Search results

The purpose of this paper is to trace the evolution of dynamic capabilities theory in the primal theories of economics and strategic management. Then a comprehensive research framework is proposed to grapple with the dynamics of the contemporary global markets, incorporating the quintessential elements of the theory, i.e. absorptive capability, innovation capability and adoptive capability.

The paper is conceptual in nature. It tries to review various economic systems of the world since 1770s till the present era. It also evaluates various theories of international business against dynamic capabilities theory and thus proposes various propositions for future empirical testing.

The study has delineated various theories tracing in them the roots of dynamic capabilities. Capitalism, communism and socialism is explained to reach the present state of world economy. Various theories such as the theory of creative destruction, transaction-cost approach, resource-based view and knowledge-based view of the firm have been elaborated to identify their features and shortcomings. Finally, the contemporary theory of dynamic capabilities has been elucidated to integrate the shortcomings of the previous theories. A research framework has also been proposed to overcome the recent criticism of the dynamic capabilities theory of having under-specified constructs.

Very few studies have elaborated various economic systems and theories to trace the evolution of dynamic capabilities theory. Thus, this study is original in nature and the proposed research model is also novel which induces further empirical evidence as proposed by the authors.

The sudden evaporation of Alfred Marshall's enormous prestige is a phenomenon that deserves more attention than it has received. During his lifetime, his pre‐eminence was greater than that of any other economist before his time or since. His careful statements were based on a wealth of knowledge and understanding. He was an able mathematician and read widely in history. He studied industry at first hand and had deep social sympathies. His position at Cambridge was a prominent one in a land long known for its able political economists.

The purpose of this paper is to examine how illegal settlers and poor families struggle for basic necessities through land invasions, covert practices and illegal sabotage, examining how fundamental rights to subsistence and dignity are superior to private property claims.

The paper combines two qualitative research projects that examined property rights in Kyrgyzstan, conducting semi‐structured interviews with poor groups, elites and state officials. One project was conducted between 2009‐2010, examining two illegal settlements and a squatted building in the capital Bishkek, and the other project took place between 2007‐2008 in four villages in Osh region.

It was found that illegal settlers and poor families deliberate upon the moral aspects of land and property, though sometimes their judgements are distorted by nationalist feelings and racialised identities. Poor and propertyless groups struggle for basic necessities, lacking access to social rights and facing class contempt and state coercion.

The authors criticise de Soto's ideas on legalising squatters' holdings, suggesting that his property rights approach to land offers a flawed moral vision for society and a mis‐understanding of illegal settlements.

International donors need to re‐think development strategies for increasing growth and reducing poverty, and for Kyrgyzstan to abandon the national residential registration system (propiska).

The authors' moral responsibilities approach on property recognises the importance of land and valuable resources for human capabilities, the competing obligations of the state and the role of moral propriety and sentiments in shaping responsibilities towards vulnerable and poor groups.

The theme of micro‐foundation of economic theory has not been adequately addressed. This is true even of those who pioneered the area of micro‐foundation of macro‐economics. The great missing link in economic theory, both of micro‐economics and macro‐economics, is the inability to methodologically integrate ethical and moral values through preference mapping. This missing methodology disables the study of institutions, policy formulation and normative statements of structural transformation. On the other hand, such issues are once again haunting the human race in the murky and troubled global relations today – from capitalism to war to governance. This paper addresses the preference mapping and embedding of ethical and moral issues as endogenous dynamics in economic theory. The approach is rigorous and methodological.

Smuggling represents a significant proportion of world trade. However, its nature and rationale are not sufficiently understood in comparison with those of counterfeiting, parallel importing and contraband trade. The willing or unwilling involvement of MNCs in smuggling is also poorly perceived. These issues are reviewed here as well as actions aimed at reducing smuggling's growth.

According to its supporters open source software is more secure and reliable than proprietary code, and even tends to foster more innovation. Its technical superiority can be linked to the ongoing peer review process which typifies the open source model. In addition, programs such as Linux offer a potential challenge to the hegemony of Microsoft. Open source holds out the possibility of restraining platform leaders such as Microsoft from acting opportunistically. Some even argue that the open source code model is ethically superior to the proprietary model because of its transparency. Given these economic and social benefits, should government policy makers intervene, by tilting the playing field to open source programs? Would such government intervention truly be welfare‐enhancing? Before answering that question we note that some of the presumed technical and economic benefits of open source software are open to question. At the same time, the claims of moral superiority or social desirability are inflated and discount incentives necessary for software development. But even if this software were technically and morally superior, there is still no basis for government intervention. Our position is simple: the invisible hand of the market and not the visible hand of government should decide the fate of open source code. There is no identifiable market failure for the government to fix nor is there any plausible policy justification for giving open source software preferential treatment.

Reports that although there has been significant progress towards greater worker participation and even fuller forms of workplace democracy in recent decades, its potential is all but ignored in modern political discourse. Addresses the compelling reasons why it should receive greater attention. States that greater workplace democracy offers the only viable and sustainable strategy for transcending the divergence of interests between capital and labour. Reveals that this conflict of interests slows productivity growth in a number of ways, most especially underinvestment in human capital, and problems of worker motivation. Also, explains that because of capital’s ever‐increasing mobility, this conflict heightens the pace of community disintegration.

Since at least the 1970s, the American research university system has experienced episodic periods of austerity, frequently accompanied by expressions of concern about the threats that these conditions pose to U.S. scientific and technological leadership. In general, austerity has been tied to fluctuations in Federal Government funding of academic research and macroeconomic fluctuations that have shrunk state government budget revenues. Even amidst these episodes, the system has continued to expand and decentralize. The issue at present is whether this historic resiliency, of being a marvelous invalid, will overcome adverse contemporary trends in Federal and state government funding, as well as political trends that eat away at the societal bonds between universities and their broader publics. The paper juxtaposes examinations of the organizational and political influences that have given rise to the American research university system, trends in research revenues and research costs, and contemporary efforts by universities to balance the two. It singles out the secular decline in state government’s support of public universities as the principal reason why this period of contraction is different from those of the past. Rather though then these trends portending a market shakeout, as some at times have predicted, the projection here is that the academic research system will continue to be characterized by excess capacity and recurrent downward pressures on research costs. Because the adverse impacts are concentrated in the public university sector, they may also spill over into political threats to the current system of awarding academic research grants primarily via competitive, merit review arrangements.

The paper aims to offer a new perspective on the strictly microeconomic nature of all of Islamic economics. Writers in this field continue to work in the mainstream tradition without noticing the micro‐interface of the theoretical nature of Islamic economics. This paper aims to address this issue.

The paper provides a comparative study of received literature in the history of economic thought and contrasts the ethical foundations of Islamic economics from the mainstream dichotomy between microeconomic and macroeconomic parts.

There is a cogent microeconomic foundation of Islamic economics for the economy‐wide treatment of ethical economic issues and problems including the policy framework.

This is a theoretical exploration. The empirical part is yet to be expanded upon.

The paper has practical implications for graduate students on policy formulation and economic theorizing, by making them analytically aware on the extensive relevance of microeconomics in the building block of ethical content of economic theory, policy and institutions.

The paper presents original thinking along lines of microeconomic foundations of macroeconomic theory from the social and ethical vantage points of Islamic economics and finance that writers in this field should not ignore. The paper is meant for serious students and academics of economic theory and ethical social policy embedded in the economic treatment.