In defense of profit-seeking

2014 ◽  
Vol 30 (1) ◽  
pp. 53-59
Author(s):  
Jonathan Lingenfelter ◽  
Walter E. Block
Keyword(s):  
Private Property ◽  
Adam Smith ◽  
Well Being ◽  
Wealth Creation ◽  
Human Welfare ◽  
Content Type ◽  
Private Property Rights ◽  
The Public ◽  
The Business Cycle ◽  
Von Mises

Purpose – Profits have a bad press. They are associated in the public mind with greed, avarice, self-seeking. The purpose of this paper is to make the case in behalf of profit-seeking, so as to right the balance of publications on this topic. Design/methodology/approach – The authors undertake an economic analysis of the phenomenon of profit-seeking. The paper explores how profits lead to resource allocation, wealth creation, the promotion of human welfare and well-being. Findings – The paper finds that the system of profit and loss, part and parcel of economic freedom and laissez faire capitalism, does indeed promote wealth. It is the last best chance to fight poverty. Contrary to the views of the economically illiterate, it does not cause inflation or the business cycle nor any other economic malady. Originality/value – We cannot give ourselves good marks as to originality. Adam Smith, Ludwig von Mises and Murray Rothbard beat us to the punch as to the benefits of the profit and loss private property rights system. However, as Friedrich Hayek said each generation must fight these battles in its own context. So, the authors claim value for this paper, since it confronts more modern criticisms, and addresses more recent contexts.

Technology revolutions and social development

2005 ◽  
Vol 32 (5) ◽  
pp. 454-482 ◽  
Author(s):  
Peter L. Daniels
Keyword(s):  
Energy Saving ◽  
Well Being ◽  
Economic Effects ◽  
Production Factor ◽  
Human Welfare ◽  
Content Type ◽  
Energy And Environment ◽  
Socioeconomic System ◽  
Trade Competitiveness ◽  
Development Approach

PurposeAims to assess the potential for a broad “green” technoeconomic paradigm (TEP) to effectively achieve and sustain higher levels of welfare from economic and environmental sources in manylower income countries (LIC). A green TEP comprises a new socioeconomic system based upon a set of inter‐related technologies that increase human welfare, but focus upon saving material, energy and other environmental resources. TEPs have pervasive social and economic effects that include substantial productivity, trade competitiveness, and environmental quality advantages. The desirability of such economic change must incorporate the general approach of social economics and alternative notions of well‐being.Design/methodology/approachThe paper is largely discursive in nature and provides a systematic identification of the LIC conditions that are likely to promote, and benefit from, the pervasive adoption of material‐ and energy‐saving technologies. Some results of an exploratory cross‐country study of the empirical link between technology capability and the human development index (HDI) are utilized in the discussion.FindingsThe paper concludes that a green TEP may well provide a viable alternative development approach in the LICs. The main advantages are derived from related resource efficiency gains and reductions in the socioeconomic metabolism, and the benefits of a relative production factor shift toward labor (and away from materials, energy, and environment‐intensive capital). The potential for LICs is also facilitated by the positive spillovers and decreasing cost of green TEP‐related knowledge and technology diffusion in the expanding, decentralizing global communication network. The higher income nations would need to play a significant role in this process.Originality/valueEcological modernisation and material and energy‐saving technologies are widely viewed as essential for achieving long‐term economic and social well‐being improvements in the twenty‐first century and beyond. Discussion of this promising approach typically assumes that this transformation is only viable in the technological and economic context of the higher income nations. However, this paper provides a detailed case for the strategic encouragement and adoption of a green TEP for sustainable economic development and environmental conditions in LICs.

