We must quickly learn how to live well in the world as it is today, including the realm of work. We need to learn a new vocabulary of economics and markets that is more suitable to understand the present world and that is likely to offer us the tools to act, and perhaps improve it as well.
A discussion of the anthropological roots of the market, tracing its development using the history of ideas and cultures as well as simple game theory. In his analysis of market ethics Bruni calls for a reconsideration of some of the central tenets of modern political economy, and the need for a new spirit of capitalism.
Values-based organizations are institutions, communities and non-governmental organizations (NGOs) which are inspired by a mission or a vocation – for these groups it is their ideals which are most important to them and economics does not have a way to incorporate that into its analysis. This book provides a short introduction to the economics of values-based organizations. The book opens with an analysis of some phenomena common to all organizations: the management of vulnerabilities in relationships and the role of incentives, especially in relation to loyalty. Turning to values-based organizations more specifically, the book explores the motivations of their members, how they retain their most motivated people, what happens when the ideals of the organization are perceived to have deteriorated, and the decisions made by those in charge, who focus on efficiency, oblivious to values and identities. The second part of the book explores the narrative dimensions of values-based organizations. "Narrative capital" is a precious resource in many of these organizations, particularly through periods of crisis and change. But problems can also be caused if the second and later generations after the foundations continue to use the original narrative without enough innovation. Finally, the book discusses the gaps – the surpluses and misalignments – between people, their ideals and the organizations and how these can be managed. The book is written for academics, students and others interested in the role of values and ideals in organizations – economists, sociologist, business scholars, theologians and philosophers.
A discussion of the anthropological roots of the market, tracing its development using the history of ideas and cultures as well as simple game theory. In his analysis of market ethics Bruni calls for a reconsideration of some of the central tenets of modern political economy, and the need for a new spirit of capitalism.
Bruni offers an authoritative and innovative look at the cultural and anthropological premises underlying contemporary market economies and their promises. He points out the need for balancing the increasing tendency toward isolation with the human need for relationships. Bruni proposes gratuitousness -- free and open reciprocity, quite different from altruism -- as a means of maximizing the benefits of the market without losing the joy that comes from putting relationships with others first.
This book provides a systematic commentary on the first two books of the Bible: Genesis and Exodus. Drawing on these two essential books, it subsequently offers new readings of several issues relevant for today’s economic and social life. Western Humanism has its own founding cultural and symbolic codes. One of them is the Bible, which has for millennia provided a wealth of expressions on politics and love, death and economy, hope and doom. Biblical stories have been revived and reinterpreted by hundreds of generations, and have informed many of our most beautiful works of art, not to mention the dreams of children and adults alike. And they have given us hope during the many painful times of exile and oppression that we have gone through, and are going through still. Among the books of the Bible, in both the Jewish and Christian traditions, Genesis and Exodus represent the true foundation of biblical theology and anthropology, but in them we also find the roots of the culture of markets, money and commerce, which would go on to flourish during the Middle Ages and ultimately form the ‘spirit of capitalism’ (Max Weber) or the ‘religion of capitalism’ (Walter Benjamin) in the modern era. This book examines the Biblical foundations of our conception of social relations, and offers new insights on the present economic and social discourse.
This volume has a double purpose. First of all, it follows an Italian tradition of thought that began in the 15th and 16th centuries as Civic Humanism and continued up until the golden period of Italian Enlightenment as represented by the Schools of Milan and Naples. Its main contribution to the history of economic thought is its conception of the market as a place centered on the principle of reciprocity and civil virtues. This book explains why the civil approach to economics disappeared from cultural debates, scientific enquiries and the public arena at the end of the 18th century, only to surface again in more recent times. Secondly, the book draws attention to a new reading of the whole of economic reality. Indeed, the civil economy in one sense is mainly a cultural perspective from which it is possible to interpret the entire economic discourse. If a theory is considered as substantially a point of view on reality, then this cultural perspective can also set the basis for a diverse economic theory. Where does the key element of such diversity lie? It lies in the attempt to integrate within the economic system the three basic principles of any social order: the principle of exchange of equivalents, the principle of redistribution and the principle of reciprocity. Though this book draws on the history of economic ideas, it focuses on the present day from an ancient perspective in order to find convincing answers to the new questions arising in the era of globalization.
