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Article
Publication date: 1 November 1988

Tibor R. Machan

Here Marx's philosophy is dissected from the angle of bourgeois capitalism which he, Marx, sought to overcome. His social, political and economic ideas are criticised. Although it…

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Abstract

Here Marx's philosophy is dissected from the angle of bourgeois capitalism which he, Marx, sought to overcome. His social, political and economic ideas are criticised. Although it is noted that Marx wanted to ameliorate human suffering, the result turned out to be Utopian, contrary to his own intentions. Contrary to Marx, it is individualism that makes the best sense and capitalism that holds out the best hope for coping with most of the problems he sought to solve. Marx's philosophy is alluring but flawed at a very basic level, namely, where it denies the individuality of each person and treats humanity as “an organic body”. Capitalism, while by no means out to guarantee a perfect society, is the best setting for the realisation of the diverse but often equally noble human goals of its membership.

Details

International Journal of Social Economics, vol. 15 no. 11/12
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 25 May 2010

Hamid Hosseini

The purpose of this paper is to argue that free market capitalism is neither efficient nor just. This is in spite of the claims made by its proponents who, utilizing Adam Smith's…

Abstract

Purpose

The purpose of this paper is to argue that free market capitalism is neither efficient nor just. This is in spite of the claims made by its proponents who, utilizing Adam Smith's doctrine of invisible hand or the fundamental theorem of welfare economics, assume that it is efficient, just, smooth functioning, and self‐regulating.

Design/methodology/approach

The paper utilizes conceptual/theoretical research and arguments that have emerged in the literatures of public economics and welfare economics.

Findings

In addition to proving the above, the paper also finds that Adam Smith is actually a moral egalitarian, thus he could not have agreed with Nozick and Friedman regarding the nature of capitalism. To the extent that Smith supported free market capitalism, it was because he thought, in contrast to mercantilist policies, that free markets would lead to equity and justice.

Originality/value

The paper is an original/valuable contribution since it rescues Adam Smith from the extreme proponents of laissez‐faire capitalism who claim him.

Details

Humanomics, vol. 26 no. 2
Type: Research Article
ISSN: 0828-8666

Keywords

Article
Publication date: 10 November 2014

Necati Aydin

This paper aims to compare Pareto optimality for altruistic and individualistic societies to show whether it is possible to have Pareto improvement through altruistic acts even…

Abstract

Purpose

This paper aims to compare Pareto optimality for altruistic and individualistic societies to show whether it is possible to have Pareto improvement through altruistic acts even after free market equilibrium.

Design/methodology/approach

The paper follows conceptual, axiomatic and theoretical approaches to show Pareto efficiency in altruistic versus individualistic societies. The paper first outlines the welfare axioms of Islamic economics compared to those of capitalism. Second, it defines Pareto efficiency within capitalist and Islamic economic systems. Third, it compares and contrasts the concept in the two systems based on their epistemological and anthropological worldviews. Fourth, it shows how – even under the efficient allocation of material goods – room for Pareto improvement still exists through the redistribution of resources. Finally, it demonstrates optimum income transfer for social welfare maximization.

Findings

The paper shows that Islamic economics relying on certain welfare axioms aim for an altruistic society. It then theoretically proves that social well-being would be greater in such an altruistic society in comparison to an individualistic society promoted by capitalism, holding everything else constant. The paper clearly shows that free market equilibrium does not maximize social utility. It theoretically demonstrates that even under efficient allocation of material goods, there is still room for Pareto improvement through redistribution of resources. It reveals that optimum income transfer might not be possible through voluntary altruistic behaviors unless people transcend self-interest and begin to value social interest as important as their own interest. Therefore, the paper suggests a role for the government to reach optimum-level income transfer for social welfare maximization.

Research limitations/implications

The paper is purely theoretical. Its main limitation is not to be empirically tested. Future studies might shed light on the issue through empirical evidence

Practical implications

Pareto improvement provides important guidance or at least moral justification for welfare programs. The paper might directly affect welfare policy of Muslim countries.

Social implications

The paper suggests income transfer through altruistic acts would provide higher social welfare. Therefore, it is in the best interest of nations to promote altruistic behaviors and support voluntary welfare programs for higher social utility.

