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This article identifies two major theoretical orientations in the business and society field. The corporate social performance (CSP) model illustrates their lack of integration and the problems posed for theory development. The model is reoriented so that it can be used to explore a synthesis of the two perspectives based on reframed principles of corporate social responsibility, processes of corporate social responsiveness, and outcomes of corporate behavior. [ABSTRACT FROM AUTHOR]

A new theory of competition is evolving in the strategy literature. The authors explicate the foundations of this new theory, the "comparative advantage theory of competition," and contrast them with the neoclassical theory of perfect competition. They argue that the new theory of competition explains key macro and micro phenomena better than neoclassical perfect competition theory. Finally, they further explicate the theory of comparative advantage by evaluating a market orientation as a potential resource for comparative advantage. [ABSTRACT FROM AUTHOR]

The author reviews the literature of real estate and concludes that over time it is becoming more and more inadequate. In light of the significance of the issues facing the real estate sector, particularly when compared to the progress made in other areas of economics, there is an increasing need for advanced research and new approaches. [ABSTRACT FROM AUTHOR]

This article looks at how the brokerage business is changing. Drawing upon results of a survey among real estate professionals, the author reveals an increasing public discontent with poor service, anticompetitive practices, and excess charges, but forecasts that change will be evolutionary rather than revolutionary. Survey participants also predict that specialized professionals will supplant certain of the functions now performed by the broker. [ABSTRACT FROM AUTHOR]

A common element of all views of relationship marketing is the "cooperate-to-compete" thesis. That is, to be an effective competitor often requires one to be an effective co-operator One implication of this thesis is that not all instances of firms co-operating with each other constitute anti-competitive collusion. This article argues that, although neoclassical, perfect competition theory cannot provide a theoretical foundation for relationship marketing's "co-operate-to-compete" thesis, the recently developed "resource-advantage" theory of competition can do so. Furthermore, this article uses resource-advantage theory to address the relationship portfolio conundrum. Specifically, the paper argues that firms should develop a relationship portfolio that is comprised of relationships that constitute relational resources. [ABSTRACT FROM AUTHOR]

The American corporate sector saw major rearm movements during the 1980s. Despite frequent admixture in practice, two key movements can be singled out as analytically distinct: financial restructuring (generally debt-financed, often involving mergers), and total quality management (a particular approach to productive restructuring). Unfortunately the precepts and practices of these movements often clashed. This paper examines these tensions and explores them by reference to economic theories of the firm associated with each movement. While financial restructuring has been interpreted through the lens of neoclassical agency theory, total quality management has strong links with alternative approaches that can be grouped under the heading 'capabilities theory'. [ABSTRACT FROM AUTHOR]

In I A Community of Advantage i , Robert Sugden addresses economists' struggle to find an approach to normative economics that robustly reconcile insights from economics and psychology. Sugden argues that these are "horses for courses", that is, the appropriateness of each model depends on the problem and these models are not mutually exclusive and, in practice, modern democratic politics is about a combination of executive action, debate and negotiation. Sugden argues that market transactions can be understood in this light - market transactions are not dog-eat-dog zero-sum games, and market games are as much about cooperation and mutual advantage as are ultimatum, trust and public goods games. [Extracted from the article]

While other developed economies have moved away from this practice, Kumakura claims, Japan continues to rely on intervention in the currency markets in order to maintain a low value for the yen. Thus, Kumakura concludes, whereas quantitative easing has ostensibly been adopted as a measure to stimulate the economy, in practice this has largely served to increase short-term political support rather than secure long-term improvements to Japan's economy (127-128). The third chapter considers Japan's monetary policy, which has lately been focused especially upon stimulating inflation through a programme of quantitative easing. [Extracted from the article]

This article compares the statistics generated by two different income-expenditure models for short-run analyses, a Keynesian model and a neoclassical model which assumes a perfectly competitive market. The two models assume the economy consists of households, business firms, and the government. The author further discusses the qualities inherent in these sectors including supply labor, portfolio management, consumption, capital goods, the issuance and purchase of bonds, and the relation between ex-ante saving and investment.

