Technological Discontinuities and the Climate Transition in Europe: The Role of Policy in Two Traditions of Economic Thinking

2021 ◽  
pp. 57-83
Author(s):  
Staffan Jacobsson ◽  
Björn Sandén
Keyword(s):  
Technological Discontinuities ◽  
Economic Thinking ◽  
Climate Transition

Digital Economy and Knowledge Economics

2012 ◽  
pp. 1-14
Author(s):  
Bhekuzulu Khumalo
Keyword(s):  
Competitive Advantage ◽  
Comparative Advantage ◽  
Wave Theory ◽  
Paper Briefly ◽  
Michael Porter ◽  
True Meaning ◽  
Modern Economic ◽  
Economic Thinking ◽  
Over Time

The digitization of information has been one of the greatest stories of the last two decades. This paper seeks to explain the meaning of this process and how it affects already established models concerning trade and knowledge economics. This paper is based on the simple premise that knowledge is the most important resource, without which nothing can be done. The paper starts by looking at the competitive advantage theory that was largely promoted by Michael Porter whose works have greatly influenced the first part of this paper. The paper then discusses the ever more important role of knowledge due to competitive advantage theory and the digitalization of information. Finally the implications and discrediting the comparative advantage theory, this theory has no place in modern economic thinking. As we have more tools in our disposal, we must investigate the importance of wave theory as well as the true meaning of competition. It also looks into the greater role collaboration will play in the future. The paper briefly discusses the effects that the digitization of information will have over time.

Greening the Economy: The Role of Banks in the Climate Transition and Challenges

2021 ◽  
pp. 17-28
Author(s):  
Wiebe Draijer ◽  
Bouke de Vries
Keyword(s):  
Climate Transition

scholarly journals Is Lack of Morality an Explanation for the Economic and Financial Crisis? A Catholic Point of View

2020 ◽  
Vol 26 (4) ◽  
pp. 407-418
Author(s):  
Klára Katona
Keyword(s):  
Financial Crisis ◽  
Empirical Evidence ◽  
Catholic Church ◽  
Point Of View ◽  
Philosophical Tradition ◽  
Religious Doctrine ◽  
Integral Element ◽  
The Individual ◽  
Economic Thinking

AbstractBefore 2008, several studies provided empirical evidence of a positive correlation between the functions of financial intermediation and economic growth. In 2008, the financial crisis shook trust in this correlation. Several studies found that comprehensive and fundamental changes were needed in the entire financial market. Attention focused on the role of morality as an essential and integral element of the economy, arguing that without a moral attitude at the individual and institutional levels, the whole system necessarily runs into crisis. Among the moral interpretations of the economy, which are concurrently based on philosophical tradition and religious doctrine, the Catholic Church has presented some of the most consistent and unified teachings related to such questions over time, but the effect on economic thinking is less than what relevance and other merits justify. Catholic social teaching suggests morality and the economy are inseparable and highlights the moral interpretation of economic discrepancies. By analyzing theoretical and empirical evidence, this paper assesses the economic validity and legitimacy of Catholic thought about the immanent role of ethics in the economy and the financial crisis.

On the economic consequences of automation and robotics

2019 ◽  
Vol 36 (2) ◽  
pp. 134-153
Author(s):  
Orlando Gomes ◽  
Sónia Pereira
Keyword(s):  
Economic Thought ◽  
Economic Consequences ◽  
Content Type ◽  
Current Wave ◽  
Macroeconomic Impact ◽  
Economic Reality ◽  
And Performance ◽  
Economic Thinking ◽  
New Phenomena

Purpose The academic literature is currently placing significant attention on the study of the socio-economic consequences of the observable fast automation of all sectors of economic activity. The purpose of this paper is to systematize meaningful ideas on the economic impact of the rise of the robots. Design/methodology/approach With the goal of evaluating the channels through which the current wave of fast technological change affects the organization and performance of the economy and the behavior of agents, the paper is structured into two parts. The first part assesses the state of knowledge regarding the potential revolutionary role of robot use in production. The second part designs a model aimed at exposing the interplay between the most prominent features associated with the new economic reality. Findings The current wave of innovation has implications that escape conventional economic thinking. The evaluation and prediction of what the new phenomena brings is fundamental to design policies that prevent income inequality to widen and growth to slow down. Research limitations/implications The full macroeconomic impact of the fast, pervasive and irreversible automation of production is far from being completely assimilated. At this level, no benchmark model should be interpreted as a definitive framework of analysis, and economic thought should evolve alongside with empirically observed evidence. Originality/value We are facing an automation convulsion that replaces humans by machines at an unprecedented fast rate. This paper systematizes ideas about this process and offers a novel conceptual model to better understand what really is at stake.

