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)

It can be hard to see where money fits in the world. Money seems both real and imaginary, since it has obvious causal powers, but is also, just as obviously, something humans have just made up. Recent philosophical accounts of money have declared it to be real, but for very different reasons. John Searle and Francesco Guala disagree over whether money is just whatever acts like money, or just whatever people believe to be money. In developing their accounts of institutions (...) as a part of social reality, each uses money as a paradigm institution, but they disagree on how institutions exist. Searle argues that the institution of money belongs to an ontological level separate from the physical world, held up by the collective intentions of a group, while Guala claims that money is a part of the ordinary physical world and is just whatever performs a “money-like function” in a group, regardless of what that group believes about it. Here, we argue that any purely functional account like Guala’s will be unable to capture the distinctive phenomenon of money, since monetary transactions are defined by the attitudes transactors hold toward them. Money will be obscured or misidentified if defined functionally. As we go on to show by examining recent work by Smit et al., belief in money does not require taking on all of Searle’s ontological commitments, but money and mental contents will stand or fall together. (shrink)

This paper uses structural analogies to competing political philosophies of human society as a heuristic tool to differentiate between ecological theories and to bring out new aspects of apparently well-known classics of ecological scholarship. These two different areas of knowledge have in common that their objects are ‘societies’, i.e. units composed of individuals, and that contradictory and competing theories about these supra-individual units exist. The benefit of discussing ecological theories in terms of their analogies to political philosophies, in this case (...) liberalism, democratism and conservatism, consists in the fact that political philosophies show clear differences and particularities as regards their approach to the concepts of individuality and intentional action. The method therefore helps to expose peculiarities of ecological theories that are usually considered canonical, as well as hybrid forms, and to differentiate between two different types of theories about functional wholes. The basis of this method is the constitutional-theoretical premise that modern paradigms of socialization structure the ecological discourse. (shrink)

This paper traces the historical roots of some of our current preoccupations with the ethics of business. Its central argument is that many of the contemporary criteria that we use to evaluate the ethics of business are not new; rather, they date back several centuries. This paper illustrates this thesis by comparing historical and contemporary discussions of three sets of issues: the relationship between ethics and profits, the relationship between private gain and the public good and the tension between the (...) results of capitalism and the intentions of businessmen.The fact that these tensions are inherent in the nature of capitalism, if not in human nature itself, does not make our contemporary concerns or standards any less valid. On the contrary, it underlies their significance. Contemporary discussions of business ethics constitute part of an ongoing moral dialogue with both deep secular and religious roots. (shrink)

The paper points out that Adam Smith’s famous argument about the “invisible hand” (IH) of markets can be inverted. While the IH argument suggests that the baker and butcher do what is in their costumers’ interests not because they care for their costumers, but out of their own self-interest, one can also defend the converse claim: if one cares for other people and finds a way to satisfy their needs, one can expect that those others will be willing to pay (...) for the satisfaction of their needs. The paper argues that the IH argument has a strong link to the view that the ultimate goal of management should be “profit maximization” and to neo-liberalism’s tenet that in a market economy where companies attempt to maximize profits, a “socially optimal” allocation will be achieved. It is argued, however, that profit maximization is well-defined only within a mathematical model, while real-world decision-making requires one to choose the “relevant set” of options before any assessment of associated profits can be attempted. “Profit maximization” is therefore characterized as a heuristic for managerial decision-making, and it is pointed out that it is by no means essential for management to be successful and sustainable. The inverse IH argument supports natural alternatives, such as Prahalad and Hart’s “bottom-of-the-pyramid” and Yunus’s “social entrepreneurship” approach. Both require the manager to focus on people’s needs first, and regard the “money-making” aspect as secondary. (shrink)