Sustainability in Brazilian HEI: practices overview

2019 ◽  
Vol 20 (5) ◽  
pp. 832-841 ◽  
Author(s):  
Manoela Maria Caron Moura ◽  
Fernanda Frankenberger ◽  
Ubiratã Tortato
Keyword(s):  
Well Being ◽  
Great Opportunity ◽  
Content Type ◽  
The Public ◽  
Strategic Plans ◽  
Provision Of Services ◽  
Sustainability Practices ◽  
The University ◽  
Selective Collection ◽  
Practical Implications

Purpose The purpose of this paper is to verify how Brazilian HEIs apply sustainability practices, as means to improve their effects towards society, making clear to the public, including current and future students, what the university is doing and how it is concerned with sustainability. Design/methodology/approach Based on the Brazilian Education Ministry evaluation, 123 HEIs were selected as sample for the study. The websites of these HEI were verified to check for sustainability practices. Findings In general, the HEI focuses on helping people who live around the campus with social projects, health and work preparation. Further practices areas are new forms of energy, selective collection and new standards of plastic consumption. HEI with higher evaluations from the Education Ministry focuses mainly on educational programs and projects to improve sustainability inside and outside the campus. Research limitations/implications With the methodology used, not all HEIs in Brazil were analyzed, which gives a great opportunity for further studies. Practical implications HEIs may use the findings of this research to develop their sustainability practices, either in the curriculum, projects, strategic plans or even organizational structure. Social implications Communities are positively supported by universities applying sustainability practices. Such support includes education, health, guidance and provision of services to the community, financial aid and social well-being. Originality/value Focusing on sustainability practices of HEI located in Brazil, the research finds, besides the practices, gaps in several of the researched universities.

scholarly journals Financial Situation of Soviet Citizens in the Mirror of Public Opinion of 1960-1980s (according to Letters to the Central Authorities and the Media)

2020 ◽  
pp. 402-422
Author(s):  
A. S. Stoletova
Keyword(s):  
Social Stratification ◽  
Private Property ◽  
Well Being ◽  
Soviet Society ◽  
Leadership Positions ◽  
The Public ◽  
Russian State ◽  
The Media ◽  
The 1960S ◽  
The Right

Based on the archival sources first introduced into the scientific community, the article highlights the question of the material well-being of Soviet citizens in estimates of the mass consciousness of the 1960s and 1980s. Within the framework of the problems, the well-being of citizens, which are the drivers of the socio-economic development of the state, are considered. In addition, the mental side of the processes is affected. The question is raised of social stratification, the beginning of the formation of a new structure of society as the realities of the second half of the 20th century. It is noted that in the public environment, vigilant monitoring of the excessive enrichment of persons in leadership positions was conducted. Based on the analysis of the material database of the Russian State Archive of Recent History, the author concludes that the trend of the time was the increase in the number of illegal acquisitions in three areas: housing, motor transport, personal household plots. A problem related to modernization processes in the spiritual sphere of life in Soviet society is raised. It is shown that there were changes in the behavioral stereotypes of social classes in the development of the right to use socialist property in this area, in relation to things and the desire for a comfortable life in society. It is concluded that the global consequence of these phenomena is the affirmation of private property morality.

Delivering well-being through the coronavirus pandemic: the role of human resources (HR) in managing a healthy workforce

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kay Lisa Maddox-Daines
Keyword(s):  
Human Resources ◽  
Well Being ◽  
Business Continuity ◽  
Physical And Mental Health ◽  
Structured Interviews ◽  
Effective Response ◽  
Public And Private ◽  
Content Type ◽  
The Public ◽  
The Uk

