Although since the 1960s human capital theory has played a major role in guiding educational policy, philosophical issues that stem from this development have rarely been discussed. In this article, I critically examine how the idea that human capital should serve as a guide to educational policy making stands in relation to the role assigned to education in promoting social cooperation. I begin by exploring the conception of human conduct that underlies human capital theory. I then move to examine the (...) conception of social cooperation that tacitly guides human capital theory and maintain that it could not be effectively defended. I, therefore, turn to examine alternative ways to combine between human capital theory and the promotion of social cooperation. My main argument is that under existing conditions there is a deep theoretical incompatibility between the philosophical foundations of human capital theory and the ways in which education seeks to promote social cooperation. (shrink)

In spite of the thousands of articles on stakeholder theory, research on value creation has had a shorter history and narrower breadth. Only a few studies have researched value creation from stakeholder perspective looking at how stakeholders appropiate value or the processes or activities by which stakeholders create value. Consequently to date, certain questions still remain unanswered regarding how a firm should treat stakeholders in order to create value. Several questions arise specifically from the stakeholder's side: What does "value" mean (...) for a particular group of stakeholders and how do firms create these different types of value? How do we measure the value created by stakeholders? The purpose of this paper is to answer these questions from Amartya Sen's Capability Approach, identifying and measuring stakeholders' capabilities in the value creation process. Stakeholder Capability is the adequate concept for understanding stakeholder welfare rather than the utility function concept. The empirical evidence comes from an in-depth case study of the company The Grobo Group and its stakeholders. According to the results, the following stakeholder capabilities are relevant to value creation: being employable, being autonomus, being innovative, being entreprenurial, being responsive, being socially integrated, being emphatic, being "green" and being healthy. (shrink)

The purpose of this essay is to suggest that one of the dominant modes of thought in our society is a profound mistrust and misunderstanding of the role of business. A dominant myth in society is that business occupies the moral low ground, separate from ethics or a moral point of view. This position is characterized as the “business sucks” story, and the essay shows how the enactment of this story underlies business thinking among managers and business theorists. The essay (...) concludes with a suggestion to rethink and reinvent this story along more realistic and more empowering lines. Values based capitalism, or stakeholder capitalism, offers a better way to understand the complex role that business does and should play in modern society. (shrink)

This study relies on environmental stewardship, a stakeholder-enlarged view of stewardship theory, and institutional theory to analyze the relationship between CEO compensation and firms’ environmental commitment in a worldwide sample of 520 large listed firms. Our findings show that environment friendly firms pay their CEOs less total compensation and rely less on incentive-based compensation than environment careless firms. This negative relationship is stronger in institutional contexts where national environmental regulations are weaker. Our findings have important theoretical meaning and practical implications. (...) Results show that CEOs do not necessarily act opportunistically; rather some of them may be willing to act as stewards of the natural environment and accept a lower, less incentive-based compensation from environment friendly firms. This study also provides evidence of the important influence of the institutional context in setting-up CEO compensation as the relationship is stronger when national environmental regulations are weaker. Our findings question the universal validity of agency theory in explaining CEO compensation. Compensation based on pecuniary incentives might be less indicated to motivate CEOs who feel rewarded by playing a stewardship role for environment friendly firms. When designing compensation for CEOs, compensation committees and external compensation advisors should consider psychological and institutional factors that might affect CEO motivation. (shrink)

A mutual interpretation and theoretical transplant of ethical-economical concepts is a process of the dialogue and discussion on its “meaning,” and also a process of the transmission and interaction of values. However, over-interpretation, which is inevitable in “understanding” “meaning,” and the plight of the “hegemony of values,” bring potential risks to value dissimilation in the interpretation and transplant. Value migration—value hegemony—value dissimilation is its general process of development. The academic reasoning behind overcoming the risk of value dissimilation is value ecology. (...) The essence of value ecology is to enable the meaning-dialogue and value interlocutions of ethics-economy follow the rules of ecology. Therefore, the process of mutual interpretation and transplantation becomes a process of the ecological interlocution of ethics-economy, creating a new value, eco-value. (shrink)