Other-perspective taking, distancing, time discounting as well as risk and loss aversion highly affect decision-making. Even though they influence each other, so far these cognitive processes have been unrelated or only partly related to each other in neuroscience. This article proposes a philosophical interpretation of these cognitive processes that is elaborated in the updated theory of Adam Smith’s prudence. The UTSP is inspired by Smith’s account of prudence and is in line with the neuroscientific and behavioral studies on OPT, distancing, (...) time discounting as well as risk and loss aversion. The UTSP represents a framework aiming to interpret and connect these cognitive processes and providing a consistent and empirically sound account of a “Smithianly” prudent style of decision-making. The two pillars of the UTSP are the shift of perspective in space and time and loss aversion. On the basis of this theory, a normative updated theory of Smithian prudence is outlined. The latter is useful for moral philosophy for two reasons: firstly, according to preliminary evidence, it is effective in guiding the agent in decisional contexts in which her well-being is at stake and she can affect other people with her actions. Secondly, since the NUTSP is based on neuroscientific findings on decision-making, it has a sound empirical basis that prevents a source of alienation for the agent. (shrink)

This paper discusses the thought of the medieval Maghrebin thinker Ibn Khaldun through the prism of the philosophy and sociology of law and politics. I will first try to illustrate how, even if Ibn Khaldun wrote in the fourteenth century, he anticipated many core concepts that are characteristic of modern Western sociological and philosophical thought. The argument is thus made that his thought can, and indeed must, be rescued from the wide neglect that, outside the specialized field of Khaldunian studies, (...) it has so far suffered in our treatment and teaching of the history of politico-legal sociological thought. I will then claim that the scheme he devised to explain the rise and fall of civilizations can also, with due care, be used to frame and understand the political and cultural landscape in which the West and the Islamic world are presently engaged in a difficult dialogue. The discussion is in this sense offered in the hope of making a contribution to the current politico-legal philosophical and sociological debate on multiculturalism, and on the limits of its scope. (shrink)

The broad spectrum revolution brought greater dependence on skill and knowledge, and more demanding, often social, choices. We adopt Sterelny's account of how cooperative foraging paid the costs associated with longer dependency, and transformed the problem of skill learning. Scaffolded learning can facilitate cognitive control including suppression, whereas scaffolded exchange and trade, including inter-temporal exchange, can help develop resolve.

Most aspects of the current crisis regarding society-biosphere interactions can be attributed to the knowledge strategy adopted by contemporary universites. The artificial separation of science, technology, and society in separate faculties makes it very difficult for teaching staff and students to cross their boundaries. It is argued that STS, with its emphasis on transdisciplinarity, can help to ameliorate this crisis by providing an integrated learning experience. To do this, however, STS has to restructure itself to overcome the limitations imposed by (...) the knowledge strategy of the contemporary university. (shrink)

This article is based on the general introduction and the opening sections of chapters 1 and 2 from the author's book,Living in the Labyrinth of Technology. It revisits the process of industrialization as having a dual component: people changing technology and technology changing people. The latter is almost universally overlooked and provides a different perspective.

In recent years, a number of authors have used gametheoretic reasoning to explain why purely self-interested agentswould ever conform their economic activities with the requirements of justice, when by doing so they forego opportunities to reapunilateral net gains by exploiting others. In this paper, I argue that Hume's justification of honest economic exchanges between self-interested agents in the Treatise foreshadows this contemporary literature. Hume analyzes the problem of explaining justice in self-interested economic exchange as a problem of agents coordinating on (...) a pattern of reciprocal cooperation, as opposed to some other behavioral pattern such as reciprocal exploitation, in exchanges repeated over time. Hume's arguments anticipate informally thecontemporary interpretation of just economic practices as forming part of an equilibrium of a repeated game. I close the paper by arguing that Hume does not provide a satisfactory explanation of how the mutual expectations that support justice in economic exchange arise in a community of self-interested agents. The problem Hume leaves unsolved is one of equilibrium selection, that is: Why do agents follow an equilibrium corresponding to just economic exchanges rather than some other equilibrium corresponding to unjust exchanges? I also argue that contemporary game theory still lacks a satisfactory theory of equilibrium selection, but that such a theory would lead us closer to a satisfactory Humean reconciliation of justice and self-interest in economic exchange. (shrink)

