Economic motivations are key drivers of human behavior. Unfortunately, they are largely overlooked in literature related to medical decisionmaking, particularly with regard to end-of-life care. It is widely understood that the directions of a proxy acting in bad faith can be overridden. But what of cases in which the proxy or surrogate appears to be acting in good faith to effectuate the patient’s values, yet doing so directly serves the decision-maker’s financial interests? Such situations are not uncommon. Many patients (...) care as deeply about economic wellbeing of their families as they do for their own lives and health. This brief work examines three scenarios that raise ethical issues regarding the role of pecuniary motives in making critical medical decisions. Each scenario presents a potential financial conflict of interest between an incapacitated patient and a third-party decision-maker and offers a framework for integrating ethical and legal concerns into clinical care. It is our hope that this work prepares physicians for unexpected ethical conflicts of interest and enables them to further the interests of his or her patients. (shrink)

To achieve satisfying effects of plastic ban policies, it is important to promote people’s intention to use green bags. Many studies have examined the antecedents of reducing plastic bag usage, but research regarding the influential factors of reusable bag usage is limited. Based on a survey of 532 respondents in China, a multiple linear regression model is constructed in this study to examine the determinants of individuals’ intention to carry reusable bags for shopping. Results show that plastic ban awareness, social (...) responsibility, environmental motivation, and economic motivation significantly and positively affect consumers’ intention to use reusable bags for shopping. Of the two motivation factors, environmental motivation has a greater impact. More importantly, economic motivation positively moderates the relationship between environmental motivation and the intention to use reusable bags. This finding suggests a motivation “crowding-in” effect in predicting consumers’ intention to carry reusable bags for shopping. Results of this study also indicate that female, older, and richer people are more inclined to carry reusable bags for shopping. Implications for plastic crisis management are discussed. (shrink)

In contemporary China, physicians tend to require more diagnostic work-ups and prescribe more expensive medications than are clearly medically indicated. These practices have been interpreted as defensive medicine in response to a rising threat of potential medical malpractice lawsuits. After outlining recent changes in Chinese malpractice law, this essay contends that the overuse of expensive diagnostic and therapeutic interventions cannot be attributed to malpractice concerns alone. These practice patterns are due as well, if not primarily, to the corruption of medical (...) decision-making by physicians being motivated to earn supplementary income, given the constraints of an ill-structured governmental policy by the over-use of expensive diagnostic and therapeutic interventions. To respond to these difficulties of Chinese health care policy, China will need not only to reform the particular policies that encourage these behaviors, but also to nurture a moral understanding that can place the pursuit of profit within the pursuit of virtue. This can be done by drawing on Confucian moral resources that integrate the pursuit of profit within an appreciation of benevolence. It is this Confucian moral account that can formulate a medical care policy suitable to China's contemporary market economy. (shrink)

This article aims to discover why young people in Indonesia choose Islamic faith-based (sharia) housing that is more homogeneous than conventional housing. This is important because the growth of sharia housing in Indonesia has experienced a significant increase in the last five years. Sharia housing requires residents to be of the same religion, comply with the rules of purchase and follow the payment scheme according to Islamic law. In fact, in the last two years, this homogeneous housing has seen increasing (...) demand among Muslim youth in Indonesia. Through in-depth interviews with 10 sharia housing buyers, this study explores the reasons behind young peoples' preference for sharia housing, which are not monolithic, that is, they are not solely made for ideological reasons, but are often made for economic reasons. Exploration of the various reasons for millennials choosing sharia housing is essential to understand the tendency of young people to prefer such exclusive residential complexes. CONTRIBUTION: This study reveals young Muslims' motivations in Indonesia to choose religious identity-based housing. It aims to contribute to the actual debates on the dynamics of young Muslims in Indonesia and their current trends in consuming Islamic faith-based products. (shrink)

(1992). Entrepreneurs in spite of themselves? Economic and non‐economic motives of booksellers in Germany. World Futures: Vol. 33, Culture and Development: European Experiences and Challenges A Special Research Report of the European Culture Impact Research Consortium (EUROCIRCON), pp. 49-60.