The article examines the neoclassical model and Keynes-Wicksell monetary growth models. The author explains that the Keynes-Wicksell models makes use of independent real savings and investment functions. He states that they make the Walrasian assumption that prices are changing only if the markets are not in equilibrium. He states that the Keynes-Wicksel model provides a greater range of probabilities than from the neoclassical models. Several equations are provided to help illustrate both of the models.

Modern macroeconomic theories are customarily classified as either neoclassical or Keynesian. Neoclassical theories are those that assume that most markets are in equilibrium most of the time; in particular, they generally assume that the labor market is always in equilibrium. Keynesian theories are those that assume that many markets are in disequilibrium much of the time; in addition to the labor market, they generally assume that financial markets and markets for capital goods are often in disequilibrium, in this paper, we will be interested in the extent to which a theory assumes that markets are in equilibrium, rather than in the intellectual tradition of the theory, so we will classify theories as "equilibrium theories" or "disequilibrium theories." We will be interested in dynamic theories, which describe the development of prices, stocks, and flows of goods and services over time, rather than in static theories, which describe the impact of events such as a one-time change in tastes, technology, or government policy. One of the purposes of this paper is to develop an aggregate model of the development over time of an economy that includes money and that is in continual equilibrium in the sense described above. Such a model would help in the analysis of the properties of a competitive monetary economy, and would be a logical starting point for the analysis of such phenomena as unemployment and changes in the rate of inflation. Since most Keynesian models of the economy do not pretend to be equilibrium models, let us turn to the neoclassical models of economic growth. [ABSTRACT FROM AUTHOR]

The article addresses a controversy among marketing students, some who believe that economic theory encompasses marketing theory, and others who think that there is little application of economic theory to marketing problems. The author of this article refers to neoclassic economic literature, particularly that of Alfred Marshall, to prove that economists are aware of the impact that selling efforts and costs have on economic activity, as well as the relationship between increasing returns and selling costs. The article discusses Marshall's work and his treatment of marketing issues and conditions, concluding that the claim that economists have not considered marketing conditions is false.

A history of the economics of development: Edited by Peter De-Haan,Palgrave MacMillan, 2020, US$ 119.99 eBook, $89.00 Hardcover, ISBN: 978-3-030-39613-8, ISBN: 978-3-030-39612-1 Furthermore, the integration of some developing countries into the global supply chain as per their comparative advantages is singled out as a source of higher income and job creation, to the benefit of such countries. It is also argued that a review of WTO tariff regulations, including subsidies to agricultural exports from developed countries, which are detrimental to developing economies, would go a long way in raising exports from these countries. [Extracted from the article]

The hope is that the Dasgupta Review will be a true game changer and induce environmental economists to pay much more attention not only to biodiversity itself, but to a more holistic approach in general. The publication I The Economics of Biodiversity: The Dasgupta Review i (Dasgupta, Partha. Environmental and resource economists have, during the last forty years, studied a wide variety of topics, emphasizing climate change, the extraction of natural resources, the energy transition, and also biodiversity or sustainability in general. [Extracted from the article]

Since he won the Nobel Prize and joined the World Bank as Chief Economist, most of us see Stiglitz as a policy-oriented economist clearly aligned with the political left. To those with preconceived ideas about Stiglitz's world-view, it may come as a surprise that Stiglitz argues strongly in favour of competition - very much in line with what we teach in first-year economics classes. I feel that in large parts, and as sometimes quite explicitly stated by Stiglitz, Australia is an example of the policies Stiglitz advocates. [Extracted from the article]

Mattli argues that market structural considerations affect the design of market governance systems. The book's third chapter uses unique archival sources to recover the long-evolved market-constituting rules and norms that protected investors in the centralized market that was the NYSE. Mattli shows that market fragmentation has incentivized exchange investments in so-called smart - actually bad - governance, while technologically enabled information asymmetries have reduced the reputational risks of engaging in naked opportunism. [Extracted from the article]

Foundations of Real-World Economics: What Every Student Needs to Know John Komlos argues that many modern textbooks on the principles of economics offer an inadequate and misleading introduction to economics. A number of the shortcomings he identifies are often dealt with in more advanced economics courses, but many students only take one course in economics. [Extracted from the article]

