Abstract Stakeholder theorists have traditionally objected to the neoclassical conception of firm as a vehicle for maximizing profit or shareholder wealth, thus opening up space controversial engagement with economics. The present paper fills some this by elaborating parallels between stakeholder theory and classical institutional economics, heterodox school economic thought that has long been ...

Most economists, at least when confronted with the issue, would agree that strict selfishness cannot be taken literally as a universal description of the economic agent. For markets to be fully competitive, agents can only be selfish within certain bounds, e.g. they have to respect basic property rights. Also, most employment relationships rely on mutual trust and cooperation. Yet, the selfish,...

Are there empirical anomalies upon which Dewey’s theory of action sheds better light than existing neoclassical and heterodox approaches? The introduction answers in the affirmative. They are the set of anomalies highlighted by behavioral economics. These anomalies stress the centrality of context. Neoclassical theorists react to the ‘context problematic’ by claiming that context, after all, is...

Although the Solow’s model with technical change explained the stylised facts, the main problem appeared to be the impossibility to distinguish between a move along the production function and a shift in the production function. Further theoretical developments on growth have attempted to solve this problem. Endogenisation of technological change has been the main aim of new growth theory (NGT)...

This paper summarizes neoclassical, behavioral, and neuroeconomic models of intertemporal consumption and savings behavior. I summarize the construction and implications of Modigliani & Brumberg’s Life-Cycle Hypothesis [4] and Laibson’s quasi-hyperbolic consumption function [8] as background and motivation for Bisin & Benhabib’s neuroeconomic model of dynamic consumption behavior [3]. In partic...

Austrian economics is sometimes considered as an alternative to the mainstream. Regardless whether this holds true in other areas, the present paper argues that it is not the case as far as the demand theory is concerned. I attempt to show that the Austrian version of the theory is in fact equivalent with the neoclassical (in its ‘revealed preference’ incarnation). In particular, it is shown th...

What I am going to describe for you is a revolution in macroeconomics, a transformation in methodology that has reshaped how we conduct our science. Prior to the transformation, macroeconomics was largely separate from the rest of economics. Indeed, some considered the study of macroeconomics fundamentally different and thought there was no hope of integrating macroeconomics with the rest of ec...

In my view, contemporary economics is in a state of considerable ferment and change. The crisis academic economics faces today is partly reflected in a decline in the influence of economists on public discourse and economic policymaking. The failure of academic economics to satisfactorily address issues related to transitional economies and to produce a satisfactory explanation of the East Asia...

This paper argues that the concept of intrinsic motivation has been used by economists in inconsistent ways because underlying theories motivation, imported into economics from psychology, are competing and mutually exclusive despite employing same terminology. I first identify analyze three distinct economic accounts where refers to different things due psychological employed. then discuss imp...

Although conservation is an inherently transdisciplinary issue, there is much to be gained from examining the problem through an economics lens. Three benefits of such an approach are laid out in this paper. First, many of the drivers of environmental degradation are economic in origin, and the better we understand them, the better we can conserve ecosystems by reducing degradation. Second, eco...