PurposeThis paper examines how human resources (HR) professionals in the UK have supported employee wellbeing during the coronavirus disease (COVID) pandemic. It considers the extent to which HR professionals were prepared for the crisis and their readiness in supporting the wellbeing of their people.Design/methodology/approachSemi-structured interviews were conducted with 15 senior HR professionals working across the public and private sectors in the UK. Using an in-depth interview structure, the research explored how respondents both reacted to and managed the crisis in their respective organisations. Template analysis was used to analyse the data allowing a certain degree of fluidity in the establishment of ordered relationships between the themes.FindingsThis study finds that business continuity plans turned out to be useless during the pandemic because they focussed on data, not people. It highlights the tension between home-working and burn-out as online presenteeism increased due to staff changing their behaviour in response to self-surveillance. The paper emphasises the importance of soft skills and authentic leadership and the tensions in respect of equity.Research limitations/implicationsThe study was conducted with HR professionals in the UK, not internationally. Although the sample did include HR professionals from across the public, private and third sectors, the experience may not be representative of all those working in HR.Originality/valueThis research found that those organisations that had engaged in business continuity planning prior to the pandemic focussed on the retrieval and accessibility of data rather than people. This prioritises staff as a resource rather than emphasising people as an organisation's most valuable asset. Furthermore, the study found that staff worked harder and for longer periods of time as a consequence of self-imposed surveillance. Organisational responses were contradictory as despite implementing well-being strategies to promote physical and mental health, there was little evidence of an effective response to this online presenteeism.

India will struggle to rein in fiscal deficit

2021 ◽  
Keyword(s):  
Public Health System ◽  
Well Being ◽  
Tax Revenue ◽  
Gdp Growth ◽  
Fiscal Deficit ◽  
Content Type ◽  
The Public ◽  
Glide Path ◽  
The Government ◽  
Health And Well Being

Significance The fiscal deficit is projected to be 9.5% of GDP in 2020/21 -- compared with a budgeted 3.5% -- narrowing to 6.8% in 2021/22 and 4.5% by 2025/26. The government is counting on increased tax revenue and receipts from divestment to help it stick to this fiscal ‘glide path’. Impacts Increased spending on health and well-being should at least create more jobs in the public health system. Delhi will count on a return to high levels of GDP growth to help reduce the government debt-to-GDP ratio. The government may find it difficult to realise its goal of pushing through privatisation of Air India within the first half of 2021/22.

Well-being and innovativeness: motivational trigger points for mutual enhancement

2015 ◽  
Vol 39 (5) ◽  
pp. 393-408 ◽  
Author(s):  
Laura Honkaniemi ◽  
Mikko H. Lehtonen ◽  
Mervi Hasu
Keyword(s):  
Service Sector ◽  
Well Being ◽  
Trigger Points ◽  
Team Leaders ◽  
Content Type ◽  
The Public ◽  
Innovation Activities ◽  
Front Line Workers ◽  
Motivation To Participate ◽  
Sector Data

Purpose – This paper focuses on employees’ motivation to participate in innovation at the workplace. The best arguments to persuade employees to renew their work were searched. According to the expectancy theory (Vroom, 1964), a plausible link must be perceived for a motivational state to arise. The paper investigated the perceptions that employees, team-leaders and directors have about the relationships between innovativeness and well-being. Design/methodology/approach – The data consisted of thematic interviews with 14 persons from knowledge- and labour-intensive organisations in the public service sector. Data included material from directors, team-leaders and front-line workers. The theoretical model of Huhtala and Parzefall (2007) was applied to analyse perceptions about links between well-being and innovativeness. Findings – Results indicated that all eight possible links between well-being and innovativeness were perceived as plausible. The most common views were that high innovativeness connects to high well-being and vice versa. Additionally, low well-being was seen to decrease innovativeness. All organisational levels of knowledge- and labour-intensive organisations shared these views. More specifically, the interviewees shared the view that participating in innovation activities gives the employee opportunities to influence one’s work, which in turn leads to well-being. Another commonly shared perception was that if employees were encouraged and praised for their efforts, innovativeness would increase. These provide plausible arguments for leaders to persuade employees to participate. Practical implications – Practical advice about effective arguments for motivating employees is given: tell them that innovativeness is desired for, time and space is allocated for innovations, the amount of change will be managed, and the innovation activities present an opportunity to have voice. Originality/value – This paper shows potential motivational trigger points for enhancing the interaction between well-being and innovation.

