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The purpose of this paper is to analyse Michel Foucault’s new epistemological model regarding an analogy between the theory of language and economic thought in the seventeenth and eighteenth centuries.

Through the scrutiny of language, Foucault intended to demonstrate that some analogies, among different branches of knowledge (interdiscursive practice), allow us to apprehend the underlying configuration of thought regarding ontological and epistemological conditions that have historically determined knowledge. He draws a parallel between four theoretical segments borrowed from general grammar (Attribution, Articulation, Designation and Derivation) and economic thought on wealth.

One of the most remarkable propositions of this approach is that the theory of language and economic thought were epistemologically isomorphic in that context. What the theory of language stated in relation to “attribution” and “articulation” corresponded to the “theory of value” in economic thought. What grammar investigated regarding “designation” and “derivation” was analogous to the “theory of money and trade” in economic thought. The relationships that were – directly and diagonally – identified between and among them led to the conclusion that there was ‘a circular and surface causality’ in economic thought insofar as “circulation” preceded “production”. It was “superficial” because it could not find an explanation for the cause of “wealth”, which was only possible when “production” was placed in the front position of theories.

Such an epistemological point of view can inspire other studies in the history of economic thought.

This paper offers a perspective on how to think about the history of ontological and epistemological conditions of economic thought.

This paper proposes a systems framework for the analysis of economic exchange and development. Exchange is examined in the context of a social system in which actors have differential control over resources and different action opportunities and positions in a structure of social relationships. Exchange activities in a social system have ramifications in different spheres (economic and non‐economic) of social life. We focus on those ramifications which relate to social differentiation in terms of power‐unequal or differentiated action capabilities and different structural positions of actors in the social system of interaction. This perspective on exchange leads to the consideration of factors important to the emergence and maintenance of systemic, uneven development of action capabilities and to unequal dependency relationships among actors in a social system. In sum, what we wish to do in this paper is to develop a more systematic model that indicates the mechanisms whereby initial imbalances of the sort mentioned above generate social processes‐non‐economic as well as economic‐which tend to institutionalize the imbalances and perpetuate them in a self‐reinforcing manner.

In this study we focus on how conditions of uncertainty shape the entrepreneurial action that underlies opportunity creation. We utilize the basic structure of economic exchange in the context of opportunity creation theory to further investigate the conditions under which an entrepreneur might be expected to act to bring an opportunity into existence. Specifically, we suggest that uncertainty, that is manifest as relational uncertainty and resource uncertainty, shapes the entrepreneurial actions that underlie the creation of opportunities. In a laboratory experiment we test this hypothesis by observing 56 three-person groups engaged in an opportunity creation-focused exchange task. The results of the experiment support the hypothesis that variability in the conditions of uncertainty (relational uncertainty and resource uncertainty) affects the entrepreneurial action that results in opportunity creation. These results lead us then to propose that there exists a theoretically specifiable set of key entrepreneurial actions (one that is others-focused and another that is works-focused). From this analysis we suggest potential directions for future research in the areas of entrepreneurial action and opportunity creation.

In this chapter, the historical and theoretical evolution of the policy framework in Europe is presented. It begins from the early steps guided by the general principles of the Keynesian theory in open economies, goes through its revision after the 1970s and the fall of the Bretton Woods agreements, the creation of the European monetary system, and ends with a presentation of the theoretical underpinning that brought to the model on which the European monetary union was built on. The evolution of the economic theory is pieced together, in the light of the main historical and political facts that occurred. A first insight about the flaws of the Eurozone policy framework is provided.

The purpose of this paper is to examine the underlying exchange mechanisms between ethical leadership behavior and affective commitment. The authors hypothesized that ethical leadership behavior enhances perceived organizational support (POS), which then raises employee affective commitment. The authors further predicted that economic exchange weakens such indirect effect of ethical leadership on affective commitment via POS.

Using a two-phase survey, the authors tested the hypotheses with a sample of 176 bank employees in Macau using hierarchical regression analysis and bootstrapping.

POS was found to mediate the relationship between ethical leadership behavior and affective commitment, whereas economic exchange was found to moderate the ethical leadership behavior – POS relationship as well as its indirect effect on affective commitment via POS.

By identifying POS as the mediator and economic exchange as the moderator, this study enhances our knowledge of the dynamics of multiple exchange mechanisms linking ethical leadership behavior to affective commitment.

The aim of this paper is to present a new framework for the evaluation of satisfaction in continually delivered business services (CDBS) contexts based on applicable theoretical perspectives and extant empirical research.

The paper first describes and justifies the importance of the CDBS context. Then, a literature review of CDBS satisfaction research over the past ten years is presented and utilized in conjunction with theoretical insights from expectancy disconfirmation theory and social exchange theory to develop conceptual definitions, a general conceptual framework, and research propositions.

The resulting conceptual framework focuses on global CDBS provider satisfaction as the outcome of three more specific satisfaction assessments: service satisfaction (driven by the actual performance of the service), economic satisfaction (driven by the customers’ economic outcomes from the exchange relationship) and social satisfaction (driven by the customers’ social outcomes and interactions in the exchange relationship).

The study is the first to develop a framework of satisfaction for the CDBS context and presents propositions to guide future satisfaction research. The conceptual framework leverages insights from two existing models of satisfaction formation: expectancy disconfirmation (which provides deeper insight on service satisfaction) and social exchange theory (which provides deeper insights on social and economic satisfaction). The integration of these two models results in a more comprehensive view of satisfaction formation in the CDBS context than by using either model separately.

This chapter examines three kinds of relational bonds (trust-based commitments, forbearance-based commitments, and apprehension-based commitments) on which parties rely in the processes employed in negotiating, committing, and executing their cooperative inter-organizational relationships (CIORs). It also considers three different societal contexts with strong, moderately strong, and weak exogenous governance safeguards in which these relational bonds are employed. The authors propose a process theory of relational bonds that fit different contexts. Specifically, our central proposition is that parties to CIORs are more likely to achieve their goals when they rely on relational bonds that fit their societal contexts in which they engage in economic exchanges.

Using a framework based on dimensions of economic theory and behavioral sciences for understanding and mass market versus individual customers as the unit of analysis, this article looks at the development of marketing theory primarily during the last century. It looks at the common goal of understanding markets and their functioning as well as the differences in attaining this goal imposed by the very nature of the economic of behavioral foundations brought to bear on the problem. The paper concludes with the observation that, while we have come a long way toward reaching the goal, we have a long way to go to complete the journey.

Two models of organizational behavior are reviewed. The apolitical model describes a relatively stable and centralized monolith, while the political model describes a potentially unstable federation of self‐interested parties. It is argued that the apolitical model is largely predicated on social and generalized exchange and forces for stability, while the political model is largely predicated on economic and dyadic exchange and forces for instability. It is further argued that the contradictions inherent in these forces help fuel evolutionary change (where the apolitical model becomes most salient), punctuated by revolutionary change (where the political model becomes most salient). Thus, the two models apply simultaneously to organizational action, suggesting that the organization can be seen as both a stable monolith and an unstable coalition.

Examines the economy of Southeast Asia during the period 1997 to 1999 against a background of socio‐economic theory and a transition from disequilibrium to general stable and equilibrium conditions. Discusses solutions towards establishing self‐regulating mechanisms needed for a free, just and stable economy and society: reform of officially organized securities commodities and foreign exchange makets; reform of the public budget and budgetary policies; and reform of the foreign exchange system and internaitonal commercial and financial relations.