Contingent valuation of the environment has proven popular amongst environmental economists in recent years and has increased the role of monetary valuation in public policy. However, the underlying economic model of human psychology fails to explain why certain types of stated behaviour are observed. Thus, good scope exists for interdisciplinary research in the area of economics and psychology with regard to environmental valuation. A critical review is presented here of some recent research by social psychologists in the US attempting (...) to explain stated behaviour in contingent valuation. Attitudinal scales have been used to analyse the role of ecocentric, biocentric and altruistic motives for giving. However, the research is shown to draw some potentially misleading conclusions and be unrepresentative of contingent valuation. Two recent economic studies using contingent valuation are then reported and shown to have identified non-economic motives for WTP. The complexity of value formation and expression is found to go far beyond that generally accepted by economic models. Greater consideration of the role played by attitudes and ethical considerations then becomes relevant to the interpretation of results being used in standard cost-benefit analysis and environmental policy. (shrink)

The essay proceeds from the assumptions that for a economic/political integration group to succeed, first, its participants’ motives should ideally be as alike as possible and not oppose one another and, second, their expectations from integration should correspond to the organisation’s capabilities. In light of these assumptions, the study endeavours to assess the Eurasian Economic Union’s (EAEU) potential for stability and development. First, the author analyses the key motives that were driving its member states’ decisions to enter the (...) organisation, compares them with one another and discusses how the countries’ motives influence their conduct in the union. Second, the author confronts those motives against the EAEU’s activities and the general logic of interstate politics on the post-Soviet space to reckon up whether the bloc’s capabilities fit with the expectations of its member countries. Finally, based on that discussion, the author speculates on how the divergence/convergence of EAEU member states’ goals, as well as the (in-)feasibility of their expectations, affect the organisation’s development. (shrink)

This book, first published in 2006, examines the incentives at work in a wide range of institutions to see how and how well coordination is achieved by informing and motivating individual decision makers. The book examines the performance of agents hired to carry out specific tasks, from taxi drivers to CEOs. It investigates the performance of institutions, from voting schemes to kidney transplants, to see if they enhance general well being. The book examines a broad range of market transactions, from (...) auctions to labor markets, to the entire economy. The analysis is conducted using specific worked examples, lucid general theory, and illustrations drawn from news stories. Of the seventy different topics and sections, only twelve require a knowledge of calculus. The second edition offers new chapters on auctions, matching and assignment problems, and corporate governance. Boxed examples are used to highlight points of theory and are separated from the main text. (shrink)

We examined the question of how “salient others” influence economic decisions. We proposed that moral motives actively shape economic decisions in social situations. In an experiment, we varied the decision situation and the moral motive. As hypothesized, moral motives influenced decision behavior only in social situations but not in non-social situations. In addition, we showed that in anonymous social one-shot situations, individuals are susceptible to situational moral motive framing. In contrast, situational cues were ineffective if a moral motive (...) was already established in the relationship between interacting partners. The results showed that moral motives matter in economic decision-making and that people infer information about morally “appropriate” behavior in anonymous social interactions from moral cues provided by the situation. The presented research offers a psychological explanation for why individuals make different decisions in economic decision situations depending on the social situation. (shrink)

George Loewenstein is one of the pioneers of the rapidly growing field of behavioral economics. For over twenty years he has been working at the intersection of economics and psychology and is one of the few people of whom it can be said that their work is equally respected and well known within both disciplines. This book brings together a selection of his papers focusing on what he calls "exotic preferences"-- the disparate motives that drive human behavior. Anoriginal introduction outlines (...) Loewenstein's general approach to research, and there are short introductions to each paper outlining briefly when, how and why they came to be written, providing a fascinating and vivid insight into the process of intellectual creativity. (shrink)

This paper argues that the concept of intrinsic motivation has been used by economists in inconsistent ways because the underlying theories of intrinsic motivation, imported into economics from psy...

Coall & Hertwig (C&H) give an ambitious review about the broad range of grandparenting literature from the perspective of different disciplines. They aim to show, how evolutionary theory, sociology, and economics can mutually enrich each other. However, the differences between the evolutionary and the socio-economic perspective should be more clearly pointed out, because they usually deal with different research questions. Grandparents' well-being could be divided into its underlying components.