In recent years, a number of authors have used gametheoretic reasoning to explain why purely self-interested agentswould ever conform their economic activities with the requirements of justice, when by doing so they forego opportunities to reapunilateral net gains by exploiting others. In this paper, I argue that Hume's justification of honest economic exchanges between self-interested agents in the Treatise foreshadows this contemporary literature. Hume analyzes the problem of explaining justice in self-interested economic exchange as a problem of agents coordinating on (...) a pattern of reciprocal cooperation, as opposed to some other behavioral pattern such as reciprocal exploitation, in exchanges repeated over time. Hume's arguments anticipate informally thecontemporary interpretation of just economic practices as forming part of an equilibrium of a repeated game. I close the paper by arguing that Hume does not provide a satisfactory explanation of how the mutual expectations that support justice in economic exchange arise in a community of self-interested agents. The problem Hume leaves unsolved is one of equilibrium selection, that is: Why do agents follow an equilibrium corresponding to just economic exchanges rather than some other equilibrium corresponding to unjust exchanges? I also argue that contemporary game theory still lacks a satisfactory theory of equilibrium selection, but that such a theory would lead us closer to a satisfactory Humean reconciliation of justice and self-interest in economic exchange. (shrink)

Emotions that are motivated by self-interest, such as jealousy, pride, and revenge, are considered to be vices. We examine the long-term consequences of such states, and suggest that, in addition to promoting immediate individual rewards, they may ultimately function to enhance collective well-being and, as such, contribute importantly to the stability of moral systems.

J. S. Mill's role as a transitional figure between classical and egalitarian liberalism can be partly explained by developments in his often unappreciated economic views. Specifically, I argue that Mill's separation of economic production and distribution had an important effect on his political theory. Mill made two distinctions between economic production and the distribution of wealth. I argue that these separations helped lead Mill to abandon the wages-fund doctrine and adopt a more favorable view of organized labor. I also show (...) how Mill's developments impacted later philosophers, economists, and historians. Understanding the relationship between Mill's political theory and economic theory does not only matter for Mill scholarship, however. Contemporary philosophers often ignore the economic views of their predecessors. I argue that paying insufficient attention to historical political philosophers' economic ideas obscures significant motivations for their political views. (shrink)

As each individual abandons himself to the solicitous aid of the State,so, and still more, he abandons to it the fate of his fellow-citizens.Wilhelm Von Humboldt,On the Limits of State Action.

Energy forms and their extensive scale are remarkably significant for the ways that societies are organized. This article shows the importance of how societies are ‘energized’ and especially the global growth of ‘fossil fuel societies’. Much social thought remains oblivious to the energy revolution realized over the past two to three centuries which set the ‘West’ onto a distinct trajectory. Energy is troubling for social thought because different energy systems with their ‘lock-ins’ are not subject to simple human intervention and (...) control. Analyses are provided here of different fossil fuel societies, of coal and oil, with the latter enabling the liquid, mobilized 20th century. Consideration is paid to the possibilities of reducing fossil fuel dependence but it is shown how unlikely such a ‘powering down’ will be. The author demonstrates how energy is a massive problem for social theory and for 21st-century societies. Developing post-carbon theory and especially practice is far away but is especially urgent. (shrink)

How do managers think about the relationship between the pursuit of economic success and ethical demands? This paper presents the main results of a qualitative-empirical study (Ulrich and Thielemann, 1992). The range of thinking patterns displayed by Swiss managers in this field of tension is elucidated and typologized. The results are then compared with those yielded by other studies on managerial ethics. Although the comparisons reveal essential parallels, the findings of previous investigations are interpreted in a considerably different manner. In (...) particular it is shown that, on the strength of a systematic conception of the fundamental problem of business ethics, the frequently heard assertion that the vast majority of managers are ethical opportunists must be revised. The internationally prevailing thinking pattern among managers does not prove to be ethical opportunism or even cynicism buteconomism, i.e. theethical conviction that economically appropriate actionin itself is ethically good as such. (shrink)

