Contemporary Economic Ethics and Business Ethics
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This concept shows the direction of action: agents individuals or organizations determine their goals and their connection with means and project the sequence for achieving them. Accordingly, they need to order their actions according to their knowledge, experience, perceptions, creativity, beliefs and entrepreneurship, etc. An action plan is a rather general open structure; it can include routine patterns of behavior, strategic designs and monitoring and valuation procedures, etc.
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Its projective character refers not only to the fact that historic time and timing play central roles in explaining human action, but also that actions and goals need to be imagined before they are deployed by agents. Imagination plays a central role in this approach.
Contemporary economic thought presumes that individuals in a society always act according to their self-interest or private economic incentives, while important . Business Ethics versus Economic. Incentives: Contemporary Issues and Dilemmas. Proveen Kulshreshtha. ABSTRACT. Contemporary economic thought pre.
There seem to be three motives for doing so: as a direct challenge to an existing order, as a response to a breakdown of order, and as an attempt to colonize a terra incognita. The set of actions and goals linked projectively by means of an action plan may contain different kinds of elements: material or immaterial elements localized at different moments in time obviously, not all at the same time ; elements with a monetary price in official currency or without a monetary price a subjective level of satisfaction of a need ; etc.
Action plans are an analytical open representation of projective agency action because means and goals are not given a priori, but rather produced by the agents themselves.
These analytical constructions enable the depiction of any kind of action plan such as a planned trip, a business plan, a strategic plan, a CEC plan to implement the objectives of the Lisbon agenda, etc. Plans are pervasive and the importance of action plans for economic theorizing is not new. Agencies individuals and organizations make plans and planning an activity in itself implies making connections. In order to have a more accurate idea of the meaning of an action plan, the following figure shows an open representation of one of these plans. Figure 1 represents an action plan of an agent an individual, a group or an organization at instant t.
This type of representation can be adapted to contain any kind of action plan. Thus, for example, the same graphs may be used to introduce elements related to CSR. Let us suppose that the represented plan consists of the set of actions and goals of a financial firm that awards microcredit. Figure 1.
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Representation of an action plan see [35]. At this point the reader may ask the following questions: if Economics refers to all this, what do the characteristic purpose of economics as a reality and that of economic theory as a science comprise? It should be noted that, despite this fact, it would not be possible to isolate the elements a 1 , a 5 , g 1 and g 2 from the rest without considering their role in the context of the action plan. The paradox of a timeless approach as an analytical basis for the explanation of processes that are necessarily deployed in time is solved through the dynamic openness of the actions and goals pursued by agents.
What directs economic activity is not only economic calculus, but also the possibility of developing a true open rationality, the rationality of the unexpected in a context of radical uncertainty [37]. Planning itself is not economic action; planning is a part of action—it is in fact an activity. It is the interactive deployment of these plans drawn up by agents and partly configures the economic and social general dynamics.
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Of course, not all human action is planned. Planned action is not unimportant, residual or trivial; nor is it closed to rational knowledge. Feelings, emotions, instincts, beliefs, etc. However, what deserves our attention as economists is that part of the action that is the result of deliberation [38].
Nevertheless, and despite being a part of the total action, the planned action introduces a series of fundamental dynamic elements that help us apprehend, among other things, the dynamical role of the intentionality in action. The concept of action plan incorporates a series of elements that are extremely important for explaining rational human action. Let us consider two fundamental elements: the goals of action and the projective character of action. Agents choose their action goals after taking into account a multitude of factors: psychological, social, cultural, ethical, etc.
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These plans are constituted using the imagination, considering that the goals pursued are located in a future that is imagined by the agent. It can be said that agents invent the future towards which they want to focus their actions [39]. This idea is valid when a goal in the very near future or in the medium or long term is considered.
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The opportunities for acting in a certain way e. In the business world, this projective activity is especially evident in business strategy formulation and selection processes.
The connections between means and goals depend logically on what the agents know or think they know, i. Cognitive dynamics refer to the understanding agents individuals or organizations have of reality, where their understanding is condensed into representation systems created by the agents themselves based not only on the traffic of scientific and technical representations, but also on beliefs the agents have on what the reality is, as well as the evolution of their understanding.
