Economics and the Limits of Optimization: Steps Towards Extending Bernard Hodgson’s <Emphasis Type=Italic>Moral Science</Emphasis>

In this essay, my point of departure is Bernard Hodgson’s analysis of neo-classical economic theory and his demonstration that neo-classical economic thought is already a branch of normative theory. I undertake to broaden the demonstration by showing that other contemporary conceptions of economics are also irreducibly normative. The essay begins with an overview of Hodgson’s argument strategy, and a discussion of his thesis that economics is a moral science. This illustrates in what way moral presuppositions are at play as core principles that both positivist and normativist economics take for granted. My strategy is to show that alternative conceptions of economics, in particular Schumpeterian accounts of evolution/innovation, and orthodox versions of ecological economics, share with classical and neo-classical economics normative assumptions about the common good, extending Hodgson’s thesis to one about moral science. For then these assumptions (both moral and scientific) commit economics to unworkable notions of social and environmental optimization that ignore the pure historical contingency of physical, economic, social and cultural conditions. It is concluded that the relationship between facts and values must be fundamentally retheorized.     

The Elephant in the Room: On the Absence of Corporations in Bernard Hodgson’s <Emphasis Type=Italic>Economics as a Moral Science</Emphasis>

In his book Economics as a Moral Science, Bernard Hodgson argues that economics is not value neutral as is often claimed, but is a value-laden discipline. In the long argument for this in his book, Hodgson never discusses or even mentions corporations. This article explains that corporations are absent from Hodgson’s discussion because he considers only the consumption side of general equilibrium theory (GET), and it shows that if Hodgson had included corporations and the production side, his overall argument would have been more complete and convincing. This article shows that Hodgson’s methodology, when applied to the production side of GET, has value implications for CEOs of large corporations, for shareholders and members of Boards of Directors, and for legislators and regulators of business. Hodgson’s claim that economics must consider the ability of economic agents to create or change the institutional, cultural, and organizational conditions of their own economic actions is supported and expanded.     

What does “entrepreneurship” data <Emphasis Type="Italic">really</Emphasis> show?

In this paper, we compare two datasets designed to measure entrepreneurship: The Global Entrepreneurship Monitor (GEM) dataset and the World Bank Group Entrepreneurship Survey (WBGES) dataset. We find a number of important differences when the data are compared. First, GEM data tend to report significantly higher levels of early stage entrepreneurship in developing economies than do the World Bank business entry data, while the World Bank business entry data tend to be higher than GEM data for developed countries. Second, we find that the magnitude of the difference between the datasets across countries is related to the local institutional and environmental conditions for entrepreneurs, after controlling for levels of economic development. Our findings suggest that entrepreneurs in developed countries have greater ease and incentives to incorporate, both for the benefits of greater access to formal financing and labor contracts, as well as for tax and other purposes not directly related to business activities.

<Emphasis Type="Italic">CLAB Europa</Emphasis> – The European Database on Unfair Terms in Consumer Contracts

Despite its great potential for being a valuable research tool for practitioners and academics dealing with European comparative law, CLAB Europa, the publicly accessible electronic database on unfair terms in consumer contracts, has largely been ignored to date. The database’s wealth of data and its sophisticated query functions allow useful conclusions regarding the use of and the case law on standard terms in consumer contracts from both a national and a Community law perspective. This is illustrated by statistical analyses of parts of the CLAB data set. However, there are also shortcomings with regard to the quality and the presentation of the data which have to be overcome in order to make full use of the potential of CLAB.     

<Emphasis Type="Italic">In</Emphasis>flexible Wages and Prices? Evidence in the Current Recession

The 2008/9 recession period brought the most massive and quickest response of fiscal and monetary policy in modern economic history. At the same time, small businesses (that produce half of private GDP) exhibited the most rapid adjustments in wages, prices, and inventories recorded in the past 35 years of data collected by the National Federation of Independent Business. The notion of “sticky” wages and prices plays a key role in arguments favoring government intervention to rebalance supply and demand for labor and output. The faster wages and prices (and therefore employment and output) adjust to a “shock” to the economy, the less the need for government intervention.     

<Emphasis Type="Italic">» Marketing im Spannungsfeld der Healthcare-Branche «</Emphasis>

Interview

? Marketing im Spannungsfeld der Healthcare-Branche ?     

<Emphasis Type="Italic">» Der Einkauf muss sich am Kunden orientieren «</Emphasis>

Interview

? Der Einkauf muss sich am Kunden orientieren ?     