Modern digital technologies create new living conditions, but they themselves depend on the socio-cultural context of their development and use. In this regard, it seems important and necessary to talk about socio-cultural engineering - the systematization of knowledge, practices of development, examination and implementation of projects related to the transformation of social reality and the socialization of the individual. SCI is able to create a new situation as a framework for integration, convergence and comprehension of these plans. In this case, (...) digitalization can not only generate problems, but can also provide a platform for solving these problems. The topical task is the systematization of the study, interpretation and positioning of the interdisciplinary complex of SCI. The solution of this task includes substantiation of the methodology and positioning of interdisciplinary studies, as well as the substantiation of the methodology and the institutionalization of a complex humanitarian expertise. (shrink)

Economic analysis identifies comparative, rather than absolute, advantage as the basis of international trade, a distinction first thought to have been clearly made by David Ricardo in his Principles of Political Economy and Taxation . Adam Smith's Wealth of Nations is thought to have failed to make this distinction, instead treating foreign trade principally as a “vent” for surplus domestic produce. However, Smith's underlying argument in favour of a “system of natural liberty” made his name synonymous with open seas and (...) free markets, and the economist most closely linked to free trade. This paper suggests that Smith advanced a rather more sophisticated analysis of the gains from trade than this textbook understanding would suggest, but that his line of reasoning has long been obscured by the long-established habit of reading Wealth of Nations as a work whose first two books contain the important analytical elements that the later books merely elaborate. It is demonstrated that Smith's analysis of the gains from trade derives from his discussion of capital, and that therefore a reader needs to begin at the end of Book II, and not with the principles of exchange outlined in Book I. (shrink)

According to Ernst Cassirer, the transition from the concept of substance to that of mathematical function as a guide of knowledge coincided with the end of ancient and the beginning of modern theoretical thought. In the first part of this article we argue that a similar transition has also taken place in the practical sphere, where mathematical function occurs in one of its specific forms, which is that of the algorithm concept. In the second part we argue that with the (...) rise of modernity the idea of substance and the related concepts of category and classification, which are deeply embedded in western culture, have not been totally supplanted by that of function. The intertwining of the concepts of substance and function has generated contradictory hybrids. These hybrids are used as a key for the understanding of the different repercussions of algorithmic logic on society in terms of social integration. (shrink)

The number of women occupying male-dominated blue-collar jobs continues to be very low. This study examines segregation in the blue-collar trades, taking into consideration both structural and individual factors. Using nationally representative data for 25 countries, the study shows that segregation in the blue-collar sector does not vary with the strength of vocational education and training programs. At the individual level, findings reveal higher degrees of social reproduction among working-class families, but parental background alone does not fully account for the (...) gender composition of the sector in which children end up working. Overall, the findings point to the existence of a socializing mechanism that entrenches horizontal segregation in the blue-collar sector. The study indicates that to reduce segregation in the blue-collar fields, policies must address this prior mechanism, both at the structural and individual level. (shrink)

This paper challenges Richard Pring's suggestion that parents using private education may be undermining the desire for social justice and equality, using recent arguments of Adam Swift as a springboard. Swift's position on the banning of private schools, which uses a Rawlsian ‘veil of ignorance’ argument, is explored, and it is suggested that, if equality of opportunity is a major aim, it does not go far enough by permitting parental partiality. If the only alternative is a Platonic state, then this (...) may be acceptable. But a neglected third scenario, drawing on the insights of Adam Smith, shows ‘self‐love’ to be a valuable social virtue, leading to a more favourable resolution of the ‘paradox of the shipwreck’ than that explored by Swift. Pointers are given to evidence from developing countries and a more detailed ‘veil of ignorance’ argument to support this case. (shrink)

This paper challenges Richard Pring’s suggestion that parents using private education may be undermining the desire for social justice and equality, using recent arguments of Adam Swift as a springboard. Swift’s position on the banning of private schools, which uses a Rawlsian ‘veil of ignorance’ argument, is explored, and it is suggested that, if equality of opportunity is a major aim, it does not go far enough by permitting parental partiality. If the only alternative is a Platonic state, then this (...) may be acceptable. But a neglected third scenario, drawing on the insights of Adam Smith, shows ‘self-love’ to be a valuable social virtue, leading to a more favourable resolution of the ‘paradox of the shipwreck’ than that explored by Swift. Pointers are given to evidence from developing countries and a more detailed ‘veil of ignorance’ argument to support this case. (shrink)