Originality/value

The paper contributes to the Islamic moral economy doctrine by proving that altruistic behaviors encouraged by Islamic teaching could provide higher social welfare.

Details

Humanomics, vol. 30 no. 4
Type: Research Article
ISSN: 0828-8666

Keywords

Article
Publication date: 8 December 2022

Hannah Mead Kling, Julia R. Norgaard and Nikolai G. Wenzel

This paper aims to study Catholic Social Theory (CST) and its implications for economic development. From the early days of CST through the papacy of Benedict XVI, the Church has…

Abstract

Purpose

This paper aims to study Catholic Social Theory (CST) and its implications for economic development. From the early days of CST through the papacy of Benedict XVI, the Church has been consistent about the promise and limits of markets. Markets offer the necessary foundation for human flourishing – but they must be ordered toward the common good and they carry the potential for spiritual loss. Pope Francis has changed course from over a century of CST, with a markedly different view of business, labor and free markets.

Design/methodology/approach

This paper summarizes 130 years of CST regarding the economy and describes the turn Pope Francis takes from this tradition. This paper discusses economic theory and analyzes the importance of markets for economic development and assesses Pope Francis’ economics in light of this theory.

Findings

This paper discusses the findings that – despite what we assume to be good intentions – the economics of Pope Francis would condemn billions to poverty. Others (Whaples, 2017a) have discussed the economics of Pope Francis.

Originality/value

Others (Whaples, 2017a) have discussed the economics of Pope Francis. This paper finds, however, that most of the critiques are too gentle, and do not recognize the full deleterious impact of the application of the new teachings.

Details

International Journal of Development Issues, vol. 22 no. 1
Type: Research Article
ISSN: 1446-8956

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Article
Publication date: 1 March 1987

Laurence S. Moss

Mandeville's Fable of the Bees, ungenerously described by its author as a “rhapsody void of order and method”, actually developed several ideas about the functioning of markets…

Abstract

Mandeville's Fable of the Bees, ungenerously described by its author as a “rhapsody void of order and method”, actually developed several ideas about the functioning of markets that anticipate some of the concerns of contemporary subjectivist economics such as are expressed in the writings of the modern Austrian School. While it may be too much of an exaggeration to follow F.B. Kaye by declaring Mandeville a “founder” of laissez‐faire economics, it is also quite incorrect to reach the negative verdict of one recent author who concluded that Mandeville “did not advance free‐market economics on any issue”. Mandeville did advance economics in general (and free market economics, incidentally) when he emphasised how patterns of conduct that emerge from the clash of individual egos guided by the flattery of politicians often function to promote some degree of commodious social life that is especially enjoyed by those quick to condemn the conduct as “immoral”. This theme still has its adherents today. I shall group Mandeville's contributions among four overlapping subject headings as follows:

Details

International Journal of Social Economics, vol. 14 no. 3/4/5
Type: Research Article
ISSN: 0306-8293

Article
Publication date: 1 December 1998

Maryann O. Keating and Barry P. Keating

John Paul II’s vision of the social economy provides moral guidance to those seeking it. At the same time, it provokes market oriented free enterprise economists by its apparent…

Abstract

John Paul II’s vision of the social economy provides moral guidance to those seeking it. At the same time, it provokes market oriented free enterprise economists by its apparent lack of market understanding. Section one attempts to demonstrate how his vision expressed in Laborem Exercens conflicts with conservative free market economists. Section two deals with the moral logic embedded in conservative economic thought and suggests how John Paul II’s vision outlined in his three encyclicals on the social question enhances this perspective.

Details

International Journal of Social Economics, vol. 25 no. 11/12
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 1 July 1995

Tibor R. Machan

Examines how the different concepts of rationality have been used(and confused) by economists who have followed modern philosophers′understanding of human reason. Offers a…

513

Abstract

Examines how the different concepts of rationality have been used (and confused) by economists who have followed modern philosophers′ understanding of human reason. Offers a philosophical discussion as a means to understanding rationality and its incumbent problems of interpretation.