Indeed, the artificial entity 'Homo-Economicus' plays a central role in modern neoclassical economic theory. Maybe an illegitimate child of markets' self-regulation doctrine and the emerging rationalism - professed by the post-modern realms of neoliberalism and the ongoing globalization process - this theoretical abstraction is promoted as a potential prototype of human behavior. It is firmly believed, that this individualistic, self-motivated, and above all, perfectly informed 'entity' could, theoretically, lead the economic system into profound balance between supply and demand, consumption and production, utility maximization, and so on. The present paper consists of a criticism to the mainstream prototype of Homo-Economicus, with further extensions to the neoclassical paradigm. Placing this criticism in the context of ecological economics, the paper argues that the notorious rationality of Homo-Economicus seems to be vanished in the deadlock of a futile race towards non-renewable natural resources depletion and increasing environmental externalities. Finally, a brief review of alternative theoretical frameworks and evidence from institutional and behavioral economics, delineates an emerging pressing request for a paradigm change. [ABSTRACT FROM AUTHOR]

The transition from centrally planned to market-based economies is a crucial experiment highlighting the relative merits of different economic schools of thought. This manuscript is the first one of two interconnected research papers examining this transition in different contexts: China and Russia. In the current paper, we evaluate the success of the new information paradigm applied in China. We argue that markets cannot be efficient without a role for the government, and pitting market against government is an outdated dichotomy. Public administration, government regulations and intervention, and social institutions are all impacting the efficiency of economic markets. The new information economics is important for the future of public administration. [ABSTRACT FROM AUTHOR]

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This paper proposes a unified risk-based explanation for momentum profits and the value premium in a neoclassical investment-based model. Winner firms have higher short-term productivity and hence more negative exposures to the price of investment goods than loser firms as a result of greater investment plans. Value firms have lower long-term productivity and higher operating leverage and hence higher sensitivities to neutral productivity shocks than growth firms. The model reproduces the coexistence of momentum profits and the value premium, the failure of the unconditional capital asset pricing model, the predictability of momentum profits by market states, and the long-term reversal of momentum profits. Empirical tests confirm a negative price of risk for the shock to the relative price of investment goods. This paper was accepted by Neng Wang, finance. [ABSTRACT FROM AUTHOR]

One of the main topics on the current global debate arena is represented by international migration. Despite its growth in the recent years, the theme is not a new one, and several theoretic frameworks have been created in order to better understand and contain it within a legal border. The aim of this paper is to examine the main arguments and ideas expressed by the neoclassic theoreticians of migration, by combining economic indicators with elements of the sociological theory, both regarding the microeconomic model and the macroeconomic one. The final part of the article focuses on observing some of the limitations of this theoretical approach and the critics that can be formulated regarding this theory. [ABSTRACT FROM AUTHOR]

This paper reconsiders the explanation of economic policy from an evolutionary economics perspective. It contrasts the neoclassical equilibrium notions of market and government failure with the dominant evolutionary neo-Schumpeterian and Austrian-Hayekian perceptions. Based on this comparison, the paper criticizes the fact that neoclassical reasoning still prevails in non-equilibrium evolutionary economics when economic policy issues are examined. This is more than surprising, since proponents of evolutionary economics usually view their approach as incompatible with its neoclassical counterpart. In addition, it is shown that this “fallacy of failure thinking” even finds its continuation in the alternative concept of “system failure” with which some evolutionary economists try to explain and legitimate policy interventions in local, regional or national innovation systems. The paper argues that in order to prevent the otherwise fruitful and more realistic evolutionary approach from undermining its own criticism of neoclassical economics and to create a consistent as well as objective evolutionary policy framework, it is necessary to eliminate the equilibrium spirit. Finally, the paper delivers an alternative evolutionary explanation of economic policy which is able to overcome the theory-immanent contradiction of the hitherto evolutionary view on this subject. [ABSTRACT FROM AUTHOR]

This article highlights the inadequacy of classical and neoclassical theories for understanding the set of changes experienced by economic systems in their process of development. The institutional dimension concerning the issue of well-defined rules (through the introduction of economic policies) and involving all stakeholders in the regulatory process (starting from the firm), seems to better interpret micro- and macro-economic aspects of the evolving capitalist model. This means questioning the complicated economic governance and society in the transition from the nation-state to a world society (or world state). [ABSTRACT FROM AUTHOR]