This chapter describes how Buddhist economics can proactively contribute to the concept of conscious capitalism by importing Buddhist ethical principles to give concrete content to the aspirational idea of conscious capitalism. Conscious capitalism becomes ethically conscious capitalism with its Buddhist complement. For Buddhism, the central motivation for human behavior is deep compassion for all sentient beings. In Buddhist economics, compassion is translated into compassion for the poorest. Hunger, thirst, homelessness, lack of medical care and education are the needs of (...) a huge percentage of the human population on earth who exist in continuing poverty. The argument of this chapter is that poverty is not a cause; it is an effect. It is only by altering our economic motivations and practices that we can apply Buddhist ethics to addressing the problem of world inequality. Seeing ourselves as consumers is a key to the problem. If we identify ourselves as consumers, we cannot be thinking of others. We are thinking of what we can acquire and accumulate for ourselves. It is this primal attitude that is the source of the philosophical problems that are at the root of inequality and inequity in the world. A frequent interpretation of Buddhist economics is to counsel us to be minimalist in our consumption needs. In this chapter, it is argued that we need to focus on ourselves as ethical producers. We should focus on producing economic goods and services that better the life conditions of the global poor. Such a focus considers the consequences of our economic production of goods and services and meets the definition of practicing capitalism with mindful awareness. Such an alteration of economic motivation and action fulfills the principal ethics of Buddhism and gives concrete design and purpose to the idea of conscious capitalism. Ethically conscious Buddhist economics enables universal compassion to reach all human beings. (shrink)

Nonuse values are a potentially very important, but controversial, aspect of the economic valuation of the environment. Since no use is envisaged by the individual, a degree of altruism appears to be the driving force behind nonuse values. Whilst much of the controversy has focused upon measurement issues associated with the contingent valuation method, this paper concentrates on the underlying motivations, whether ethical or economic, that form the basis for such values. Some fundamental aspects of defining and quantifying (...) economic nonuse values are considered, and possible motives for attributing value to the environment are analysed, making a clear distinction between 'selfish' altruism and 'selfless' altruism. The difference has crucial implications for economic valuation and for assessing individuals' willingness to pay for environmental quality. The concept of Safe Minimum Standards is introduced as a means of supplementing purely economic methodology to incorporate ethical concerns into decision making. (shrink)

This paper addresses the explanatory role of the concept of a motive for action in economics. The aim of the paper is to show the difficulty economists have to accommodate the motive of commitment into their explanatory and predictive framework, i.e. rational choice theory. One difficulty is that the economists’ explanation becomes analytic when assuming preferences of commitment. Another difficulty is that it is highly doubtful whether commitment can be represented by current frameworks while (pre-)serving the ‘folk-psychological’ idea of what (...) is commonly understood by the idea of a commitment. Both difficulties lead to the conclusion that, although motives do matter, conceptualizing the motive of commitment would cause trouble for rational choice theory. (shrink)

Summary Using data for a large sample of German football referees, we studied the motives for becoming a football referee. Based on a long modelling tradition in the literature on the economics of volunteering, we studied altruistic motives versus non-altruistic motives. We differentiated between self-attributed and other-attributed motives. We found that altruistic motives on average are less strong than other motives. Other-attributed altruistic motives are stronger than self-attributed altruistic motives, indicating the presence of a self-interest bias. We further found that (...) referees who report strong altruistic motives have a higher willingness to quit refereeing when other referees would referee more matches, consistent with the public-goods model. In line with the human-capital model, altruistic motives are stronger for senior referees. Altruistic motives are also stronger for those referees who view refereeing as a volunteer activity. (shrink)

Behavioral economics focuses mainly on how limitations of the human cognitive apparatus, risk attitudes, and human sociality affect decision making. The former two lead to deviations from rationality standards, the latter to deviations from rational self-interest. Some of these research interests are also shared by evolutionary psychology which, however, explains the observed deviations by features of the human genetic endowment conjectured to have evolved under fierce selection pressure in early human phylogeny. Important as the decision-making theoretical perspective of the two (...) disciplines is, it will be claimed to be too narrow to fully account for what an evolutionary approach has to say about economic behavior. This is particularly true regarding the questions of what choices are made and what causes them, i.e., the motivational aspects of behavior. In the language of economics this points to the agents’ preferences. This article discusses how preferences relate to the human genetic endowment, how they can change over time, and what conclusions have to be drawn from extending the analysis to the motivational side. (shrink)

