In this paper I argue that a theory of the firm that takes profit maximizing to be the essential activity and purpose of the firm is seriously inadequate. I argue that firms in the actual economy neither are nor should be maximizers of profit. I argue instead that firms are and must be satisficers, that they must make enough profit to satisfy the various demands which they encounter in their operation. Yet it should be clear that the notion of satisficing, (...) while it escapes the major problems encountered by maximization, itself lacks much of any very clear content. In the end I claim that the notion of satisficing can best be understood if we abandon the traditional characterization of profits and replace it with a notion of extended profits, which I define as that part of corporate revenue which is available for distribution among stockholders, management, and labor, and for reinvestment in the corporation's business operation. (shrink)

This 1993 book discusses the rise of the marginalist conception of the firm in the context of economic thought over the past two centuries, and explains why economists continue to defend a theory with demonstrable shortcomings. Professor Schrader argues that the marginalist view of the firm retains its support not through any comparative advantage in empirical or predictive power, but by virtue of its being a part of the predominant marginalist economic programme. The clear problems that beset the marginalist approach (...) to the firm signal a general dilemma for economic theory as a whole. (shrink)

In this paper I argue for an account of the evolution of human values according to which it is only through the resolution of local conflicts that broader social values develop. Global issues can only be understood as issues of increasingly broadening our understanding of the local, our understanding of who are the neighbors with whom we must productively and amicably engage. My analysis argues primarily for open dialogue based on listening carefully and maintaining a strong awareness of our own (...) areas of systematic blindness to those with whom we disagree. While my approach offers no recipe here to guarantee successful resolution to value conflict, any other approach is far more likely to lead to failure. (shrink)

Environmental ethics uniquely challenges us to re-examine the foundations of ethical thought. Ethical frameworks that focus on individual ethical agents and ethical patients, ignoring their status as parts of interrelated communities, lead to strongly counterintuitive results in important cases. Ideas only hinted at in Aldo Leopold’s idea of “land ethic” can be developed fruitfully by extending a pragmatist ethical framework drawn from the work of William James. Such a framework is not without difficulties, but does offer a potentially valuable way (...) of framing our ethical obligations toward the encompassing environment within which we live. (shrink)

Ever since the encounter of Christian thought with Aristotle’s non-logical works in the thirteenth century, Christian theologians have been powerfully tempted to draw on the acknowledged epistemic security of natural science to provide a similar epistemic security for theology. The hope has been to show that, even apart from divine revelation, anyone who has good reason to accept scientific knowledge of nature also has similarly good reason to accept at least the beginning point of theology, namely that a God exists. (...) As scientific views have changed, the outlines of natural theology have changed as well. The difficulty for natural theology, of course, is that, as fundamental scientific frameworks have changed, the foundations have been removed from the natural theologies based on the older scientific frameworks. This has almost invariably brought on religious crisis. In this paper I explore a case study in the rise and fall of types of natural theology, the natural theology that developed along with Newtonian physics. What I shall call "Newtonian natural theology" starts with the concept of physical nature given in Newton's physics. Charles Darwin’s evolutionary biology brings about the demise of the Newtonian project in natural theology by proposing a new kind of explanatory mechanism that refutes the claim of Newtonian natural theology that only the designing hand of a wise and powerful god can successfully explain the coordinated diversity of phenomena that we encounter in the physical universe. (shrink)

This work examines the range of work in which value theorists are engaging in the first decade of the 21st century with essays illustrating the ways in which theorists from different parts of thw world draw on an increasingly broad range of intellectual thought.

This book presents an exposition and critique of John Hick's theodicy, with an "Afterword" by Hick. Hick notes two claims in the book: "One is that rational argument can establish the existence of God to the satisfaction of a reasonable person. The second is that a theodicy of the traditional Augustinian kind is to be preferred to one of the Irenaean kind, such as [Hick has] advocated". Geivett sees these two claims as interconnected: "the significance of the problem of evil (...) and the possibility of constructing an adequate theodicy both depend upon the fortunes of natural theology". (shrink)