There are a number of analytical conundrums in the neo-classical theory of the emergence of private ownership rights, which is closely associated with Demsetz’s works. Reconsidering the internal logic of private ownership rights, the paper argues that, first, the emergence of “modern” private ownership rights should be the subject of analysis rather than ownership rights per se. Second, at least for some latecomer countries, modern ownership rights typically emerge when feudalistic multi-layered proprietary rights over land are abolished and replaced by ownership rights for the purpose of ensuring tax revenue, prompted by pressure from and/or the intrusion of a colonial power, rather than as an efficient response to changes in resource prices. Third, the socio-economic aspect of ownership rights that related to the manner of social formation tended to be concealed in the universal aspect of private property rights that focuses on the materialistic relation between a person and a thing. These arguments urge the bringing of social relations into the basic layer of analysis of ownership rights theory, as the original institutional economists such as Ely and Commons considered. [ABSTRACT FROM AUTHOR]

The paper presents the thought of the political philosopher Cornelius Castoriadis on economic methodology and the neoclassical and Marxian traditions. Castoriadis suggested that the scope of economic theory includes the identification of “local” regularities and not the search for invariant “laws.” He criticized the use of equilibrium and the utilitarian framework in the neoclassical tradition and proposed to approach human agency based on the Aristotelian concept of the “social individual.” In addition, he criticized the deterministic nature of the Marxian “laws.” According to Castoriadis, the use of concepts such as the “production function” and “capital” presents a number of caveats. [ABSTRACT FROM AUTHOR]

Many stalwarts have characterized Adam Smith as the "pioneer" of neoclassical economics as he prefigured the formal-analytical structure of theorizing in it. What follows examines their claim that he is a pioneer of its analytical structure. It upholds the view that the claim is unjustifiable because of the importance of some notions in Smith's analysis that are decreed nonsensical by the said economists, as also of some broader theoretical issues. The scientific philosophy of logical positivism, its impact on the methodology of neoclassical economics, and the difference between the latter and Smith's thought are accordingly discussed below. [ABSTRACT FROM AUTHOR]

This paper proposes a dynamic economic growth model with endogenous environment, health, and wealth. The economy is composed of environment, capital good, health caring, and consumer good sectors. We model the production technologies and economic structure on the basis of neoclassical growth theory. We apply Zhang’s approach to the household behavior in modelling consumption and saving with the alternative concept of disposable income. The government collects taxes on the production sectors’ outputs and consumers’ consumption, wealth interest income, and wage income. After building the model with wealth accumulation, health change, and environmental dynamics, we show properties of the dynamic system by simulation. We depict the movement of the economic system over time. We also carry out comparative dynamic analysis to show how transitory processes and long-run equilibrium are affected when the system is subject to different exogenous changes. We get some insightful conclusions about complicated trade-offs between environmental taxation, wealth accumulation, health change, environment change, and economic structures. [ABSTRACT FROM AUTHOR]

This paper conceives of the market as an institution, and contrasts two theoretical approaches: Institutionalism, with an evolutionary and analytical bias, whose theoretical basis comes from "Old/Original" Institutionalism, and New Institutional Economics, with an analytical, contractual approach, linked to mainstream economics. Both approaches have given relevant contributions, as they consider the importance of institutions for economic performance. The limits of New Institutional Economics are particularly relevant, whose analysis of the operation of markets is centered on the logic of transaction cost economics as a determinant of economic performance. Evolutionary Institutionalism, in turn, sees the market within a broader scope, in which cost economies only partially explains economic performance, but it is not necessarily seen as a determining factor. [ABSTRACT FROM AUTHOR]

The article focuses on the development of political concepts of neoliberal capitalism. Topics mentioned include the reconceptualization of the neoliberalism phenomenon and antineoliberal politics, the use of social scientific theory of neoclassical economics, and the emergence of political subjectivity.