Discerning the motives that lead businesspeople to make ethical decisions in economic contexts is important, for it aids the moral evaluation of such decisions. But conventional economic theory has for too long assumed an egoist model of motivation, to which many contrast an altruist view of ethical choices. The result is to see business decision making as implying dilemmas. On the other hand, we argue, if one assumes multiple motives, economic and ethical, in ordinary business decisions, (...) a more fruitful model of ethical motivation in such decisions emerges. In this paper multiple motives are assumed to be the norm in a world of large organizations, complex decisions and stakeholder management. An example of a technology acquisition decision, with environmental overtones is presented in illustration of this approach. A method for discerning motives, primarily in terms of behavioural efficacy is presented. On this basis a two step approach to morally evaluating mixed motives in business decisions is proposed. First, the fit of motives with substantive ethical values should be ascertained, and then the efficacy of moral motives in yielding ethical behaviour and outcomes should be determined. This approach, we conclude, offers a much more concrete model of the actual role of moral motives in business decision making. It also signals the importance of moral learning in organizations. (shrink)

The current research investigates how prior preferences affect causal learning. Participants were tasked with repeatedly choosing policies (e.g., increase vs. decrease border security funding) in order to maximize the economic output of an imaginary country and inferred the influence of the policies on the economy. The task was challenging and ambiguous, allowing participants to interpret the relations between the policies and the economy in multiple ways. In three studies, we found evidence of motivated reasoning despite financial incentives for accuracy. (...) For example, participants who believed that border security funding should be increased were more likely to conclude that increasing border security funding actually caused a better economy in the task. In Study 2, we hypothesized that having neutral preferences (e.g., preferring neither increased nor decreased spending on border security) would lead to more accurate assessments overall, compared to having a strong initial preference; however, we did not find evidence for such an effect. In Study 3, we tested whether providing participants with possible functional forms of the policies (e.g., the policy takes some time to work or initially has a negative influence but eventually a positive influence) would lead to a smaller influence of motivated reasoning but found little evidence for this effect. This research advances the field of causal learning by studying the role of prior preferences, and in doing so, integrates the fields of causal learning and motivated reasoning using a novel explore‐exploit task. (shrink)

The virtue of honesty has been stunningly neglected in contemporary philosophy, with only two papers appearing in the last 40 years. The first half of this paper is a conceptual exploration of one aspect of the virtue, namely the honest person’s motivational profile. I argue that egoistic motives for telling the truth or not cheating are incompatible with honest motivation. At the same time, there is no one specific motive that is required for a person to be motivated in (...) a virtuously honest way. Instead I advance a pluralistic theory of honest motivation, which allows for motives of caring, fairness, and virtue, among others. The second half of the paper then turns briefly to the empirical literature in psychology and behavioral economics on cheating, to see to what extent honest motives appear to be operative. The upshot is that we have good preliminary evidence for the claim that most people are not virtuously honest. (shrink)

Using data from a survey of certified organic or in-transition to organic vegetable and dairy producers in Canada, we seek to understand a farmer’s decision to convert to organic production by exploring the motives, problems and challenges, and benefits of transition to organic. Results suggest that health and safety concerns and environmental issues are the predominant motives for conversion, while economic motives are of lesser importance. In contrast to the extant literature, results suggest that the motives underlying transition have (...) not changed overtime in Canada. Problems experienced during transition relate to lack of governmental and institutional support, negative pressure from other farmers and farm groups, and lack of physical and financial capital. Reduced exposure to chemicals and improved food quality were highly ranked benefits, while economic related benefits were scored among the lowest of the listed benefits. To prosper, the Canadian organic sector must overcome fundamental marketing problems and challenges. Promulgation of the Canada Organic standard may help address some marketing issues by providing more information to consumers. (shrink)