In his late unfinished work on aesthetic theory, Adam Smith develops the concept of rythmus to explore such arts as music, dance and poetry. Smith argues that rythmus communicates emotion in a very specific way. For Smith, narrative arts, such as drama or the novel, predominately seek to recreate or represent in the minds of their readership or audience the emotions of the characters that are portrayed. But what we experience through rythmus, by contrast, is an original, and not a (...) sympathetic, feeling. Rythmus is the communicative medium of a paradoxical mode of collective feeling in which each person feels his or her own emotions, and yet all feel the same thing; in which social being is at once non-fungible and shared. (shrink)

Bastiat is widely acknowledged as the most effective advocate of free markets, but his status as an economist is widely denied even by prominent Austrian economists who share his literary style and support for liberty. In particular, his theories of value and exchange have been attacked as a labor theory of value. Bastiat is exonerated here from these charges and is shown to fully oppose objective theories of value and to fully endorse the gains from free exchange. In addition, Bastiat (...) viewed economics as a science based on deductive reasoning and he vehemently opposed the use of mathematics. He thus was an important precursor of the Austrian school of economics.Bastiat est très reconnu comme étant le défenseur le plus éloquent du libre marché. Cependant, son statut en tant qu’économiste est amplement nié, et ce, même par les économistes Autrichiens éminents qui sont en accord avec son style littéraire et sa défense de la liberté. En particulier, ses théories de la valeur et de l’échange, considérées comme participant de la théorie de la valeur-travail, ont fait l’objet de critiques. Cet article exonère Bastiat de ces critiques et démontre que ses théories s’opposent radicalement aux théories objectives de la valeur : Bastiat avait une compréhension parfaite des gains découlant des échanges libres. De plus, Bastiat envisageait l’économie comme une science reposant sur un raisonnement déductif et s’opposait résolument à l’emploi des mathématiques. En ce sens, il était un précurseur important de l’école Autrichienne d’économie. (shrink)

ABSTRACT We examine the influence of neo-liberalism in re-shaping the accountability of five professional groups (accountants, solicitors, social workers, nurses and doctors) and its consequence for their CPD policies. Documentary analysis and Quarterly Labour Force Survey data (n=31,260) from the 1990s to the present are integrated in a comparative method which examines whether changes are specific to a profession or represent more general patterns. Using complementary theories from neo-liberal economics and the sociology of professionalism, we show how regulatory oversight has (...) altered accountabilities. Its consequences for the autonomy of professions and individuals in determining CPD requirements differ amongst the five groups, mediated by status, public concern, regulator activism and, possibly, alignment with the financial sector. Efficiency and equity are analysed using theories of professional learning and human capital. Wider economic conditions influence the incidence of CPD with recent years showing declining participation; we also show changes in ?what counts? as CPD and its greater integration with performance management. Findings on selected equity criteria are also reported. Some regulators are becoming more specific about the content of CPD, while others are defining what constitutes good practice and requiring its use in planning CPD. Greater attention is being given to issues of ethics and probity. (shrink)

The chemist and philosopher Michael Polanyi (1891–1976) is today recognized as one of the most important twentieth-century thinkers about scientific knowledge and scientific community. Yet Polanyi's philosophy of science exhibits an unresolved tension between science as a traditional community and science as an intellectual marketplace. Binding together these different models was important for his overall intellectual and political project, which was a defense of bourgeois liberal order. His philosophy of science and his economic thought were mutually supporting elements within this (...) political project. Polanyi's intellectual corpus formed a contradictory unity, the tensions within which were manageable only under particular historical conditions. His attempt to hold together traditional authority and the free market fit with, and derived plausibility from, the social conditions under which his philosophical work came to maturity: Keynesian class compromise and surviving habits of social deference within postwar Britain. (shrink)

The central problem in Geary's theory is how differences are conceptualized. Recent research has shown that between-sex differences on certain tasks are a consequence of averaging within sex differences. A mixture distribution models between-sex differences on several tasks well and does not appear congenial to a sexual-selection perspective.