This study integrates neoclassical economics and institutional theory to examine the relationship between market factor distortion, technical innovation, and China's electricity consumption, using business data from China (2008–2014). First, we provide evidence that factor market distortion promotes electricity consumption of industrial enterprises in China. Secondly, we divide technical innovation into traditional technical innovation and green innovation, finding that the level of technical innovation has an inverted U-shaped effect on the electricity consumption of industrial enterprises. Further, we also provide evidence that factor market distortion amplifies the inverted U-shaped effect of the technical innovation plot. The results show that accelerating the reform of the market, and promoting green innovation, should be regarded as important strategies for national energy saving and emission reduction. [ABSTRACT FROM AUTHOR]

Incentives, economists remind us, are foundational to any economy: They include strategies to induce consumers to purchase products, motivate employees to work harder, or invite businesses to new localities. This textbook term, however, has not always been yoked to economic activity per se. This essay traces the history of the term "incentive" in two phases, first, from its origin in the Latin term "incentivum," referring to "the thing that sets the tune," and second, from its uptake and concretization by neoclassical economic thought through Jeremy Bentham, Alfred Marshall, and Paul Samuelson. In neoclassical economics, incentives "set the tune" of behavior by compelling rational economic action through the postulates of methodological individualism, equilibration, and utility-maximization. The terminological shift of "incentive" from its poetic origins into economic thought entails that "incentives" become an objective, univocal "thing" that embeds an argument about the dangers of actions that contravene market logics. [ABSTRACT FROM AUTHOR]

An introduction to articles in this issue is presented including humanomics, the Movement of Incentive in Neoclassical Thought and shift in U.S. presidential rhetoric.

The main results regarding determined goals of the paper concern the analysis of convergence in relation to the convergence processes from the point of view of physical capital and human knowledge, as well as labour resources. They usually refer to Mankiw's model that is a generalisation of the neoclassical Solow model. The major goal of deliberations conducted in the paper can lead to the conclusion that the phenomenon of convergence raises several methodological controversies resulting from inclusion of the very method of GDP per capita estimation, or firstly, the additional Mankiw's variable, i.e. human capital. Various sources, frequently different in the assessment of specific economic indicators prove, that in the countries of significant underdevelopment, the share of human capital followed what was not always positive in other regions of the world. The paper indicates the emergence of knowledge capital that is an empirically weakly defined variable, yet vital in convergence analyses. The measurements of knowledge capital applied in various models are usually not the same or reliable, which causes poor identification of the model, and the lack of possibility to compare obtained results. This leads to a distortion of the model of evaluation of the level of cohesion in compared economies. It results from the fact that such resources as human capital are not directly observable. The paper presents other possible ways of measuring the knowledge capital proposed in the literature, and it especially indicates that it requires the adoption of additional restrictive assumptions. In particular, it is assumed that the pace of technological progress is constant over time and between countries. The paper also evaluates the chances of convergence of countries with a lower degree of economic and social development, while taking into account the economic context. [ABSTRACT FROM AUTHOR]

ABSTRACT: This paper presents an extension to the textbook IS‐LM and IS‐MP models that allows the short run effects of an increase in household income inequality to be studied in a simple manner. The income distribution is assumed to be log‐normal, and the coefficient of variation of income is assumed to be exogenous. The latter is used as the measure of income inequality, and enters otherwise standard IS and LM curves in a straightforward manner. While the models are highly stylised, they can easily be extended to more complicated variants. [ABSTRACT FROM AUTHOR]

The present essay re-examines the scope of Sraffa's critique of Marshall's supply curves that the former developed in his 1925 and 1926 articles showing that neoclassical supply curves derived from non-proportional returns are not robust both in the short and in the long run. After examining what a short-run and a long-run equilibrium means both for the original Sraffa's articles and for Marshall's pioneer contribution, the chapter discusses the common procedure in conventional economics to introduce the limitations to the growth of the firm. The argument of the chapter will be based on the 1920s articles as well as on the 'Lectures on Advanced Theory of Value' delivered in 1928-1931 by Sraffa at Cambridge University, now publicly available online by the Wren library, Trinity College, Cambridge. For shortrun analysis, it must be assumed that the number of firms is fixed. This assumption entails serious problems with regards to the notions of competition and competitive behaviour. For long-run analysis, the sources of increasing costs are problems of management and control. However, this idea is untenable both on logical and empirical grounds. We argue that contemporary mainstream microeconomic treatment of costs and supply in the context of perfect competition still presents several problems. These problems, rather than being superficial, lie at the root of the supply and demand approach of value and distribution. [ABSTRACT FROM AUTHOR]