Competition versus interaction as a way to promote innovation in the construction industry

IMP Journal ◽  
2015 ◽  
Vol 9 (1) ◽  
pp. 46-63 ◽  
Author(s):  
Malena Ingemansson Havenvid
Keyword(s):  
Public Policy ◽  
Construction Industry ◽  
Competitive Strategies ◽  
Content Type ◽  
Construction Firms ◽  
External Focus ◽  
Theoretical Perspectives ◽  
Conscious Choice ◽  
Economic Thinking

Purpose – The purpose of this paper is to discuss the link between economic thinking and public policy, two ways of promoting innovation are reviewed – competition and interaction. The competition perspective is illustrated by Schumpeterian-inspired growth economics, while the role of inter-organisational interaction is shown by the industrial network theory. Design/methodology/approach – The construction sector is used as an example of a politically critiqued industry regarding low innovativeness and productivity, through which the two different views are outlined and compared. The main differences of these two perspectives are outlined as: the organisational unit of analysis (the firm vs the relationship and network), how knowledge is created and spread (exogenous vs endogenous to economic exchange), and the value-creation processes (internal vs external focus). Findings – The two views are essential different and therefore should cancel each other out if implemented simultaneously. Consequently, a conscious choice as to which view should be used within a public policy for promoting innovation must be made. It is concluded that, while both types of economic thinking can be used to promote innovation in this industry, a fundamental difference could arise if construction firms continue to pursue mainly competitive strategies at the expense of addressing its interactional problems. Practical implications – Finally, a set of questions that policymakers need to consider in relation to the three fundamental issues addressed above is discussed. Originality/value – The paper adds to the discussion of how to increase the innovativeness in the construction industry in a novel way by comparing two distinctly different theoretical perspectives on how this is best handled.

Rediscovering Use Value

2021 ◽  
pp. 119-134
Author(s):  
Christoph Hermann
Keyword(s):  
Political Economy ◽  
Marginal Utility ◽  
Late Nineteenth Century ◽  
Use Value ◽  
Ancient Greek ◽  
Exchange Value ◽  
Ancient Greek Philosophy ◽  
Economic Thinking ◽  
Individual Value

This chapter rediscovers use value as an essential category for understanding commodification and capitalism more generally. The distinction between use value and exchange value goes back to ancient Greek philosophy and it played an important role in classical political economy. However, with the invention of marginal utility in the late nineteenth century, use value moved from the center to the fringes of economic thinking. Even where it survived, such as in Marxist scholarship, there was considerable disagreement about the role of use value in a critical political economy. The chapter, furthermore, explores the value of nature and by doing so unveils the shortcomings of the concept of marginal utility. One problem is that marginal utility denies the existence of collective value. Following Polanyi, the chapter argues that products not only have individual value, but also have a social and ecological utility. And social and ecological utility can differ considerably from individual valuation.

The financial crisis as a heart attack

2015 ◽  
Vol 14 (4) ◽  
pp. 599-625 ◽  
Author(s):  
Stephan Pühringer ◽  
Katrin Hirte
Keyword(s):  
Financial Crisis ◽  
Paradigm Shift ◽  
Public Discourse ◽  
Rhetorical Strategies ◽  
Content Type ◽  
German Speaking ◽  
Economic Thinking ◽  
Dominant Paradigm