Mainstream environmental ethics grew out of an approach to value that was rooted in a particular conception of rationality and rational choice. As weaknesses in this approach have become more evident, environmental philosophers have experimented with both virtue ethics and with pragmatism as alternative starting points for developing a more truly ecological orientation to environmental philosophy. However, it is possible to see both virtue ethics and pragmatism as emerging from older philosophical traditions that are here characterized as “agrarian.” Agrarian philosophy (...) stresses the role of nature, soil and climate in the formation of moral character as well as social and political institutions. As such, reaching back to the agrarian tradition may provide a way to move forward with both virtue oriented themes as well as pragmatist themes in developing ecological ethics. (shrink)

Research Articles Fernando R. Tesón, Social Philosophy and Policy, FirstView Article.

Historically, republicans were of different minds about markets: some, such as Rousseau, reviled them, while others, like Adam Smith, praised them. The recent republican resurgence has revived this issue. Classical liberals such as Gerald Gaus contend that neo-republicanism is inherently hostile to markets, while neo-republicans like Richard Dagger and Philip Pettit reject this characterization—though with less enthusiasm than one might expect. I argue here that the right republican attitude toward competitive markets is celebratory rather than acquiescent and that republicanism demands (...) such markets for the same reason it requires the rule of law: because both are essential institutions for protecting individuals from arbitrary interference. I reveal how competition restrains—and in the limit, even eradicates—market power and thereby helps us realize “market freedom,” i.e., freedom as non-domination in the context of economic exchange. Finally, I show that such freedom necessitates “Anglo-Nordic” economic policies. (shrink)

I have provided evidence that Geary's model does not explain male dominance in spatial abilities by sexual selection. The current literature concerning the relations of nonverbal IQ to testosterone, hand preference, and right- and left-hand skill, as well as the organizing effects of testosterone on cerebral lateralization during the perinatal period, does not support Geary's arguments.

We investigate the extent to which perceptions of the authenticity of supervisor’s personal integrity and character (ASPIRE) moderate the relationship between people’s love of money (LOM) and propensity to engage in unethical behavior (PUB) among 266 part-time employees who were also business students in a five-wave panel study. We found that a high level of ASPIRE perceptions was related to high love-of-money orientation, high self-esteem, but low unethical behavior intention (PUB). Unethical behavior intention (PUB) was significantly correlated with their high (...) Machiavellianism, low self-esteem, and low intrinsic religiosity. Our counterintuitive results revealed that the main effect of LOM on PUB was not significant, but the main effect of ASPIRE on PUB was significant. Further, the significant interaction effect between LOM and ASPIRE on unethical behavior intention provided profoundly interesting findings: High LOM was related to high unethical behavior intention for people with low ASPIRE, but was related to low unethical intention for those with high ASPIRE. People with high LOM and low ASPIRE had the highest unethical behavior intention; whereas those with high LOM and high ASPIRE had the lowest. We discuss results in light of individual differences, ethical environment, and perceived demand characteristics. (shrink)

In the third volume of the History of England, David Hume considers the political ramifications of the Protestant reformation with a “Digression concerning the ecclesiastical state.” He advocates the establishment of a state church, believing it will dampen religious “enthusiasm” in the polity. Unlike later secularization theorists, Hume assumes an intractable basis for religion in the human passions. Tensions in Hume’s “cooptation” strategy are evident from Adam Smith’s famous attack upon it in section five of The Wealth of Nations, and (...) in Hume’s own treatment of seventeenth century independency in the fifth volume of the History. Smith argues that public competition among sects facilitates political moderation. In History V Hume stresses the positive role of enthusiasm in fostering civil liberty. This article traces Hume’s indecision to his “external” mode of moral and historical analysis, arguing that a secular policy on religion cannot proceed fruitfully without engaging the theological particulars of the religions at issue. (shrink)