<Emphasis Type="BoldItalic">» Emerging markets are becoming core business for multinationals «</Emphasis>

INTERVIEW

? Emerging markets are becoming core business for multinationals ?     

Rebuilding Trust: Ireland’s CSR Plan in the Light of <Emphasis Type="Italic">Caritas in Veritate</Emphasis>

This paper seeks to contribute to the discussion on national corporate social responsibility (CSR) plans from the perspectives of the three logics as articulated in Caritas in Veritate, by using the Irish national CSR plan as an example. Good for Business, Good for the Community: Ireland’s National Plan on Corporate Social Responsibility 2014–2016 maintains that CSR activities can enable organisations to build relationships and trust with communities. One of the consequences of the 2008 financial crisis was the decrease in trust in banking systems and in business more broadly. It is well recognised that relationships of trust are essential to the life of the market, the state and civil society. Pope Emeritus Benedict XVI’s Caritas in Veritate contends that corresponding to the life of the market, the state and civil society are three logics: the logic of exchange (i.e. giving to acquire), the logic of public obligation (i.e. giving through duty) and the logic of gift (i.e. giving due to solidarity). This paper proposes that the normative framework of the three logics of Caritas in Veritate can be read into the Irish national CSR plan. This paper argues that the examples of CSR initiatives proffered by the plan could point organisations in the direction of the logic of gift and therefore enable the rebuilding of relationships of trust with citizens and communities.     

<Emphasis Type="Italic">» Luxury Stocks – Luxusmarken aus Sicht des Finanzmarkts «</Emphasis>

Interview

? Luxury Stocks – Luxusmarken aus Sicht des Finanzmarkts ?     

<Emphasis Type="BoldItalic">» Nutzung von Customer Insights zur Entwicklung erfolgreicher Apps «</Emphasis>

Interview

? Nutzung von Customer Insights zur Entwicklung erfolgreicher Apps ?     

Serie → Nursing English <Emphasis Type="Bold">Was haben Sie gesagt,Schwester?</Emphasis>

Zusammenfasung   Die Kommunikation mit Patienten aller Altersstufen kann schwierig sein, wenn diese schwerh?rig sind. Und wenn Patienten noch dazu ?lter und eventuell verwirrt sind, dann wird die Kommunikation im Krankenhaus noch komplizierter. Heute erfahren Sie, wie man mit der Situation umgehen kann, wenn Ihr Patient nur Englisch spricht. N?chster Kurs für das Auffrischen Ihrer Pflegeenglischkenntnisse: 17.12.2008 – „English*Practice*Reflection”     

<Emphasis Type="Italic">The Sound of Silence – A Space for Morality?</Emphasis> The Role of Solitude for Ethical Decision Making

Building on research and measures on solitude, ethical leadership theories, and decision making literatures, we propose a conceptual model to better understand processes enabling ethical leadership neglected in the literature. The role of solitude as antecedent is explored in this model, whereby its selective utilization focuses inner directionality toward growing authentic executive awareness as a moral person and a moral manager and allows an integration between inner and outer directionality toward ethical leadership and resulting decision-making processes that will have an impact on others’ perceptions of leader authentic ethical leadership. Thus it is proposed that utilization of solitude positively predicts executive-level authentic ethical leadership action and in turn, ethical decision making perceived fairness and integrity. We also propose two moderators, strengthening the hypothesized (positive) association between solitude and ethical leadership; these are the executive’s ability for moral reasoning and a motivation for socialized (as opposed to personalized) power.     

<Emphasis Type="Italic">» Communication Shift – Steigende Ansprüche an die Kommunikation «</Emphasis>

Interview

? Communication Shift – Steigende Ansprüche an die Kommunikation ?     

Corporate Relations with Environmental Organizations Represented by Hyperlinks on the <Emphasis Type="Italic">Fortune</Emphasis> Global 500 Companies’ Websites

This study investigates corporate relationships with environmental organizations by examining hyperlinks in the corporate environmental responsibility (CER) sections of the Fortune 2008 Global 500 corporate websites. It is assumed that hyperlinked organizations either represent their current inter-organizational relationship or create symbolic relationships among organizations. Results show that Asian companies have fewer hyperlink relations with other organizations compared with those in North America and Western Europe. Network analysis also confirms that U.S. companies are explicitly connected with stakeholders for CER practices, and governmental organizations have a relatively central role in the global CER system. Nonprofit organizations are the most frequently hyperlinked with Fortune Global 500 corporations.