Research from psychology, neurobiology and behavioral economics indicates that a binary view of motivation, based on approach and avoidance, may be too reductive. Instead, a literature review suggests that at least seven distinct motives are likely to affect human decisions: “consumption/resource seeking,” “care,” “affiliation,” “achievement,” “status-power,” “threat approach” (or anger), and “threat avoidance” (or fear). To explore the conceptual distinctness and relatedness of these motives, we conducted a semantic categorization task. Here, participants were to assign provided words to one (...) of the motives. By applying principal component analysis to the categorization assignments we represent the semantic inter-relations of these motives on a two-dimensional space, a “semantic atlas.” This atlas suggests that, while care and affiliation are conceptually close, affiliation is closer to threat avoidance (or fear); opposite to these motives we find achievement, consumption and power, with the latter lying closer to threat approach (or anger). In a second study, we asked participants to rate how well the motive-specific words obtained in the first study described their currently experienced feelings. We find that semantically close motives are also more likely to be experienced together, that is, we replicate most of the semantic relations in the “subjective atlas.” We discuss our findings in comparison to other multi-dimensional models of motivation, which show clear similarities. In addition to these motivational atlases, we provide a database of motive-specific words, together with the valence and arousal scores. These can be used for future research on the influence of motives on decision making. (shrink)

Monetary Intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. This study explores the bright side of Monetary Intelligence and behavioral economics, frames money attitude in the context of pay and life satisfaction, and controls money at the macro-level and micro-level. We theorize: Managers with low love of money motive but high stewardship behavior will have high subjective well-being: pay satisfaction and (...) quality of life. Data collected from 6586 managers in 32 cultures across six continents support our theory. Interestingly, GDP per capita is related to life satisfaction, but not to pay satisfaction. Individual income is related to both life and pay satisfaction. Neither GDP nor income is related to Happiness. Our theoretical model across three GDP groups offers new discoveries: In high GDP entities, “high income” not only reduces aspirations—“Rich, Motivator, and Power,” but also promotes stewardship behavior—“Budget, Give/Donate, and Contribute” and appreciation of “Achievement.” After controlling income, we demonstrate the bright side of Monetary Intelligence: Low love of money motive but high stewardship behavior define Monetary Intelligence. “Good apples enjoy good quality of life in good barrels.” This notion adds another explanation to managers’ low magnitude of dishonesty in entities with high Corruption Perceptions Index. In low GDP entities, high income is related to poor Budgeting skills and escalated Happiness. These managers experience equal satisfaction with pay and life. We add a new vocabulary to the conversation of monetary intelligence, income, GDP, happiness, subjective well-being, good and bad apples and barrels, corruption, and behavioral ethics. (shrink)

The profit motive refers to what is generally taken to be the underlying motivation of business and commercial activity: to collect revenues in excess of costs or, more simply, to make money. While both “profit” and “profit motive” may be given more technical definitions in economics, the latter's meaning is typically broader in philosophical discussions and so, for example, even managers of nonprofit organizations may be accused of sometimes acting from a profit motive. The profit motive is typically the (...) object of ambivalent moral attitudes in present-day society: on the one hand, the plethora of commodities and services made possible by the modern market economy, fuelled to a large extent by the profit motive, are easily recognizable. On the other hand, it is generally regarded as a serious moral criticism to say of a certain commercial agent that he or she is motivated by profit alone, and pecuniary motives are often associated with selfishness and greed (see Egoism). (Compare comments like: “While it perhaps was a good thing that company X supported this social venture, they are not to be trusted – they only did it for the money!”). (shrink)

It is sometimes claimed that forgiveness involves the cancellation of a moral debt. This way of speaking about forgiveness exploits an analogy between moral forgiveness and economic debt-cancellation. Call the view that moral forgiveness is like economic debt-cancellation the Economic Model of Forgiveness. In this article I articulate and motivate the model, defend it against some recent objections, and pose a new puzzle for this way of thinking about forgiveness.

