Title:	Value Economics
Authors:	M.R. Griffi ths J.R. Lucas
Keywords:	Economics
Issue Date:	2016
Publisher:	Palgrave Macmillan
Description:	The last financial crisis revealed a gap between business practice and ethics. Value Economics examines some of the reasons for this “ethical” gap, the resulting loss of confidence and trust in the financial system, and the ability or otherwise of the regulatory authorities and economic planners to forecast and control the economic factors which led to the crisis. One of the reasons has been hazy or inadequate thinking about how we “value” the outcomes of economics and business practice, and relate the compensation of business and fi nancial executives to the creation of economic value, as opposed to monetary wealth. We believe that the creation of economic value and business ethics are closely linked, and propose that economic value should become the basic criterion and metric for evaluating economic performance, and that businessmen as economic operators should be accountable for answering the question: “What is the economic value you are creating not only for the shareholders but for all stakeholders in your business enterprise?” Th e book examines the rationality of a number of philosophical principles for business practice, all of which relate to the objective and task of creating economic value. This leads us to reconsider how all stakeholders participate in the economic value of companies, and how we distinguish between total shareholder return (TSR) and value (TSV). We also look at the possibility of greater employee participation in decision making and ownership, not through nationalization, but through the allocation of shares in the companies for whom they work. We also propose that the concept of economic value be applied to public enterprises in evaluating both their social and capital effi - ciency in providing public services. Th e result of this kind of economic thinking is to see business, both private and public, as primarily a nonprivative, participative and sharing activity, with an important component of philanthropic giving—a concept of business which will lead to a redefi nition of “Economic Man” as both a social contributor and profi t maximizer.
URI:	http://10.6.20.12:80/handle/123456789/55133
ISBN:	978-1-137-54187-1
Appears in Collections:	Population Studies

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.