This paper will show that if we take conventional ethics seriously, then there is no moral justification for business profits. To show this, we explore three conventional ethical theories, namely Christian ethics, Kantian ethics and Utilitarian ethics. Since they essentially reject self-interest, they also reject the essence of business: the profit motive. To illustrate the relationship, we will concretize how the anti-egoist perspective expresses itself in business and business ethics. In business, we look at what many businesses regard as proof (...) of their virtue. In business ethics, we look at what many business ethicists say about the relationship between morality and self-interest and, thus, the profit motive. Ultimately, we will argue that conventional ethics can, at most, only justify the means of business, but not the end of business. (shrink)

Rational outcomes of a social system do not necessarily require its individual participants to be rational. In macro systems, aggregate properties distinct from the behavior of their micro level components can emerge through complex interactions. Caution in building social sciences on assumption of methodological individualism seems appropriate.

This paper proposes a concept of intentional cooperation for mutual benefit. This concept uses a form of team reasoning in which team members aim to achieve common interests, rather than maximising a common utility function, and in which team reasoners can coordinate their behaviour by following pre-existing practices. I argue that a market transaction can express intentions for mutually beneficial cooperation even if, extensionally, participation in the transaction promotes each party’s self-interest.

The authors argue that a free market paradigm facilitates wealth creation but does little to distribute that wealth in a just manner. In order to achieve the social goal of distributive justice, the concept of a fair market is introduced and explored. The authors then examine three drivers that can help improve the lives of all people, especially the poor: civil society, its institutions, and business. After exploring the roles these drivers might play in developing fair markets, we describe three (...) enablers that serve as catalysts for change: the effects of globalization, the impact of technology, and the emergence of entrepreneurial activity. We conclude by making recommendations for establishing fair markets and provide exemplars of two firms that embody the arguments made in the article. (shrink)

This paper considers the debate between economists and philosophers about the role of values in economic analysis by examining the recent debate between Hilary Putnam and Sir Partha Dasgupta. It argues that although there has been a failure to communicate there is much more agreement than it seems. If Dasgupta's work is seen as part of the methodological tradition expounded by John Stuart Mill and John Neville Keynes, economists and philosophers will have a better basis for understanding each other. Unlike (...) the logical-positivist tradition, which treats facts and values as two mutually exclusive concepts, the Mill- Keynes tradition recognizes that facts and values are intertwined. Unlike the Smithian tradition, which blends the study of facts and normative rules, it divides economics into a science that studies "what is" and an art which considers "what ought to be done". (shrink)

Metaphors are found all throughout science: in published papers, working hypotheses, policy documents, lecture slides, grant proposals, and press releases. They serve different functions, but perhaps most striking is the way they enable understanding, of a theory, phenomenon, or idea. In this paper, we leverage recent advances on the nature of metaphor and the nature of understanding to explore how they accomplish this feat. We attempt to shift the focus away from the epistemic value of the content of metaphors, to (...) the epistemic value of the metaphor’s consequences. Many famous scientific metaphors are epistemically good, not primarily because of what they say about the world, but because of how they cause us to think. Specifically, metaphors increase understanding either by improving our sets of representations, or by making it easier for us to encode and process data about complex subjects by changing how we are disposed to conceptualize those subjects. This view hints towards new positions concerning testimonial understanding, factivity, abilities, discovery via metaphor, and the relation between metaphors and models. (shrink)

In this article, we first provide evidence that Scandinavian contributions to stakeholder theory over the past 50 years play a much larger role in its development than is presently acknowledged. These contributions include the first publication and description of the term “stakeholder”, the first stakeholder map, and the development of three fundamental tenets of stakeholder theory: jointness of interests, cooperative strategic posture, and rejection of a narrowly economic view of the firm. We then explore the current practices of Scandinavian companies (...) through which we identify the evidence of relationships to these historical contributions. Thus, we propose that Scandinavia offers a particularly promising context from which to draw inspiration regarding effective company-stakeholder cooperation and where ample of examples of what is more recently referred to as “creating shared value” can be found. We conclude by endorsing the expression “Scandinavian cooperative advantage” in an effort to draw attention to the Scandinavian context and encourage the field of strategic management to shift its focus from achieving a competitive advantage toward achieving a cooperative advantage. (shrink)