not traded on markets. Homo economicus, though long contested in microeconomics, (...) is thus enjoying a dubious revival in non-market accounting. (shrink)

In this article, we draw on established views of CSR dysfunctionalities to show how and why CSR is regularly observed to be both shaped by and supportive of capitalism. We proceed to show that these dysfunctionalities are maintained by both the pro- and anticapitalist approaches to CSR, both of which imply an ill-defined separation of the economy and society as well an overly strong problem or solution focus on political and economic issues. Finally, we present a post-capitalist approach to CSR (...) that overcomes (1) the ill-defined separation of the economy and society, (2) the capitalist bias towards economic rationalities, and (3) the overidentification of society with its political system; this approach thus helps to manage the abovementioned CSR dysfunctionalities. (shrink)