The hoary philosophical tradition of hedonism – the view that pleasure is the basic ethical or normative value – suggests that it is at least reasonably and roughly intuitive. But philosophers no longer treat hedonism that way. For the most part, they think that they know it to be obviously false on intuitive grounds, much more obviously false on such grounds than familiar competitors. I argue that this consensus is wrong. I defend the intuitive cogency of hedonism relative to the (...) dominant desire-based and objectivist conceptions of well-being and the good. I argue that hedonism is still a contender, and indeed that our current understanding of commonsense intuition on balance supports it. (shrink)

The hoary philosophical tradition of hedonism – the view that pleasure is the basic ethical or normative value – suggests that it is at least reasonably and roughly intuitive. But philosophers no longer treat hedonism that way. For the most part, they think that they know it to be obviously false on intuitive grounds, much more obviously false on such grounds than familiar competitors. I argue that this consensus is wrong. I defend the intuitive cogency of hedonism relative to the (...) dominant desire-based and objectivist conceptions of well-being and the good. I argue that hedonism is still a contender, and indeed that our current understanding of commonsense intuition on balance supports it. (shrink)

ABSTRACT:This essay attempts to provide a useful research agenda for researchers in both strategic managementandbusiness ethics. We motivate this agenda by suggesting that the two fields started with similar interests, diverged, and are beginning to converge again. We then identify several streams that hold particular promise for developing our understanding of the relationship between strategy and ethics: stakeholder theory, managerial discretion, behavioral strategy, strategy as practice, and environmental sustainability.

In this article thinking on corporate social responsibility is compared with the dominant political theory of the market: theneoclassical theory. The comparison shows that thinking on CSR fundamentally collides with that theory. For example, their respectivenormative views on man are incompatible, as are their respective views on the modus operandi of the market. Given that CSR is desirable it follows that a new political theory of the market is needed. This article suggests some initial steps toward developing that new political (...) theory of the market. For example, it defends the proposition that the neoclassical idea of the market as a harmonic sphere must be replaced by the idea of the market as a fragile system. (shrink)

Some critics raise moral objections against corporate social responsibility on account of its supposedly undemocratic nature. Theyargue that it is hard to reconcile democracy with the private discretion that always accompanies the discharge of responsibilities that are not judicially enforceable. There are two ways of constructing this argument: the “perfect-market argument” and the “social-power argument.” This paper demonstrates that the perfect-market argument is untenable and that the social-power argument is sometimes valid. It also asserts that the proponents of the perfect-market (...) argument are mistaken in their assumption that perfect markets are conducive to democracy. There are strong reasons to hold that perfect markets are undesirable from a democratic point of view. A proper conceptualization and differentiation of the relation between “the private and the public” can make this clear. The proponents of the social-power argument sometimes maintain that the democratic deficit can be compensated for by consulting the stakeholdersaffected. Against this, I will argue that the social power argument has nothing to offer affected parties. Still, it will be shown that moderntheory on corporate social responsibility is not well accommodated to the democratic deficit as revealed by the social power argument. (shrink)

Preferences play a role in well-being that is difficult to escape, but whatever authority one grants to preferences, their malleability seems to cause problems for any theory of well-being that employs them. Most importantly, preferences appear to display a status-quo bias: people come to prefer what they are likely rather than unlikely to get. I try to do two things here. The first is to provide a more precise characterization of the status-quo bias, how it functions, and how it infects (...) commonly accepted theories of well-being. The second is to give an alternative characterization of an agent's preferences that succeeds in avoiding the status-quo bias. (shrink)

Child poverty is one of the biggest challenges of today, harming millions of children. In this book, it is investigated from a philosophical social justice perspective, primarily in the context of modern welfare states. Based on both normative theory (particularly the capability approach) and empirical evidence, the authors identify the injustices of child poverty, showing how it negatively affects the well-being of children as well as their whole life course. But child poverty is not 'given by nature'. It is avoidable (...) and there is certainly the moral duty to alleviate it. Therefore, Graf and Schweiger develop a normative theory of responsibilities, which clarifies the moral role of different agents in the poor child's environment: the family, the state and many others, that have so far been neglected in philosophical theories. They conclude their book by sketching how their theory can be extended to global child poverty and what it means to show equal respect and concern for every child - no matter where and in which context they were born. (shrink)

This is a comprehensive anthology of works concerning the nature of economics as a science, including classic texts and essays exploring specific branches and schools of economics. Apart from the classics, most of the selections in the third edition are new, as are the introduction and bibliography. No other anthology spans the whole field and offers a comprehensive introduction to questions about economic methodology.