The article analyzes the role of economists in public discourse with regard to the financial crisis. Specifically, it focuses on the prevailing rhetorical strategies and the economic convictions of leading German-speaking economists as they appear in seven leading newspapers and magazines in the German-speaking area. Special attention is given to the prevailing rationales and explanations for the financial crisis as well as on the metaphors used for describing specific economic events in particular and the market economy in general. The results of this article show that while the financial crisis could have offered a possibility for a paradigm shift in economic thinking, there is not much evidence for such a shift among German-speaking economists. The observed stability of the dominant paradigm is attributed primarily to the very stable role of certain basic economic convictions, which are exposed through the use of specific metaphors as well as a characterization of the financial crisis as a series of extraordinary and exogenously given events. (e.g. “a tsunami” or “earthquake”)

Behind closed doors: the DC-10 and the demise of McDonnell Douglas

2019 ◽  
Vol 15 (6) ◽  
pp. 648-668
Author(s):  
John-Gabriel Licht ◽  
Jamie O’Brien ◽  
Marc Schaffer
Keyword(s):  
Decision Making ◽  
Organizational Culture ◽  
Organizational Behavior ◽  
Work Experience ◽  
Sunk Costs ◽  
Moral Awareness ◽  
Content Type ◽  
Public Data ◽  
Economic Thinking

Theoretical basis This case has three primary objectives. First, it allows students to think through a conceptual cost and benefit analysis associated with the decision-making process in line with basic economic thinking. Students will revisit core concepts of marginal benefit vs marginal cost, the notion of opportunity costs and the role of sunk costs in this type of analysis, while also highlighting the nature of market structure, oligopolies and competition across firms in an industry. The second goal of this case is to consider the role of business ethics in the DC-10 case: specifically, to consider the potential influence of moral awareness and moral disengagement in unethical decisions made by McDonnell Douglas. Students will develop an understanding of these concepts and solidify their learning by applying them to the case and engaging in active discussion. Finally, the third goal of the case allows students to explore organizational culture and specifically offer recommendations for organizations thinking about the link between decision-making, the role of ethics and culture. Research methodology The technical reports released by the National Transportation Safety Board along with secondary data such as available public data such as news reports were used to round out the synopsis of the case study. Case overview /synopsis This case explores the accidents of two McDonnell Douglas DC-10s in the early 1970s at the onset of the jumbo jet race between Boeing, Lockheed and McDonnell Douglas. It explores the series of events during the “Windsor Incident” in 1972 and the subsequent accident over Paris in 1974. It explores the reasons why the cargo door on the DC-10 was faulty and subsequently why the door was not fixed. It examines the interplay of industry suppliers such as McDonnell Douglas and how they interact with oversight authorities such as the Federal Aviation Authority. The Teaching Note focuses on the economic thinking at McDonnell Douglas, behavioral ethics and organizational culture. Complexity academic level This case is best explored over a 90 min session but could be expanded to take up one 3 h session. The authors have used this case format in an undergraduate organizational behavior class, an MBA Leadership and Organizational Change class, and an MBA Economics of Managers class. It works particularly well in the MBA setting, as students with work experience can see the links between the mistakes made by McDonnell Douglas and their workplaces.

Theories of Entrepreneurship: Historical Development and Critical Assessment

2009 ◽  
Author(s):  
Martin Ricketts
Keyword(s):  
Eighteenth Century ◽  
Final Section ◽  
Theory Of The Firm ◽  
Critical Assessment ◽  
Evolutionary Models ◽  
Neoclassical Economic Theory ◽  
Evolution Of Ideas ◽  
Economic Thinking ◽  
Entrepreneurial Role

The historical evolution of ideas about the entrepreneur is a wide-ranging subject and one that can be organized in different ways — theorist by theorist, period by period, issue by issue and so forth. What follows is a compromise between these possibilities. This article starts with some very broad reflections about economic change over thousands of years and the connections between these changes and the economic thinking of the time. A recognizably ‘modern’ idea of the entrepreneur begins to emerge in the eighteenth century and part of this article is devoted to the role of entrepreneurship in classical and neoclassical economic theory. In the next five sections, the article looks at particular areas that have been associated with debates about the entrepreneurial role — uncertainty, innovation, economic efficiency, the theory of the firm, and economic development. A final section presents a brief summary and comments on the place of the entrepreneur in evolutionary models.

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