Reciprocity is a term expressed by philosophers such as Confucius and Jesus Christ via social psychology, international relations and cultural anthropology. This book is the first to examine it from an economics perspective.
Drawing on debates about the religious nature and origins of contemporary European capitalism, this book argues for a distinction between a Northern/Protestant and a Southern/Catholic spirit of capitalism. The first part of the book explores the history of the relationship between capitalism and Christianity. Going back much further than Weber’s “protestant ethic” arguments, it looks at the early centuries of Christianity from the gospels to Augustine and follows the story through the Middle Ages – with special attention devoted to the role of Monasticism and Franciscanism – to modernity. The second part of the book analyses the origin of the “southern spirit of capitalism: before and after Luther and the Calvinist Reformation. It highlights the key features which demonstrate that the Catholic spirit of capitalism is, in fact, different from the Anglo-Saxon spirit. This book will be of interest to readers in history of economic thought, history of capitalism, economic ethics and religious history.
This impressive volume presents an historical review of the evolution of economic thought. Bruni offers a significant contribution for a new season of studies on happiness and sociality in economics.
The Microeconomics of Wellbeing and Sustainability: Recasting the Economic Process explores the civil economy tradition in economic thought. Gaining increasing consensus worldwide, this alternative—not heterodox—view of the economic process and agents explains how modern economics is placing increasing emphasis on the determinants of subjective wellbeing and environmental sustainability. With support from behavioral economics, this book makes a foundational contribution that will help users better understand and prepare for future economic challenges. Marries criticism of the neo-classical model with empirical work on the possibilities of alternative frameworks for action Links new ideas (homo reciprocans, happiness, relational goods) to established microeconomic concepts (the market, perfect and imperfect competition, utility maximization) Devotes specific attention to relevant elements in economic history, explaining how we evolved to the current paradigm and to its challenge
This book looks at the governance of values-based organizations (VBOs), which are organizations with a mission and identity based on ideals. Examples of VBOs include non-profit organizations, charities, NGOs, environmental, educational or cultural organizations, and social enterprises. The main objective of any VBO is to evolve and grow without losing its identity, which its survival is linked to in the medium and long terms. The focus of this book is the study of the relational and motivational dynamics during identity crisis, using critical mass models and Hirschman’s "exit and voice" framework. This book analyses the dynamics that arise in VBOs when the quality of the ideal deteriorates. On the basis of Hirschman’s "exit and voice" model, it analyses the factors that lead the best members – the intrinsically motivated ones who care most about the mission and ideals of the organization – to leave if their voice is ignored. We show that the possible cumulative effects caused by the "exit" of intrinsically motivated members can lead the organization to a process of deterioration. This book offers an analysis of these phenomena, which are usually studied in sociology or political science, by using an economic approach and the language of evolutionary game theory. By combining sociological politics and economics as a theoretical tool, we create a fresh approach to explore crises in organizations.
Bruni offers an authoritative and innovative look at the cultural and anthropological premises underlying contemporary market economies and their promises. He points out the need for balancing the increasing tendency toward isolation with the human need for relationships. Bruni proposes gratuitousness -- free and open reciprocity, quite different from altruism -- as a means of maximizing the benefits of the market without losing the joy that comes from putting relationships with others first.