In this article we discuss what are the implications for improving the design of corporate ethics programs, if we focus on the moral motivation accounts offered by main ethical theories. Virtue ethics, deontological ethics and utilitarianism offer different criteria of judgment to face moral dilemmas: Aristotle's virtues of character, Kant's categorical imperative, and Mill's greatest happiness principle are, respectively, their criteria to answer the question "What is the right thing to do?" We look at ethical theories from a different (...) perspective: the question we ask is "Why should I do the right thing?" In other words, we deal with the problem of moral motivation, and we examine the different rationale the main ethical theories provide. We then point out the relation between moral motivation and the concept of rationality in the different approaches - is acting morally seen as an expression of rational behavior? Our analysis of moral motivation provides a useful framework to improve the understanding of the relationships between formal and informal elements of corporate ethics programs, emphasizing the importance of the latter, often overlooked in compliance-focused programs. We conclude by suggesting that the concept of moral imagination can provide a unifying approach to enhance the effectiveness of corporate ethics programs, by providing an intangible asset that supports the implementation of their formal components into management decision making. (shrink)

Existing economic models of prosociality have been rather silent in terms of proximate psychological mechanisms. We nevertheless identify the psychologically most informed accounts and offer a critical discussion of their hypotheses for the proximate psychological explanations. Based on convergent evidence from several fields of research, we argue that there nevertheless is a more plausible alternative proximate account available: the social motivation hypothesis. The hypothesis represents a more basic explanation of the appeal of prosocial behavior, which is in terms (...) of anticipated social rewards. We also argue in favor of our own social motivation hypothesis over Robert Sugden’s fellow-feeling account (due originally to Adam Smith). We suggest that social motivation not only stands as a proximate account in its own right but also provides a plausible scaffold for other more sophisticated motivations (e.g., fellow-feelings). We conclude by discussing some possible implications of the social motivation hypothesis on existing modeling practice. (shrink)

In this paper, I compare the methodology of the Austrian school to two alternative methodologies from the economic mainstream: the ‘orthodox’ and revealed preference methodologies. I argue that Austrian school theorists should stop describing themselves as ‘extreme apriorists’ (or writing suggestively to that effect), and should start giving greater acknowledgement to the importance of empirical work within their research program. The motivation for this dialectical shift is threefold: the approach is more faithful to their actual practices, it better (...) illustrates the underlying similarities between the mainstream and Austrian research paradigms, and it provides a philosophical foundation that is much more plausible in itself. (shrink)

Our economic system, the market economy, is a part of a broader system or “society.” We frequently study the operation of the market economy as if it were autonomous, even though there are many complex and mutual relationships between society, the economic system and the other systems – political, cultural, religious, legal, etc. – that form part of society. In a market economy we may identify several components: a frame or background in which the economic activity takes (...) place, a set of ideas and theories, the values shared by this society, the set of institutions, norms and rules that control the economic behavior of people, and the incentives or motivations of the economic agents. The play of these elements defines the operation of a market economy. Is ethics an institution, or does it belong to the set of values and ideas? In this paper I will discuss the role of institutions, norms and rules in society, with special reference to the economic system, in order to gain insight into the relationship between institutions and ethics. I study first the concept and features of social institutions and norms; second, institutional change, and third, the relationship between ethics and institutions. (shrink)