Details

International Journal of Social Economics, vol. 22 no. 7
Type: Research Article
ISSN: 0306-8293

Keywords

Open Access
Article
Publication date: 22 October 2020

Fred Mear and Richard A. Werner

This paper contributes to the theory of the relationship between human resource management (HRM) and innovation at small- to medium-sized enterprises (SMEs) by conducting a…

5793

Abstract

Purpose

This paper contributes to the theory of the relationship between human resource management (HRM) and innovation at small- to medium-sized enterprises (SMEs) by conducting a conceptual analysis of the question why Germany boasts by far the highest number of “Hidden Champion” SMEs. This is done by case studies from the army and public financial management of aid disbursal in developing countries. Implications for HRM at SMEs are discussed.

Design/methodology/approach

Conceptual analysis using case studies.

Findings

Contributing towards filling the gap concerning theoretical underpinnings of the link between HRM and innovation, we suggest that interdisciplinary work from relevant organisational case studies indicates that the concept of institutional design to provide motivational incentives may be relevant, especially concerning high performance systems with bundles of HRM practices. Specifically, the fundamental principle of subsidiarity is found to be important.

Research limitations/implications

The research is broadly applicable to organisations of all kinds, as the diverse case studies indicate. We point towards tentative implications for the firms that account for the majority of the work force, namely SMEs, and among them the most successful ones, the so-called “Hidden Champions”.

Practical implications

HR managers can improve motivation, performance and innovation by decentralising decision-making as far as possible, while ensuring the overall organisational goals are well understood and shared, and resources are dedicated to train and educate staff. Additionally, the conception of rank-order competitions complements the institutional design.

Social implications

Greater productivity and material performance as well as greater job satisfaction via larger autonomy and decision-making power on the local level can be achieved by the application of subsidiarity as key HRM configuration. This can be employed at SMEs, as discussed, but also other organisations. Further, the principle of subsidiarity and the greater emphasis on staff training and education may help reduce inequality.

Originality/value

Our paper contributes towards filling the gap in the literature on the link between HRM and innovation, by identifying the role of subsidiarity. We introduce an interdisciplinary perspective, with contributions from economics and psychology, among others. We also contribute to the history of HRM.

Details

Employee Relations: The International Journal, vol. 43 no. 2
Type: Research Article
ISSN: 0142-5455

Keywords

Article
Publication date: 1 August 2000

Michael Hudson

Seeks to define the proper role for mathematics to play in economic theorizing by spelling out its limits. Specifically, has the mathematization of economics contributed to its…

1843

Abstract

Seeks to define the proper role for mathematics to play in economic theorizing by spelling out its limits. Specifically, has the mathematization of economics contributed to its narrowing of scope since the anti‐classical reaction of the 1870s? If so, is mathematics inherently narrow? Or does the modern, and often other‐worldly, treatment follow from the particular way in which mathematics has been applied? To describe “bad” mathematical economics, one must state what kinds of problems its formulations tend to exclude. This paper focuses on “equilibrium” analysis that rules out such real‐world phenomena as instability and economic polarization, thereby diverting attention from the actual structural problems at work.

Details

Journal of Economic Studies, vol. 27 no. 4/5
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 1 April 2003

Steven Lysonski, Srinivas Durvasula and John Watson

New Zealand has gone through a radical metamorphosis since free market economics were introduced in the mid‐1980s. Marketing managers are particularly interested in the views of…

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Abstract

New Zealand has gone through a radical metamorphosis since free market economics were introduced in the mid‐1980s. Marketing managers are particularly interested in the views of consumers about issues dealing with marketing activities. Negative views could signal consumer backlash against free market activities. This study examines the views of consumers from 1986 to 2001 on a range of issues dealing with marketing and consumerism. The results clearly show that consumers are less negative about marketing and consumerism issues since 1986. It seems likely that New Zealand has evolved in terms of the consumerism life cycle over the last 15 years. Marketing managers should continue to remain proactive in their responses to consumer discontents. Implications for New Zealand and for other countries are addressed.

Details

European Journal of Marketing, vol. 37 no. 3/4
Type: Research Article
ISSN: 0309-0566

Keywords

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