DEGROWTH, STEADY STATE AND CIRCULAR ECONOMIES: ALTERNATIVE DISCOURSES TO ECONOMIC GROWTH

Criticisms of the neoclassical economic framework and perpetual growth in GDP terms are not a new phenomenon, although recent years have seen increasing interest in alternative and ecological discourses including degrowth, steady-state and circular economics. Although these may initially appear as distinctly different discourses, they are highly compatible and comparable, sharing similar, often nearly identical principles and policy proposals. A more collaborative, joined-up approach aimed at integrating alternative discourses is required in order to build a coherent, credible, well-supported alternative, as there is more uniting than dividing these critical voices, particularly in the face of mainstream political and economic debates that are shaped by neoclassical economics.

Reflecting on the Entrepreneurship Paradox in Sub Saharan Africa

Entrepreneurship is a strategy for economic growth and it is perceived to be higher in developing countries. But other scholars found that it does not bring economic growth in developing countries. The purpose of the study was to reflect on this paradox in Sub Saharan Africa from neoclassical economic theory where entrepreneurship is perceived as carrying out innovations. A cross-sectional survey of enterprises was undertaken in Malawi to measure values of new products, new methods of production, new markets and new enterprises. Comparison of mean values and 2 independent samples tests were used to analyse innovations carried out, types of entrepreneurial enterprises and their prevalence. The study found that carrying out innovations among enterprises in Malawi is low. Opportunity-motivated, growth-oriented and limited liability enterprises are entrepreneurial types of enterprises but there were very few. Therefore the paradox depends on the theory which guides the understanding of entrepreneurship. The classical economic perspective reflects the paradox while the neoclassical economic perspective does not. The study contributes to knowledge on the types of entrepreneurial enterprises and that the paradox depends on the understanding of entrepreneurship. The findings imply that entrepreneurship is ineffective for economic growth in developing countries because of a lack of carrying out innovations. Therefore, the understanding of entrepreneurship in developing countries needs to be adjusted to neoclassical economic theories so that policy focuses on supporting entrepreneurial enterprises for entrepreneurship to be effective for economic growth, ceteris paribus.

Sen’s Conception of Freedom, and a Conjecture on Embodiment

This article explores Amartya Sen’s understanding of freedom, and performs two central functions, one classificatory and the other substantive in nature. First, I situate his reflections within canonical understandings of liberty, finding an irreducible pluralism incorporating positive liberty in ‘capability’ alongside negative and republican liberty in ‘process’, which is subsequently unified in the notion of ‘comprehensive outcomes’. Secondly, I attempt to find a normative referent for the intrinsic value of choice, and thereby indirectly that of freedom, in his account. In contrast to the liberal subjectivity one might – I believe, mistakenly – attribute to Sen’s deployment of neoclassical economic frameworks, I instead argue for a re-interpretation of his account, inspired by the sociological literature on embodiment. Here, an ‘encumbered’ subject must inherit and transcend a normative totality to become an agent in the fullest sense.

The Role of Behavioral Economics in Providing Sustainable Demand for Eco-Friendly Products

Behavioral economics theory, generated by a change in the established stereotypes of thinking of classical economists, examines processes and phenomena, taking into account psychological factors related to the processes of making irrational decisions by individuals. The purpose of the article is to determine the place and role of the behavioral economics theory in the formation of demand for eco-friendly food products, taking into account physiological primary and environmental needs and other cognitive factors that directly impact consumer behavior in a competitive market. The high degree of influence of irrational factors that are not under the control of the individual on the efficiency of the functioning of a business entity in the markets was revealed. The neoclassical economic and behavioral approaches were compared, and the shortcomings of the neoclassical economic theory and the problems that cannot be solved in practice by the neoclassical approach were identified. But these problems can be solved by using the behavioral approach. It was determined that one of the main economic components in environmentally oriented agriculture is the pricing process, or rather the impossibility of determining a reasonable price for food products. This aspect requires an assessment of rational economic indicators and consumers' level of readiness and ability to respond to changes in market conditions. Motivation significantly influences the choice of consumers in the markets. So, this study reveals the issues of the general motivational theory as part of the behavioral economics theory. Based on the assessment of the motivational aspect, the structural-logical motivational model of behavioral economics in ecologically oriented agriculture was formed; it includes cultural, economic, socio-informational factors.

College Students’ Use of Accounting Textbooks: An Indonesian Perspective

Due to the limitations of accounting textbooks, students do not realize a broader potential of accounting can make to society outside a scorekeeping practice ascribing priority to shareholders. The purpose of this study is to explore how students in Indonesia use the recommended introductory financial accounting (IFA) textbook to understand whether they use it in a way that allows a more nuanced, contextual and broad-based understanding of accounting. Drawing on the results of four focus groups conducted with students who represent four accounting degrees of Indonesian universities, the study reveals that students are strongly attached to the recommended textbook. It seemed they could not get away from having to use the text if they were to succeed in the course. Therefore, the intellectual source of these students was solely the neoclassical economic paradigm, the primary emphasis of which is satisfying the materialist desires of shareholders. This was evident in the perspectives of both students of conventional and Islamic accounting programs.

Economic Mind: From Attribution Error to Self-Fulfilling Prophecy

I argue in this text that the economic mind is a culturally hegemonic, naturalistic interpretation of the behavior produced by the revolutionary nature of the economic and technical developments of the nineteenth and early twentieth centuries. Despite persistent criticism, people fulfilled the predictions of the economic model of a human being for so long that they committed an attribution error and took it to be the adequate vision of human nature. Neoclassical economic theory played a significant, even if involuntary, role in the spread of this illusion. I also claim that the concept of economic mind—as the dominant interpretation of human nature—currently functions as a self-fulfilling prophecy, reproducing behaviors that would have a chance to change (refuting the theory developed on their basis), were it not for the popularity of this concept as commonsensical definition of human nature.

The neoclassical firm

This chapter assesses the neoclassical firm. In neoclassical economic theory, the firm is an entity, just like the cois maximized subject to a nsumer. The consumer has an objective function, utility, which budget constraint and any constraints on feasible consumption. The firm has an objective function, profit, which it maximizes subject to constraints imposed by its technological capabilities. Chapter 2 focused on the consumer's objective function; the budget set constraint was not discussed much. For the neoclassical firm, the reverse is typically true. There is a lot of discussion about how to represent the technological capabilities of the firm and very little about profit maximization. The chapter describes ways to model the firm's technological capabilities, before studying the firm's behavior, assuming it chooses inputs and outputs to maximize its profits.

The Significance of Public Goods in Market Failure Debates

Before the emergence of the neoclassical economic approach, the idea that market instabilities are temporary and markets are spontaneously able to reach equilibrium was prevalent. However, with the neoclassical economic thought the idea that market economy alone is far from attaining equilibrium and there is a need for public economy. This is also known as market failure theory. There are many reasons of market failure. One of them is public goods. Public goods are generally regarded as an example of market failure and seen as a problem requiring government intervention. However, when main stream public goods theories are analyzed in-depth, it is seen that there is no agreement on the properties of public goods which may create a reason to the government presentation and public presentation is not approved in general. Therefore, the aim of this study is to make a comparative analysis of the approaches of different economics schools of thought which have contributions to the subject of public goods.