This study analyses the sensitivity of public goods contributions through the lens of psychological motives. We report the results of a public goods experiment in which subjects were induced with the motives of care and anger through autobiographical recall. Subjects’ preferences, beliefs, and perceptions under each motive are compared with those of subjects experiencing a neutral autobiographical recall control condition. We find, but only for those subjects with the highest comprehension of the game, that care elicits significantly higher contributions than (...) anger, with the control treatment in between. This positive influence of the care motive on unconditional giving is accounted for partly by preferences for giving and partly by beliefs concerning greater contributions by others. Anger also affects attention to own and other’s payoffs and perceptions of the game’s incentive structure. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Herman Daly’s Economics for a Full World: His Life and Ideas by Peter VictorJeroen Van Den Bergh (bio)Victor, Peter (2022). Herman Daly’s Economics for a Full World: His Life and Ideas. Routledge, Oxon UK and New York USA (ISBN: 978–0–367-55694-5).Herman Daly (1938–2022) spent a lifetime thinking about how to achieve a sustainable economy. In an inclusive biography, Canadian economist and environmental scientist Peter Victor discusses his ideas, critiques (...) and debates with others, while clarifying his motivations and struggles. Daly has greatly influenced others, as reflected by numerous prizes awarded to him. This influence is confirmed by original text boxes in the book that contain statements of many colleagues about his work and person, obtained through a questionnaire survey by the author.As a young man, Daly decided to study economics as he imagined it combined humanities and science. He was disappointed in it being less scientific than hoped, but his environmental concern motivated him to work on reestablishing the foundations of the field in environmental science and ethics. Daly is best known for his critique of economic growth and his alternative of the “steady-state economy.” He contributed, however, many other novel concepts and ideas during his lifetime, such as the ends-means spectrum, empty vs full world, uneconomic growth and optimal scale.Victor explains these ideas in a calm pace, showing a deep knowledge of Daly’s work. He, moreover, is able to connect it to ongoing sustainability research. He does all this in the course of thirteen chapters, covering Daly’s early life, education and career, his views on economics, his personal philosophy and the role of religion, his proposal for a steady-state economy, and his opinions on economic growth, population and migration, money and banking, and the perils of trade. [End Page 117]Ultimate endsMany consider Herman Daly to be a heterodox and even heretic economist. He associates himself with ecological economics, the field he co-founded. But while some of his ideas seem radical, many of his core proposals do not deviate substantially from mainstream economics. For instance, his “ultimate ends” concept is perfectly consistent with the broad notion of “welfare” in standard economics. In line with this, many welfare economists—such as Samuelson (1961), Mishan (1967), Hirsch (1976), Sen (1976), Scitovsky (1976) and Frank (1985)—have expressed themselves as critical of GDP (gross domestic product) dominance and growthmania (van den Bergh 2009). In fact, neoclassical economics is not married to economic growth—this is more the empirical side of macroeconomics. While Daly recognizes these subtleties, some of his followers do not.Daly sees his Protestant religion as delivering the ultimate ends, but Victor notes that this has not led to concrete suggestions. Ultimate ends based in Christian religion may be motivated by the promise of eternal (after)life, which in effect means gratifying selfish preferences. Instead, a humanistic perspective—which Daly also seems to embrace—would stress solidarity with future generations and a bioethical view of solidarity with other species. These distinct viewpoints, combined with diversity of human preferences and experiences, suggest that it will be difficult if not impossible for democratic societies to agree upon ultimate means.The Index of Sustainable Economic Welfare (ISEW), a kind of greened or sustainable GDP metric, is Daly’s most concrete elaboration of ultimate means (Daly and Cobb 1989). For many OECD (Organization for Economic Cooperation and Development) countries, it indicates a stabilization of welfare, despite continued GDP growth (Lawn 2003; Posner and Costanza 2011). As clarified by Victor, The ISEW remains close to GDP, produces a monetary measure, has a simple and transparent calculation method, and received considerably attention from theoretical and empirical angles. In view of this, it may well represent the best candidate for a beyond-GDP metric that can replace the GDP. What urgently fails is an effective institutional procedure to achieve its widespread adoption (van den Bergh 2022).Religion, evolution and biodiversityDaly’s religious standpoint make him skeptical of the modern scientific worldview which regards the world to be governed by materialism and evolution, with no role for a higher purpose or an ultimate end. This led him... (shrink)

Executive compensation has long been a prominent topic in the management literature. A main question that is also given substantial attention in the business ethics literature—even more so in the wake of the recent financial crisis—is whether increasing levels of executive compensation can be justified from an ethical point of view. Also, the relationship of executive compensation to instances of unethical behavior or outcomes has received considerable attention. The purpose of this paper is to explore the social, ecological, and existential (...) costs of economic incentives, by discussing how relying on increasing levels of executive compensation may have an adverse effect on managerial performance in a broad sense. Specifically, we argue that one-dimensional economic incentives may destroy existential, social, and systemic values that influence the manager’s commitment to ensure responsible business conduct, and have negative spillover effects that may reduce the manager’s performance. There are well-documented findings that demonstrate that reliance on sources of extrinsic motivation (such as economic incentives) may displace intrinsic motivation. Our perspective is a holistic one, in the sense that we will explore the influence of sources of extrinsic motivation on the manager’s intrinsic commitment to different types of values. We will in particular investigate how it may influence the manager’s ethical reflection and behavior or lack thereof. (shrink)