However, action plans materialize on the basis of the objectives, on the goals the agents want to reach. These goals are, in fact, those that guide action and furnish it with sense. These realities contrast what agents previously conjecture in their action plans ex ante and what they agents ex post understand as actually happened.
As a consequence of this feedback, economic processes are complex processes. It is important to emphasize here that if one agent or several agents change modify, alter, adapt, etc. The concept of ethical dynamics here simply recognizes that the agents act by projecting their action and, mainly, choosing their goals on the basis of their conception of how things ought to be. The purpose of Economic Theory is not to value the goodness or badness of certain behaviors, change processes or the novelties that arise; this is the domain of Ethics.
However, Economics does consider what the agents conceive as ought to be and not only what they understand as is because this determines decisively how agents form and select their action plans and, therefore, the actions they will take to achieve their goals and the consequences they have for the physical and natural world and the human and socio-cultural domain.
And this points out the exact location of the element of connection between the ethical and economic domains. Economic action presupposes Ethics; however, economic actions do not prescribe ethical contents. To move over from a conception of economics understood as technology-of-choice to economics as theory of production-of-action helps us recognize the decisive role of ethical dynamics in the explanation of the characteristic purpose of the analysis of Economic Theory explaining why agents choose certain courses of action and not others, and the consequences of the interactive deployment of the said courses of action within the social milieu , as well as its eventual integration within the economic domain.
Only in this way is it possible to overcome the mere juxtaposition between Ethics and Economics and the questions related to businesses ethics. Let us now briefly examine the relationship between Economics and CSR from the point of view proposed here. Economic agents individuals or organizations not only differ from each other in their knowledge and capabilities but can also be distinguished by the goals to which they aspire.
For example, with quite similar capabilities, different individuals or organizations may have very different aspirations. It is not our intention here to examine whether the particular prescriptive content of the goals each agent pursues is good or bad. In a sense, both of them are maximize and rational. The difference between them is not the behavioral rule they observe or if one of them acts economically and the other does not.
Both types of entrepreneurs set the formal achievement of a goal that is also hierarchically superior to their other goals and for that reason, this goal acts as the norm of their own action plans. Both types of entrepreneurs define their action plans by setting the goal for an individual or a group they want: they want to produce that goal.
Thus, both types of agents are equally rational in that sense. A common statement in standard economics is that business efficiency is measured by a definition of the excess of revenues over expenses. Regardless of the truth or falseness of such a claim, this statement requires, among other conditions, agents to have previously elevated the attainment of the maximum amount of money into the hierarchically dominant goal of business.
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Were this not the case, if the hierarchically dominant goal were not the attainment of the maximum amount of money, the place of that goal would necessarily be taken up by a different goal, which is perfectly rational according to what has been said above in this paper. They are the agents individuals or organizations who decide their goals of action and the place they have in their action plans regardless of their goals or actions with or without price.
Thus, moving from a conception of economics as technology of choice to a conception of economics as production of action reveals the decisive role of ethical dynamics, entrepreneurship and CSR in the explanation of economic processes. This is the very nature of entrepreneurship in the context of a theory of production-of-action: entrepreneurship requires a focus on a transforming goal.
This focus involves learning processes but it can also imply the emergence of completely new intentions and actions that are not explained solely by mere knowledge acquisition processes.
Take, for instance, the interesting case of Grameen Bank. This bank has reversed conventional banking practice by removing the need for collateral and it has created a banking system based on mutual trust, accountability, participation and creativity. Muhammad Yunus, the founder of Grameen Bank considered that financial resources ought to be made available to the poor under terms and conditions that are both appropriate and reasonable. From the production of action point of view, it is easy to see why the socially responsible entrepreneur is rational: human action, qua rational, within human constraints is intended action: there must be goals reasons for acting.
As any other agents in the economy, entrepreneurs decide what their goals of action are and what they are not and which place they should be given in their action plans regardless of whether or not their goals or actions are attached to a price.