This volume has a double purpose. First of all, it follows an Italian tradition of thought that began in the 15th and 16th centuries as Civic Humanism and continued up until the golden period of Italian Enlightenment as represented by the Schools of Milan and Naples. Its main contribution to the history of economic thought is its conception of the market as a place centered on the principle of reciprocity and civil virtues. This book explains why the civil approach to economics disappeared from cultural debates, scientific enquiries and the public arena at the end of the 18th century, only to surface again in more recent times. Secondly, the book draws attention to a new reading of the whole of economic reality. Indeed, the civil economy in one sense is mainly a cultural perspective from which it is possible to interpret the entire economic discourse. If a theory is considered as substantially a point of view on reality, then this cultural perspective can also set the basis for a diverse economic theory. Where does the key element of such diversity lie? It lies in the attempt to integrate within the economic system the three basic principles of any social order: the principle of exchange of equivalents, the principle of redistribution and the principle of reciprocity. Though this book draws on the history of economic ideas, it focuses on the present day from an ancient perspective in order to find convincing answers to the new questions arising in the era of globalization.
Economists have long laboured under the misapprehension that all humans exist as rational beings that find happiness in maximizing their personal utility. This impressive volume presents an historical review of the evolution of economic thought, from economic philosophy to contemporary mathematical economics, and its critique of how the human and social dimensions of economics have been lost in this evolutionary process. Examining the crucial period in the late eighteenth century when economists such Smith and Genovesi tried to reconcile the classical tradition of Civil humanism emerging commercial society, this key book analyses the impact that the hedonist approach to economics had in removing the ethical conception of happiness. In addition, it focuses on the impact that J.S. Mill, Wicksteed and Pareto had in shifting methodological thinking away from an emphasis on civil happiness. Simply put, this book is essential reading for economists everywhere.
We must quickly learn how to live well in the world as it is today, including the realm of work. We need to learn a new vocabulary of economics and markets that is more suitable to understand the present world and that is likely to offer us the tools to act, and perhaps improve it as well.
This book looks at the governance of values-based organizations (VBOs), which are organizations with a mission and identity based on ideals. Examples of VBOs include non-profit organizations, charities, NGOs, environmental, educational or cultural organizations, and social enterprises. The main objective of any VBO is to evolve and grow without losing its identity, which its survival is linked to in the medium and long terms. The focus of this book is the study of the relational and motivational dynamics during identity crisis, using critical mass models and Hirschman’s "exit and voice" framework. This book analyses the dynamics that arise in VBOs when the quality of the ideal deteriorates. On the basis of Hirschman’s "exit and voice" model, it analyses the factors that lead the best members – the intrinsically motivated ones who care most about the mission and ideals of the organization – to leave if their voice is ignored. We show that the possible cumulative effects caused by the "exit" of intrinsically motivated members can lead the organization to a process of deterioration. This book offers an analysis of these phenomena, which are usually studied in sociology or political science, by using an economic approach and the language of evolutionary game theory. By combining sociological politics and economics as a theoretical tool, we create a fresh approach to explore crises in organizations.
Reciprocity is a term expressed by philosophers such as Confucius and Jesus Christ via social psychology, international relations and cultural anthropology. This book is the first to examine it from an economics perspective.
Values-based organizations are institutions, communities and non-governmental organizations (NGOs) which are inspired by a mission or a vocation – for these groups it is their ideals which are most important to them and economics does not have a way to incorporate that into its analysis. This book provides a short introduction to the economics of values-based organizations. The book opens with an analysis of some phenomena common to all organizations: the management of vulnerabilities in relationships and the role of incentives, especially in relation to loyalty. Turning to values-based organizations more specifically, the book explores the motivations of their members, how they retain their most motivated people, what happens when the ideals of the organization are perceived to have deteriorated, and the decisions made by those in charge, who focus on efficiency, oblivious to values and identities. The second part of the book explores the narrative dimensions of values-based organizations. "Narrative capital" is a precious resource in many of these organizations, particularly through periods of crisis and change. But problems can also be caused if the second and later generations after the foundations continue to use the original narrative without enough innovation. Finally, the book discusses the gaps – the surpluses and misalignments – between people, their ideals and the organizations and how these can be managed. The book is written for academics, students and others interested in the role of values and ideals in organizations – economists, sociologist, business scholars, theologians and philosophers.
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