While a growing body of scholarship identifies urban agriculture’s broad suite of benefits and drivers, it remains unclear how motivations to engage in urban agriculture (UA) interrelate or how they differ across cities and types of organizations. In this paper, we draw on survey responses collected from more than 250 UA organizations and businesses from 84 cities across the United States and Canada. Synthesizing the results of our quantitative analysis of responses (including principal components analysis), qualitative analysis of textual data (...) excerpted from open-ended responses, and a review of existing literature, we describe six motivational frames that appear to guide organizations and businesses in their UA practice: Entrepreneurial, Sustainable Development, Educational, Eco-Centric, DIY Secessionist, and Radical. Identifying how practitioners stack functions and frame their work is a first step in helping to differentiate the diverse and often contradictory efforts transforming urban food environments. We demonstrate that a wide range of objectives drive UA and that political orientations and discourses differ by geography, organizational type and size, and funding regime. These six paradigms provide a basic framework for understanding UA that can guide more in-depth studies of the gap between intentions and outcomes, while helping link historically and geographically specific insights to wider social and political economic processes. (shrink)

Economics is a culturally and politically powerful and contested discipline, and it has been that way as long as it has existed. For some commentators, economics is the "queen of the social sciences", while others view it as a "dismal science" (and both of these epithets allow for diverse interpretations; see Mäki 2002). Economics is also a discipline that deals with a dynamically complex subject matter and has a tradition of reducing this complexity by using systematic procedures of simplification. Nowadays, (...) these procedures involve for the most part building and using mathematical models (for an overview of the philosophical issues, see Morgan and Knuuttila 2011). In the dominant circles of the discipline, one is not regarded as a serious economist having a professional expert view on any given economic or social issue without having a model about it. Much of the power of the discipline and its characteristic contestations therefore involve models and modelling: the successes and failures of the dismal queen are those of modeling. The issues involved in conomic modeling have been made particularly acute once again by the financial crisis of 2008-2009 and its aftermath: the discipline of economics is among the candidates for the major blame for failure. I will first outline some thoughts about the characteristics disciplinary conventions that guide and constrain modeling in economics. I will then summarize my account of the very ideas of models and modeling. Finally, within the framework of that account, I will highlight some major issues of contestation and sketch the respective notions of potential success and failure in economic modeling with illustrations. These notions are motivated by my subscription to a (flexible and discipline-sensitive) realist philosophy of science (e.g. Mäki 2005). (shrink)

Present-day economic thinking assumes that individuals always pursue their narrow self-interest or private economic incentives, and hence ignores the influence of ethical motives, such as sympathy and public interest, on human action. This paper focuses on the divergence between economic incentives and ethical motives for action in contemporary life and business. The paper underscores the nature of interrelationships among economics, ethics and business ethics, and highlights the relevance of ancient ethical principles, such as ethics of interdependence and (...) ethics of prudence or self-development, to the development of present-day business ethics. The paper also emphasises the importance of the convergence between economic incentives and ethical motives for action, while stressing the need for a deeper appreciation of business ethics in today's rapidly globalising world. (shrink)

The book argues that mainstream economists, who base their analyses only on the economic motivation of people, fail to explain and understand real-life economic phenomena. The economic crisis, which began in 2008, illustrates the relevance of psychic and social motivations, especially when combined with each other. This book discusses orthodox and heterodox economics, and offers the reader ample material on philosophy of science, psychology and sociology. A multidisciplinary economic perspective is constructed in which economics, psychology, (...) and sociology are integrated, and this multidisciplinary approach offers an understanding of real-life problems. Moreover, it offers researchers a rich source for further analysis. (shrink)

The evidence of laboratory experiments of behavioral economists shows that individuals behave reciprocally. These data put into question the pure self-interest thesis of human motivation of the homo oeconomicus model and call for alternative models. Focusing on the explanation of reciprocal behavior in Trust Games, this article proposes two directions that economists and other social scientists might want to consider in order to establish a more solid foundation for economic theory. First, it presents models that economic theorists (...) developed to explain the laboratory evidence of reciprocal behavior. It highlights that all of these models subscribe to the Humean view that desires are at the source of any human motivation and suggests an alternative Kantian model where reasons have the capacity to motivate human action. Second, it emphasizes that a supplementary examination of the social background conditions would illuminate the analysis of the findings because of the connection between the 'local' and society-wide demands of reciprocity. (shrink)