Occupational mobility over the business cycle

2014 ◽  
Vol 35 (6) ◽  
pp. 873-897 ◽  
Author(s):  
Liis Roosaar ◽  
Pille Mõtsmees ◽  
Urmas Varblane
Keyword(s):  
Business Cycle ◽  
Labour Force ◽  
Occupational Mobility ◽  
Lower Probability ◽  
Economic Sectors ◽  
Content Type ◽  
The Public ◽  
Occupational Change ◽  
Interaction Terms ◽  
The Business Cycle

Purpose – The purpose of this paper is to examine how occupational mobility varies over the business cycle and how selected factors contribute to occupational mobility in different stages of the business cycle. Design/methodology/approach – Using annual micro data from the Estonian Labour Force Survey (2001-2010) and implementing probit models with interaction terms, the paper investigates occupational mobility as a change of occupation in two successive years during recovery, boom and recession periods. Findings – The analysis indicates that occupational mobility is higher during the recovery and boom periods and lower during the recession stage. The demographic characteristics (gender, marital status, knowledge of local language) influence the probability for occupational change during the recovery stage of the business cycle. The position of employees in the occupational hierarchy is significant during the recovery and boom periods. Employees working in the public sector have a lower probability for occupational change compared with private sector employees during the recession. Training has a positive effect on occupational mobility during recession. Tenure reduces the probability of occupational mobility over the whole business cycle. Originality/value – The paper contributes to the literature by providing new results about the role of different factors of occupational mobility over the business cycle. This is among the few studies addressing the variation in the occupational mobility of employees from the public and private sectors. Interactions between the position of the employees in the occupational hierarchy and the ownership form of their employers and the economic sectors add to the understanding about the mechanism of occupational mobility over the business cycle stages.

The investment turn

2019 ◽  
Vol 31 (1) ◽  
pp. 85-102 ◽  
Author(s):  
Rodney J. Dormer
Keyword(s):  
New Zealand ◽  
Public Management ◽  
Public Investment ◽  
Well Being ◽  
Future Research ◽  
Accounting Profession ◽  
Content Type ◽  
The Public ◽  
Future Research Agenda ◽  
Operational Activities

Purpose The purpose of this paper is to explore the recently increased use of the word “investment” in the public management discourse. In particular, it examines the implications of this for accounting and public governance. It asks, is that discourse simply concerned to account for “investment” in the efficient provision of public goods and services? Or does it also seek to hold governments, and government agencies, to account for the results they achieve and, more broadly, for their investment in, and stewardship of, the capacity to do so in the future? Design/methodology/approach The paper draws on a range of literature as well as speeches made by both New Zealand politicians and officials to track the emergence and evolution of a discourse in respect of “an investment approach”. As such, the analysis represents a diachronic approach for, as Jäger and Meyer (2009) note: “To identify the knowledge of a society on a topic, the analyst has to reconstruct the genesis of this topic” (p. 46). Findings The initial adoption of “an investment approach” occurred in the context of attempts to gain a clearer focus on, and accountability for, the results of government interventions. Subsequently, a broader, and arguably more classic, conception of public investment has involved a developing focus on changes to the nation’s economic, social and environmental capitals. Both approaches provide significant practical challenges for accounting and the continued relevance of the accounting profession. Research limitations/implications The paper points to an urgent need to engage the accounting profession in debates that extend beyond the adoption of accrual accounting for the control of inputs and the provision of outputs. It is suggested that a future research agenda should focus on how models of well-being, and the public capitals that enable well-being, might be better accounted for and monitored. Originality/value This paper provides an insight into the emergence, spread and ultimate fading of the use of the word “investment” in the public policy discourse in New Zealand. However, it also places that process in a wider development that is focusing on citizens’ well-being. In so doing, it also highlights the challenges for the accounting profession created by the investment turn – whether relating to investment in operational activities or in public capitals.

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