There are roughly two philosophical literatures on “happiness,” each corresponding to a different sense of the term. One uses ‘happiness’ as a value term, roughly synonymous with well-being or flourishing. The other body of work uses the word as a purely descriptive psychological term, akin to ‘depression’ or ‘tranquility’. An important project in the philosophy of happiness is simply getting clear on what various writers are talking about: what are the important meanings of the term and how do they connect? (...) While the “well-being” sense of happiness receives significant attention in the contemporary literature on well-being, the psychological notion is undergoing a revival as a major focus of philosophical inquiry, following on recent developments in the science of happiness. This entry focuses on the psychological sense of happiness (for the well-being notion, see the entry on well-being). The main accounts of happiness in this sense are hedonism, the life satisfaction theory, and the emotional state theory. Leaving verbal questions behind, we find that happiness in the psychological sense has always been an important concern of philosophers. Yet the significance of happiness for a good life has been hotly disputed in recent decades. Further questions of contemporary interest concern the relation between the philosophy and science of happiness, as well as the role of happiness in social and political decision-making. (shrink)

In this dissertation, I argue that all extant theories of prudential value are either a) enumeratively deficient, in that they are unable to accommodate everything that, intuitively, is a basic constituent of prudential value, b) explanatorily deficient, in that they are at least sometimes unable to offer a plausible story about what makes a given thing prudentially valuable, or c) both. In response to the unsatisfactory state of the literature, I present my own account, the Disjunctive Hybrid Theory or DHT. (...) DHT answers to and remedies each of the above inadequacies in a way that no other approach can. This account has the following general structure:Disjunctive Hybrid Theory (DHT): Thing x is basically good for person P if and only if x is either a) cared about (sufficiently and in the right way) by P, b) a bearer of (the right kind of) attitude-independent value, or c) both.Although it follows other recent accounts in combining elements from objective and subjective theories, DHT is a hybrid theory of a quite new kind. This is because it denies both subjective necessity (the constraint that, if thing x is to be basically good for person P, P must have some pro-attitude toward x) and objective necessity (the constraint that, if thing x is to be basically good for person P, x must have some attitude-independent value). I argue that the rejection of both necessity claims is called for if we are to move beyond the enumerative and explanatory limitations of existing accounts.I begin by outlining the general structure of DHT. I then argue, against various recent authors, that desire-satisfactionism remains the most appealing subjectivist approach to prudential value, in that it is best able to capture the central subjectivist insight. This insight is that a person can confer prudential value upon things by caring about them (sufficiently and in the right way). The subjectivist strand of DHT will thus be a version of desire-satisfactionism, which must be interpreted in line with what I call the object, as opposed to the combo, view. I move on to further motivate and develop the second, objectivist strand of DHT. This part of the theory involves a commitment to robustly attitude-independent prudential goods. I close by addressing some puzzles for the theory, and considering some of its more specific applications. (shrink)

The paper argues that the notion of Pareto efficiency builds on two normative assumptions: the more general consequentialist norm of any efficiency criterion, and the strong no-harm principle of the prohibition of any redistribution during the economic process that hurts at least one person. These normative concerns lead to a constrained and static notion of efficiency in mainstream economics, ignoring dynamic efficiency gains from more equal allocations of resources. The paper argues that a weak no-harm principle instead provides an endogenous (...) efficiency criterion, which shifts attention away from equilibrium analysis in hypothetically perfect markets towards an evolutionary analysis of efficiency in real-world, non-equilibrium markets. Moreover, such an evolutionary notion of efficiency would be less normative than the Paretian concept. (shrink)

Este artículo investiga la posible justificación de derechos culturales dentro del marco teórico del enfoque en las capacidades. El enfoque no se opone en principio a esta justificación, pero establece restricciones significantes, y correspondientemente, no es compatible con las demandas multicultur..